This is a show you won't want to miss. Lots of juicy details.
Brian Katulis is a Senior Fellow at the Center for American Progress where he examines U.S. national security policy in the Middle East and democratization, with a focus on Iraq. Prior to joining the Center, he lived and worked in the Middle East for the National Democratic Institute and Freedom House, including projects in Egypt, Iraq, and the Palestinian territories.
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The U.S trade deficit with China has risen to a $46.4 billion deficit for the first quarter of this year, which is twice what the deficit was the first quarter of 2006. In 2006 the U.S trade deficit was an astounding $233 billion.
At least eight million U.S jobs reportedly have went overseas over the past several years, and the manufacturing industry has been hit the hardest. Off shoring of jobs has also hit the technology industry as well as business and professional services.
The U.S auto industry for instance is in serious trouble. Both General Motors and Ford have reported major losses and are teetering on the brink of oblivion, while Daimler-Chrysler hopes to sell The Chrysler Group due to falling profits.
The U.S manufacturing industry will take another major blow as more than two-hundred thousand U.S auto jobs are to be exported to China, India and Mexico within three years which will cause auto assembly and auto parts plants in the U.S to shut down.
Ford has been busy building new plants in China and Thailand while expanding production in India. General Motors has also been investing in manufacturing facilities in several countries while closing many within the U.S.
There are a reported 44 million workers in the U.S who no longer have regular full time permanent jobs. There are at least 60 million workers or 40 percent of the U.S workforce who are unemployed, underemployed, part time or temporary workers.
Rising health care costs and outrageous executive compensation packages as well as the rising level of foreign imports have led the American Industrial base to be in dangerous peril. As the Bush administration seeks further freedoms in negotiating trade agreements, U.S workers of every genre face a future tied to the interests of Corporate America.
Don't forget to listen to the Basham and Cornell Progressive Talk Radio Show Saturday at 9:00 AM PST. BashamandCornellProgressiveTalk
"The Crumbling Industrial Base".
ReplyDeleteI agree.
Just wait until hillary pulls the plug on the Middle East and the fragile stability declines into even bloodier chaos, and the promise of democracy is lost forever.
The financial community doesn't like uncertainty, so they will freak when the world's petroleum lifeline becomes threatened by Iraq, Iran, Syria and other countries controlled by ME dictators.
Then comes the hillary tax hike on the "rich" to please the class-envy base of the dhimmicrat party.
Then the special tax on evil corporations for greenhouse gas (CO2) emissions, done in the interests of "saving the planet for our children".
Then comes nationalization of health care and other key industries also for the good of the "children".
Perhaps the resulting severe recession can be blamed upon that evil hitler-mcchimpy-nazi george bush. (Our children will not be affected by a damaged economy, however because they will be raised by hillary's village.)
--------------------------------------------------------------------------------
ReplyDeleteMay 5, 2007
Jobs Report Is Weaker Than Expected
By JEREMY W. PETERS
Employers added just 88,000 jobs in April — the smallest number in more than two years, the Labor Department reported today.
In the monthly report on national employment, the job market showed weakness across many industries, from banking and retail to construction and manufacturing. It was a suggestion that after months of holding up well, the labor market was beginning to cool as the economy slowed.
Wages, after rising at a solid clip in the middle of last year, are now growing more slowly than inflation, causing many workers to take an effective pay cut. In April, rank-and-file workers — a group that makes up 80 percent of the labor force — made $17.25 an hour on average, down from about $17.30 in October, in inflation-adjusted terms.
In addition, the report said that job growth in March and February was not as strong as the government first estimated. The Labor Department overcounted those months by a total of 26,000 jobs.
The unemployment rate rose to 4.5 percent from 4.4 percent.
But Wall Street seemed to take the news in stride, and stocks were flat at midday.
The percentage of the population that is employed dropped last month to 63 percent, from 63.3 in March. By industry, retail was the weakest, shedding 26,000 jobs. Small gains in businesses like furniture stores and automobile dealerships were not enough to offset the loss of 41,000 jobs in general merchandise stores. Financial services businesses and construction firms each cut 11,000 jobs. The downsizing in manufacturing continued as 19,000 jobs were lost on factory floors last month.
Education, health care, governments and leisure and hospitality businesses provided a cushion for all the jobs cut in other industries last month, adding a combined 100,000 positions.
Many economists described the report as weak.
“Growth has peaked,” Ian Shepherdson, chief United States economist with High Frequency Economics, said in a research report. “The Fed needs to start thinking about easing, soon please.”
But with inflation still above rates the Federal Reserve considers healthy and unemployment relatively low, central bankers are not likely to see anything in the most recent jobs report that would cause them to shift course.
