Bush: Troubled financial system is basically sound

[Friday on my mind]

http://news.yahoo.com/s/ap/20080715/ap_on_go_pr_wh/bush;_ylt=AulasbQTeDb7tVPrIWX.BZ1I2ocA

WASHINGTON - President Bush said Tuesday the nation's troubled financial system is "basically sound" and urged lawmakers to quickly enact legislation to prop up mortgage giants Fannie Mae and Freddie Mac. He also called on the Democratic-run Congress to follow his example and lift a ban on offshore drilling to help increase domestic oil production.

"I readily concede it won't produce a barrel of oil tomorrow, but it will reverse the psychology," Bush told a White House news conference — his first since late April."
Bush said the two troubled mortgage companies play a central role in the nation's housing-finance system and that government action to help them were not bailouts because the two would remain shareholder-owned companies.

"I don't think the government ought to be involved in bailing out companies," Bush said."





Right after this the two Freddie and Fannie stocks both lost 25% of value just today.And Bush saying what the govt is promising to do to save them is not a "bail-out" is really spin on his part.Confidence in these companies ,banks, the economy etc is sinking fast and while Bush is suppose to try to talk them up and restore confidence there is no way he can get around the bad fundamentals.If Freddie and fannie were to go under completely which I'm not saying they will and the govt had to assume the losses the estimated amount is 2 trillion dollars which would double the national debt.Boy George you are really going out on high note aren't ya!:eek:

 

[Violator79]

I really have no comment for this. Bush continues to stump my mind. But that's one thing about America, we're tough, resilient and we'll get through this.

 

[devlinvelez]

....I can't wait to see the answers of the supporters of our prez have to say about this one.....

 

[Torre82]

....I can't wait to see the answers of the supporters of our prez have to say about this one.....

One of the nice things about the internet.. is that it takes at least a basic knowledge of how to use it to properly navigate around. And thusly.. to find a board like FreeOnes... and FURTHERMORE.. to be of sound ethics to think that yes, a porn board is a decent place to find valid opinions and strong viewpoints.

So luckily there arent too many Bush-Trolls lurking around these here parts, but you'll find plenty of financial pundits to pin blame on anybody BUT the administration.

So, just like with the advertising pricks that told us we can afford a cheap mortgage, a new car and that penile enhancement surgery.. IGNORE the pundits and realize choice is an illusion from those advertising pricks in power that run our lives.

That's just my 2 cents/billy joel. You may be riiiiiight, I may be craaaazy.

 

[Torre82]

http://news.yahoo.com/s/politico/20080716/pl_politico/11781
Troubled financial system is.. basically lobbied heavily with money.

 

[Facetious]

Didn't this incompetent, stuttering buffoon recently impose $15 big ones (billion) from the U.S. taxpayers, earmarked "Afrika Aids Relief" ? Yea, I think he did, late last year ! I'll go out on a limb here and call him for fraud !
I mean, how in the hell could this overeaching and unapproved act of kindness be verified ? You know ? it's not like there's some remote accounting office out in the middle of the congo or something ? Thief I Say ! :thefinger

Add insult to injury (recession / inflation at home), the word is that he's apparently upped the ante . . offering $ 45 billion, just today(?), allegedly for his aids relief.

No ! he couldn't possibly using these funds for his surreptitious bail out program . . could he ? I . . . dunno :dunno: Awful coincidental / ironic . . . ya think ?

He also offered to accept those so infected with said deadly immune deficiency. This shithead excuse for a pres needs to be toppled ! (and I don't mean violence ! Just get the fuck out of our lives !)
Doesn't it appear that that elitist pig is single handedly breaking this nation ?
I mean . . .the audacity of this sonuva be atch !
As if his illegal alien invasion of 40 +million head of low wage earners (for his corporate cronies) wasn't bankrupting enough hospitals !!

This IS IT ! We are living in a perfect tyranny ! Don't expect conditions to improve until the perfect rev•a•lu•shun.
I will not go quietly :thefinger

- Ax Rose & Don Henley

Ohh . . . I'm mad alright ! Are you as disgusted as much as I ? Hope so

 

[Violator79]

Just think 6 more months and it's over :nanner:


But that's still a long time to wait...who knows what more Bush can do to this country.

 

[Facetious]

Ohhh, Pittsburgh ! Got industry ? I didn't think so. Long gone, huh ? You can lose your employ to the outsourcing machine of the pres . . . lose your car, truck, cycle(s), wife and house . . . but the air is cleaner. :bowdown: Just jesting ~

Oh, ^ I forgot that Pennsylvania's Pittsburgh has an "h"
The California "Pittsburg" doesn't .

Oh well

 

[Violator79]

Ohhh, Pittsburgh ! Got industry ? I didn't think so. Long gone, huh ? You can lose your employ to the outsourcing machine of the pres . . . lose your car, truck, cycle(s), wife and house . . . but the air is cleaner. :bowdown: Just jesting ~

Oh, ^ I forgot that Pennsylvania's Pittsburgh has an "h"
The California "Pittsburg" doesn't .

