Economic Deception
The economy will now become the latest tool in taking everyone’s attention away from the real problem of this country. The major problem is getting rid of the lying politicians and economist who only crave riches. The real reason for the economic stimulus is too make it seem as though these people really have their mind on the pulse of the true suffering of everyday average American. These politicians are shameful and the Democrats going along with this is truly, truly shameful.
It is now time to bring about real change in this country while the opportunity is ripe. We all know that the policies of the Republicans has brought this country to brink of ruin, so why in the name of all things good would the speaker go along with the Minority Leader and the President to lend some sort of credence to their position. The real plan should be to expose them all along with their failings. May be the Democrats do not really want a super majority because then they would have to do exactly what they campaign on doing. This leads to my next point. This is why most of the so called new and moderate democrats are flocking to endorse Obama, they know it would take him at least 2 years to get any semblance of policy and direction started. Hillary and Bill would force tough votes and implement policies which would render the fake phony issues of fear mute.
Congress should come together exposing all those who refuse to accept the new direction this country needs, rendering them all vulnerable in November upcoming election. The Republicans would no doubt be most vulnerable, but do not be fooled there are lots of fake phony Democrats that needs to be exposed. This is a time when all the so called mainstream bloggers should be out showing their independence and true knowledge by bringing this to everyone’s attention so that these clowns can be defeated in the primary and general elections this fall, there by returning this country back to the true owners us. Below are blogs I did back in November forecasting exactly what we are witnessing now. Although I am not an economist or Wall Street mogul common sense would lend to any smart thinking, well versed, well informed individual the realization of the task of which we are facing. Also it would shine sunlight on the challenges and challengers of which we will have to propel across, over an up front to prevail successfully.
Financial and Economic Gaming
Brooklyn, NY 11/2/2007 This week the Job and Growth Reports hit the media with a bang. The report claimed growth of creating 166,000 new jobs, while unemployment remained the same at 4.7. GDP reports growth at a rate of 3.9. The DOW continued it’s up and down ride. The Economy is reportedly doing very well. With the great economic news being reported, one would expect to see a booming Holiday shopping season.
The Fed Chairman Mr. Benjamin Barnanke cut the rate a quarter point. Most in the economic news world had been forecasting exactly that. Claiming another cut was needed to keep the economy growing at a steady pace. Once the fed chair reported the actual rate cut, the news changed. Economist started to speculate that Mr. Bernanke must be envisioning a looming economic recession. With high gas prices there has to be price increases coming across the board. The stock market had major losses the next day due to the escalating housing problem and increased oil price gains.
I’m not an economist but recent trends would lend to the thought of gaming the system. The GDP number and Job Gains number came in better than expected. Now the news showing are starting to tote this higher than expected growth and a strong vibrant economy. While others are reporting consumer spending to be slowing due to the looming high heating cost. Goods and services prices are on a rise, while the housing foreclosure problem is constantly reportedly getting worse.
There is also reported to be skepticism in Wall Street investors.
Months ago the stock market was in need of a boost to help stop it’s down trend. The fed came to the rescue with a half point cut. The stock market began to once again see daily gains. For many weeks the market constantly reached new record highs. Even when the housing crunch was first reported the market stayed strong. Lenders began to have major problems, but with the economy being so strong and resilient, the market continued to make record gains. The president reported better than expected growth. The growth was so great that the deficit would come in with a lower than expected number.
With all the great news, Wall Street investors should not be skeptics. There should be no looming recession. More rate cuts should not become a necessity. Mr. Bush is giving speeches on how his economic policy has worked to build the strongest economy in 20 years. Growth is much better than the Clinton years. Jobs are constantly being created due to his tax policy. The economy is expected to continue to grow at a better than expected rate.
Well here’s where I see the structure being set to game the system. The real deficit will be higher than expected due to rising oil prices. The economic growth numbers will fall along with the job gains revision. Let’s be real with large companies like Chrysler reporting it has to cut more jobs than expected and other large companies still in negotiations how can there be reported job gains. This great strong growing economy is just a figment of the build George Bush legacy imagination. China basically owns half of America with its debt holdings, while the true debt continues to rise at an alarming rate. Job gains statistics are being used to bolster economic conversation.
Creating $10 dollar an hour jobs to replace $30 an hour jobs does not make for a strong economy or a comfortable means of living. This economy was built on a false premise due to predatory lending, lower interest rates, and cash out refinances. Getting equity out of your home became easy as getting a $500 limit credit card. Consumer buying will soon be at its lowest level in years. The rise in foreclosure is real. People are searching to find ways and means to save their homes. Appraisers did a lot of injustice to society by inflating home prices. A lot of people are facing a disastrous life due to cash out refinancing and home equity loans. There are people stuck with $500,000 mortgages on $350,000 homes. Selling is not an option and refinancing to get cash or equity out is no longer available. Wall Street will survive because there will more rate cuts regardless of what the chairman stated. True numbers on job growth and unemployment will come to light. The administration will be asking for a debt ceiling increase to fund an unnecessary war and budget shortfalls. We the American people will be left on the sideline searching for ways to make ends meet to sustain our lives, while Wall Street and the Government survive by Gaming the system
Why We Should Expect a Recession
Brooklyn, NY 11/07/07
The stock market has been on a rollercoaster ride lately, closing at 360.9 down in today’s session. General Motors loss a business record $38.9 billion in the third quarter. Crude oil reached a record high moving past $98 before closing lower.
Time Warner Profits drops 54 percent. The housing sub prime borrowing is reported to be worst than expected. You will probably think I’m crazy when I tell you none of the above will be the cause of the recession. Wall Street analyst will not tell you this because it probably has not occurred to them. The brokers, traders, and advisers, probably overlooked this little fact I’m about to unveil unto.
This booming economy has been a propped up phony economy from the start. It had nothing to do with the tax cuts. Once the fed cut rates low enough that the predatory lending could begin, it was the beginning of the Fake booming economy. Goods and services were up due to the new homes being built by contractors and developers. Homeowners made upgrades did repairs and added extensions to their homes funded through refinancing and equity loans. The loans enable the borrowers to add in new vehicles while getting cash out. While this was a good thing for some as we have all come to learn it has been a disaster for most. The list of victims in the sub prime lending debacle grows each and everyday.
While refinancing to a lower rate could be seen as a good thing, the problem was most of these loans came with arms (adjusted rates mortgages). The equity loans only served to force many homeowners into refinancing, and owing more for their property than it’s actually worth. Appraisers had been assessing liberally high value to most properties. While it was a good boost to the economy, it’s also the main reason why we will be in recession by the end of January. The government will run out of ways to hide real numbers on the economy and employment. While the market and big business will not find a fallback available. Congress will try to alleviate the problem. Since this will be a federal election year the president will think he’s aiding the republicans with every use of his veto pen. When actually he will speed up the recession, while making worst the prospect of a short term recovery.
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