Denial is Not An Economic Recovery Plan

In the midst of a dire economic situation, President Bush this morning characterized recent market developments as an 'adjustment' that can be painful for investors and employees of the firms, while Senator McCain said the 'fundamentals of our economy are strong.' President Bush, Senator McCain, and their Republican Party are out of touch and apparently ill-equipped to get our economy back on track.

"I still believe our fundamental underpinnings of our economy are strong." -Sen. John McCain (1/23/08) "I still believe the fundamentals of our economy are strong." -Sen. John McCain (8/20/08) "Our economy, I believe, still, the fundamentals of our economy are strong…" -Sen. John McCain (9/15/08)	"Ladies and gentlemen: The state of our economy is strong." -President George Bush (1/31/07) "There have been some recent signs that our economy is beginning to improve." -President George Bush (8/30/08) "I'm confident that our capital markets are flexible and resilient, and can deal with these adjustments." -President George Bush (9/15/08)

Under the leadership of President Bush, Senator McCain and the Republican Congress, Wall Street gamed the system and American families and businesses paid the price. This morning, as reports of major financial institutions faltering were piling up, Americans were left looking for answers.

Eight years of weakened regulation of our nation's financial system -- including a failure to regulate risky, and often predatory, lending practices -- by the Bush administration and Republicans in Congress have led us to this point, and could further erode our nation's economic health. America needs leadership going forward that understands the depth of the problem. Senator John McCain's public statements don't offer much confidence:

"I believe, still, the fundamentals of our economy are strong..."
- Sen. John McCain, 9/15/08

Sen. McCain admitted in December that the economy isn't his strong suit:

"The issue of economics is not something I've understood as well as I should... I've got Greenspan's book."
- Sen. John McCain, 12/18/07

Perhaps Sen. McCain should have watched former Federal Reserve Chairman, Alan Greenspan, on Sunday's ABC News This Week:

"I can't believe we could have a once-in-a-century type of financial crisis without a significant impact on the real economy globally, and I think that indeed is what is in the process of occurring."
- Alan Greenspan, Former Federal Reserve Chairman, 9/14/08

Millions of Americans are feeling the pain of eight years of disastrous economic policies -- job losses, foreclosed homes, reduced home values, eroded pensions, high gas prices and compromised financial futures. Today, more than 9 million Americans are without work and millions more are struggling with the high cost of gas, health care and groceries, yet John McCain told Americans who are out of work or who just lost their jobs that another four years of the same failed Bush economic policies are the right solution for them and for America.

This year, the Democratic-led Congress enacted the largest reform to the housing finance system in a generation -- a key to helping our economy recover. We also passed a bipartisan economic stimulus package earlier this year and the House will soon take up another economic package that will create jobs and address some of the most immediate consequences of the Administration's serious mismanagement of our economy. Democrats are ready to do the hard work of helping address the pain of everyday Americans and begin to stabilize and grow this economy again.

 

Comments

[renewableenergy2]

Nachshon Draiman and Multiut charged $15 million judgment
Honorable John A. Nordberg: Enter Memorandum Opinion and Order.
For the reasons set forth above, defendants motion for summary judgment is granted, and judgment is granted to plaintiff, and against defendants Multiut and Nachshon Draiman
Case 1:02-cv-07446 Document 228 Filed 06/11/2008 Page 1 of 1
UNITED STATES DISTRICT COURT
FOR THE Northern District of Illinois − CM/ECF LIVE, Ver 3.2.1
Eastern Division
Dynegy Marketing and Trade
Plaintiff,
v. Case No.: 1:02−cv−07446
Hon. John A. Nordberg
Multiut Corporation, Nachshon Draiman, et al.
Defendant.
NOTIFICATION OF DOCKET ENTRY
This docket entry was made by the Clerk on Wednesday, June 11, 2008:
MINUTE entry before the Honorable John A. Nordberg:Enter Memorandum
Opinion and Order. For the reasons set forth above, defendants motion for summary judgment is granted, and judgment is granted to plaintiff, and against defendants Multiut and Nachshon Draiman, on Counts I and II of plaintiffs amended complaint, in the amount of
$15,348,24­4.72 plus interest accruing from October 1, 2004. Judgment is granted for plaintiff and against defendants on Counts I through VI of defendants
countercla­ims.Status hearing set for 10/2/2008 at 2:30 PM. [183],[196]Mailed notice(tlp, )
ATTENTION: This notice is being sent pursuant to Rule 77(d) of the Federal Rules of Civil Procedure or Rule 49(c) of the Federal Rules of Criminal Procedure. It was generated by CM/ECF, the , visit our web site at www.ilnd.uscourts.gov.

[timezone]

I keep hearing key Republicans try to blame Democrats for the economy. What administration has been in the White House for the past eight years? Where are we today?

[HypatiaOfCalifornia]

It's time to DEMAND OUR RIGHTS as citizens and taxpayers. No more privatized solutions to public policy crises! Holy cow! How many economic catastrophes due to deregulation and privatization is the American taxpayer supposed to cure? Now, the Bush administration wants to "privatize" the "cure".

They say that they do not want to create a new agency to oversee this new bailout. Rather, they want to hire "contractors" who are unaccountable to taxpayers to allegedly straighten out this terrifying market meltdown.

Let me refresh your memory!

Chrysler Bailout 1970s

Savings and Loan Crisis 1980s

Junk Bond Crisis 1990s

Enron/WorldCom Crisis 2000s

Subprime Mortgage Crisis 2000s

Auto Industry Bailout 2008

We are STILL PAYING THE BILLS for these scams. Every time they "deregulate" or "privatize" a function related to the general welfare of US citizens and by extension the rest of the world, a few people rake off Billions of dollars, and we and our progeny pay through the nose.