Oh well

Yeah we don't have a steel industry anymore. At one point there were countless mills around here, now there's 3 left, that's all....3. Now the only industry here is medical which is a good field and building shopping malls. Pittsburgh's not the same as it was, but it's still not bad and it's my home.

 

[shayd]

Sad thing is, not much surprises me about Bush anymore. Honestly I have no idea how he's going to live with himself when he realizes just how much he's messed up these past 8 years.

 

[bodie54]

Sad thing is, not much surprises me about Bush anymore. Honestly I have no idea how he's going to live with himself when he realizes just how much he's messed up these past 8 years.

He'll be fine. Remember, he believes he's an agent of God, and that God doesn't make mistakes.

 

[calpoon]

I think that bush is a great president and it would be a terrible shame if he were to be executed for crimes against the nation.

reverse psychology.

 

[maildude]

Bush is basically an idiot.

 

[hammerer]

Just think 6 more months and it's over :nanner:


But that's still a long time to wait...who knows what more Bush can do to this country.

I have to disagree.While Bush is responsible for the financial plan which got us into this mess with tax cuts without proportional spending cuts,Congress (both parties!) has refused to use sufficient self-controll to produce a balanced budget.A lot of our inflation is resulting from the dollars being printed to fund our deficit.

 

[Legzman]

I think over the course of the last 8 years americans in general have become dumber for having this fuckin hack feed us all this bullshit.

 

[Member2019]

Is it ... ?

I think over the course of the last 8 years americans in general have become dumber for having this fuckin hack feed us all this bullshit.

Is it Bush feeding us this bullshit?
Or the fact that we want to be feed this bullshit?

I remember many economists warning about the lack of profits in 1999 and the focus on only growth stocks.
I also remember the reversal of the surplus trend in 2000 and other economists warning of the impending layoffs coming.

We can go back to the early Clinton administration, which got him reamed by the media for saying one thing, then releasing OMB charts that showed a $7T debt by 2000.
And we can go back to the Bush Sr. administration, and its Democrat Congress, on how he waffled on tax increases, but ended up not increasing revenue and only hurting cash flow in the private sector.
And that was all downplayed as well.

All politicians feed us bullshit because, frankly, a lot of people want to believe it.

I was telling everyone in 2005 that interest-free and sub-prime loans were going to kill this country.
People, very intelligent people, were arguing with me that I was wrong.
And I was especially wrong in their eyes that those who were making a short-term investment and planned to sell didn't need to worry.

They wouldn't listen to the fact that everyone was doing it which meant there were going to be far more sellers than buyers, and people would be trapped into mortgages they couldn't afford.
These were my colleagues, typically not engineers (most of them saw it coming), but my friends.

Understand most of my engineering colleagues are not Republicans any more than Democrats, and we're increasingly voting Libertarian or abstaining.
We see both the Democrats and Republicans pushing this bullshit whereby they either "candy coat" it for their own party, or "it's the end of the world" when the other party is in charge.

For once I'd like to get honesty, but then again, honesty doesn't get politicians elected.
We want to be fed bullshit, which is why I can't vote for McCain or Obama because both are feeding just as much bullshit.

There are only two (2) thinks I like about W. where he wasn't feeding us bullshit ...
1. Social Security is fucked (and he got destroyed for saying that, much less trying to fix it)
2. Nuclear Power is not optional (but at least he got a partial solution in the Energy Act of 2005)

Everyone President has their few "non-bullshit" items, but most are full of bullshit.
Congressional Senators and Reps can even be far, far worse, as they see public attention.

 

[Legzman]

Re: Is it ... ?

Is it Bush feeding us this bullshit?
Or the fact that we want to be feed this bullshit?

I want the truth god damn it! Why can't there be just one fuckin honest politician? Is it really that fuckin hard to tell the truth?

 

[Member2019]

That's why ...

I want the truth god damn it! Why can't there be just one fuckin honest politician? Is it really that fuckin hard to tell the truth?

That's why you don't waste your vote on politicians who don't tell it like it is.
I voted Perot in 1992 and Bednarik in 2004 for those very reasons.

Perot didn't stop talking about "how it is" on NAFTA and was called a "meanie" for calling Gore out on his lies.
Bednarik made a 7 hour video on the US Constitution and what's wrong with many assumptions by the government and its voters.

 

[Legzman]

so who's the honest ones this time around? Oh wait, there are none!

 

[Violator79]

Re: Is it ... ?

I want the truth god damn it! Why can't there be just one fuckin honest politician? Is it really that fuckin hard to tell the truth?

If there was one honest politician the whole system would collapse. No one would know what to do. Honest would fuck this country up. Everyone's so used to having lying and corrupt politicians and if there was a genuine honest politician introduced to the American pubilic, everyone would think HE is dishonest just like the rest of them, or he would have every other lying politician scared shitless because their game would be up.