CNN International: President Bush on the Economy

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CNN International: President Bush on the Economy

Submitted by The Fire Inside on Fri, 03/14/2008 - 9:01am.

It's a little after midnight on Friday in South Korea (it's 8:23 a.m. in Olympia) and I'm watching President Bush speak before The Economic Club of New York on CNN International.

Anyone else watching?

Evidently we're going to be getting our checks from the government by the "second week of May."

Had to put it on mute for a while but now President Bush is talking about combating oppressive governments in Africa and seems to be implying that we're going to remain on the global stage - isolationism is dead - whether we like it or not.

He's not coming across as an idiot at all. I haven't seen him speak in a while, but he seems to be doing a pretty good job.

One thing I enjoy about living abroad is that you get an almost daily update on how U.S. currency is doing simply by venturing out into the economy.

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Today

Submitted by Guglielmo on Fri, 03/14/2008 - 3:24pm.

The USA's gross domestic product (GDP) fell below the GDP of the 15 countries that compose the Eurozone, according to Goldmann Sachs.

MSNBC:JPMorgan Chase, Fed to

Submitted by The Fire Inside on Fri, 03/14/2008 - 6:32pm.

MSNBC:JPMorgan Chase, Fed to aid Bear Stearns:

The surprise, last-ditch rescue effort, announced just before the stock market opened, was the latest troubling sign of how a cascading credit crisis is threatening the liquidity of even Wall Street's most established firms.
If Bear Stearns were to go under, "it has the potential of bringing down the whole market," said Richard Bove, an analyst at Punk, Ziegel & Co. "This is the crescendo of the crisis."

At the end of the article another analyst says we're only "halfway" through subprime mortgage write downs and that other financial institutions could be announcing they're in the same trouble in the near future.

The USA's gross domestic product (GDP) fell below the GDP of the 15 countries that compose the Eurozone, according to Goldmann Sachs.

Amazing how it's taking fifteen European countries to help bring down the U.S.

I don't understand your last sentence at all.

Submitted by Rob Richards on Fri, 03/14/2008 - 7:24pm.

Can you clarify what you mean by that? Europe isn't bringing us down, we're bringing ourselves down.

Competition

Submitted by The Fire Inside on Fri, 03/14/2008 - 8:55pm.

I only meant that it's taking the European Union - a consortium of countries - to provide enough competition to take on the U.S.

I agree that we're slitting our own throat, but I ask: Would it be as bad if we had to compete against a fractured Europe?

of course that's what it took

Submitted by enpen on Fri, 03/14/2008 - 9:36pm.

The EU is a consortium of countries in the same way that the U.S. is a consortium of countries. We just got a head start on tying things together because there hadn't been as much time to build up as many generational blood feuds. It's a population-resource-technology-education game.

"In principle, I am an anarchist. Kurt Vonnegut once said he was an agnostic who respects Jesus Christ. I am an anarchist who loves democracy." - Kenzaburo Oe

So...

Submitted by The Fire Inside on Tue, 03/18/2008 - 6:50am.

How do we regain that lead?

And you're absolutely right. I didn't think of it (the U.S.) that way but you say it and it's pretty obvious.

Gold briefly broke 1k per ounce...

Submitted by security_six on Fri, 03/14/2008 - 10:46pm.

Times are not happy. Stock up on basic food staples - flour, rice, beans, dried fruits, oatmeal, cornmeal, Spam etc... if you have a flour mill, wheat berries last MUCH longer than flour and make a tastier flour. Plant a garden, put some herbs in window boxes.

For those inclined, ammo prices have risen again, and are predicted to rise three to four more times this year. With the falling dollar, the old Russian standby of Wolf will go up as well. Make sure you have more than enough.

Gas? We're screwed.

This economic storm can be ridden out, but I would suggest stocking up on as many consumables as you can right now. A little bit extra every trip to the store... prices will keep going up. Espeically this summer with the traditional rise in fuel prices. Local produce should look better and better and better.

And don't forget all the tasty greens in your backyard.

Sorry if I got a bit off topic here... The economy is toast for a bit, but I do believe in the ability of the US to rebound.

“How many more times are we going to cower under tables and chairs, whimpering like mindless dogs, thinking that someone else has the responsibility to save and protect us?” -Ted Nugent

President Bush is speaking

Submitted by Mike on Tue, 03/18/2008 - 8:39am.

He's not coming across as an idiot at all.

Ringing endorsement. Will it fit on a bumper sticker? Can John McCain pick it up as a campaign slogan?

Yes, GWB has done his CEO President work on the economy. Record foreclosure rates and the Feds bailing out the big guys. Way past time for change.

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