We can't have decent schools, decent election systems, or decent social supports for the people who fall on hard times because of these corporate scams.

It's downright uncivilized, and outright theft of the national public goods. Stop them from "privatizing" again!

http://www.cyclelicio.us/2008/09/federal-bailout-of-us-auto-industry.http://rick.bookstaber.com/2007/07/credit-risk-lessons-from-junk-bond.html

[luvienne]

KEATING 5

[dutch163]

From Monday morning to Monday evening, a befuddled John McCain changed the definition of "fundamentals of the economy"..­instead of the STRUCTURE.­..now he wants us to think it is/he means "The AMERICAN WORKER"
does he think we are idiots?
connect the dots!!! Keating 5...Phil Gramm...Mc­Cain...der­egulation.­..subrime mortgage crisis...M­onday's Wall St meltdown
not only don't I trust McCain to FIX the economy, I hold him responsible for BREAKING IT!!!!

[MB1East]

#1 - Greenspan screwed up after 9/11 by lowering interest rates, etc., to keep the economy going. We should have taken a bigger hit at that time to properly cope with what was going on.
#2 - Bush screwed up by paying for a war on borrowed money. Where do you think the $10bil a month comes from to pay for the war? The government was already in debt and spending more than it was taking in. So instead of taxing Americans - as is the norm during wartime - we borrow the money from China an others.

If you want to get really scared, check out what the foreign economists have to say about our situation:

http://www.youtube.com/watch?v=TsxtA5nCfGA&feature=email

To sum it up for you. We are out of money and out of time. If the USA goes completely bankrupt - which, by the way, was the goal of Bin Laden - the rest of the world will adjust and move on.

[jpcline004]

nice to see another economically insightful liberal!

Don't forget cash strapped consumers.­..

[oldfart1]

Wow. He said what a lot of us have been thinking all along. It is not an accident that the total financial losses from this bubble will be about the same as the cost of Bush's war - at least one trillion, maybe more. The only thing protecting our treasuries and the Fed right now is the forgiveness of both China AND Saudi Arabia (our biggest creditors). In this kind of situation, the temptation for one of these players to unload and leave the other holding the bag is enormous.

[Lemmy]

“Democrats have a commonsense plan to help bring down skyrocketing gas prices…” (Nancy Pelosi, Press Release, 4/24/06)

[Lemmy]

Her approval rating is lower than Bush's. What has she done since taking power? They did raise the minimum wage but she threw in an exemption for her district.

[Dap]

Congress has a low approval rating as a *direct* result of the *CLEAR* lack of integrity of the Republican right-wing-nuts to follow Constitutional laws of the land, but instead pervert the law for political purposes, for their avarice, and perverse dogmatic antiquated ideologies. They are divisive at any cost.
So please spare us, and give us a friggin break!

[Lemmy]

Last I checked, the Dems have had the majority in both houses for two years . . .and your blaming the GOP for poor approval ratings in Congress? Solid rebuttal.

[DorianCorso]

"Denial is not an economic recovery plan."

Neither was taking impeachment off the table.

[locust]

You know what would really help? A balanced budget.

But wait, Ms. Pelosi promised no unfunded spending (and she and her party bragged about accomplishing that).

So why does the federal deficit keep getting bigger if there's no unfunded spending?

"a bipartisan economic stimulus package" - Did that add to the deficit or was it funded?

[TenThings]

John McCain has spent a majority of his 26 year Career in the Senate asking for De-Regulation. In the Commerce Committee I have no idea what he has done, besides de-regulate telecommunications.

John McCain was also in the Senate for 19 years prior to 9/11, so I do not know how he is stronger as a Senator of 26 years on National Security than a Senator Obama would be, who has a fundamentally good philosophy on National Security.

I also think McCain's bipartisan resume is overrated. Its hard for a Democrat Congressman/Senator to be bipartisan with Republicans than it is for Republican Congressma­n/Senator, like McCain to be bipartisan with Democrats, who appear more open to working with Republicans.

McCain's answers on the Economy are now becoming more rhetorical, and stump speech, etc. Whereas, Obama the Democrat as a detailed plan.

Wall Street gamed the system, because it was a philosophy that trickled from the top down. The rot starts from the top down. The Republican Administration and Republicans gamed the system, based on a philosophy or hypocrisy, insincerity, worthless gambling, boastful risk taking and the underlying tendency and force, being greed and arrogance.

[rebeccams10]

This press release came out from the Census Bureau on Aug 28th. I've not heard anyone really talking about the contents:

http://www.census.gov/Press-Release/www/releases/archives/income_wealth/012528.html

Women, single mothers, the states of Ohio and Mississippi and a long list of other groups should take a close look at how the Bush tax breaks/trickle down theory of economics is helping their plight to live a better life and provide for their families.

While there were some 'improvements' from 2006 to 2007 - I think it's still shameful to say that in the US, 18% of children under the age of 18 live in poverty and that over 8 million children are uninsured. This country is full of hard-working, intelligent people and this is the best we can do? Really...?

[obamanation31]

"The definition of insanity is doing something the same way... while expecting a different result." - Albert Einstein -

[jcorrington]

Nancy, you failed to mention one of the biggest reasons for this economic disaster. I cannot believe that $10B going out of the country for 7 years to occupy iraq doesnt contribute to the fiasco!!

[paixa3]

It does....bu­t hmmmm, let us just not mention that.

[Krikkit]

For the neocons, the economy IS strong. They still have their seven houses, so there's no mortgage crisis either. They are still trickling down on us, so what's the worry? McCain finally got their memo, despite being computer illiterate.

"Times were good and no one was poor, at least no one that mattered." -- Douglas Adams, Hitchhiker's Guide to the Galaxy