“This report will probably be viewed by the Federal Reserve as more backward than forward looking,” Joshua Shapiro, chief United States economist of MFR, said in a report. “We continue to expect monetary policy to remain unchanged for the balance of the year.”
With the economy slowing down — the government said last week that growth in the first quarter cooled to the slowest pace in four years — businesses may be starting to cut back.
“It tells me that labor demand is weaker than we thought,” said Jared Bernstein, an economist with the Economic Policy Institute. “And that businesses are exercising a level of caution in hiring that looks kind of new to me and kind of scary.
Ten Characters in Search of a Coffin.
ReplyDeleteIt doesn't augur well for Bush’s sterling legacy when GOP presidential wannabes mention St. Ronnie almost three times for every time they mentioned Bush in Thursday night’s debate (20-7).
Paul Krugman warned us back on March 18th that Republicans would leapfrog over Bush backwards and spring toward Reagan for guidance and inspiration. And, as Krugman wisely counseled, Reagan was no f$%king picnic in the park.
Reagan was a lying Brycreemed scumbag who immediately began breaking his campaign promises of not balancing the budget at the expense of the poor and tens of millions of idiots fell for it as if they forgot that he was a Republican, one who openly insulted hippies and welfare queens. His hatchet man, the now-disgraced David Stockman, made CETA disappear overnight. The minimum wage was frozen for five and a half years. The poor got poorer, the rich got richer and the middle class got smaller. After eight years of him and four more of Poppy Bush, the deficit tripled.
He cooked up Iran Contra before even taking office or has it been forgotten that the American hostages in Tehran got released the day Reagan was sworn in? His supply side economics was so abominable that Gerald Ford refused to even talk about it, it got him so upset. He embraced the rebels in San Salvador by deluding the American people, and perhaps himself, into believing that they were killing evil Commies and he falsely took credit for bringing down the wall in Berlin and casting down Communism.
This is just the beginning of the litany of abuses committed by Saint Ronnie in his eight years in office. Yet, Republican presidential hopefuls are so bereft of role models that they barely possess the smarts to know that Junior Bush isn’t a good one yet lack the historical context to look twenty years beyond Reagan to Dwight D. Eisenhower, who was absolutely the best Republican president in the entire 20th century.
But no, they had to go on their Herbert West Reanimator quest and exhume the gauzy, glorified memory of St. Ronnie of the Jelly Bean as if he was the greatest thing since TV dinners when all Reagan really was was the Great Accidental Beneficiary of the fall of Communism.
I had better things to do on Thursday besides watch the debate that was moderated by Tweety. Even for diehard political junkies like me, sometimes I need a break and I’d rather scream at the Red Sox than a bunch of Republican dressing dummies with American flag lapel pins. The Red Sox won a dramatic game against the Mariners, winning 8-7 after being down by 5-0 after half an inning. Manny Ramirez hit two taters including the game winner while on my DVR of Lost last Wednesday, Locke…
Oh, right. Well, if one had to choose one assclown out of the ten (a tall task worthy of Hercules), one has to go with Rudy Giuliani for being the only one to fully embrace the anchor of the Bush administration and to continue basing his entire platform on being the poor bastard who happened to be the mayor of NYC on 9/11/01. “I believe we had a president who made the right decision at the right time on September 20th, 2001, to put us on offense against terrorists,” said Hizzoner, while being politic enough to not mention that Bush actually put us on the defensive against terrorists by attacking a country that had nothing to do with nine f#$king eleven. But who cares about truth, right? This is the GOP and all ten of these psychopaths want to be President.
Yeah, good luck with that, pals. You’ll need it if you can’t understand that the difference between Reagan and the Shrub can be boiled down to this: That Reagan made failure look easy and his grandfatherly amiability and the sympathy of Congress is what got him Tefloned out of the Iran-Contra scandal.
Dubya combines Hooveresque incompetence with Richard Nixon’s sinisterness and makes failure look downright difficult despite taking more vacation time than any of his predecessors.
But like I said, good luck with hugging Reagan’s corpse. You only make it easier for our side. Here's a final thought: It’s not a good sign when Faux News of all networks runs an ad from Americans United For Change calling for Bush to bring the troops home (Hat tip to Arizona native Doug at All Things Democratic.).
Great comment from same place,
ReplyDeleteyou forgot to add that Ronnie was the president with the dubious distinction of signing the largest tax increase in history (payroll) and ever since the repugs have been giving tax cuts on the backs of the ss tax increase.
SUCK on it gay-dalf, Ronnie (depends) Reagan raised taxes on the poor and middle class MORE then any democrat in the last 50 years.........
A Gutless FOOLE said...
ReplyDelete"The Crumbling Industrial Base".
I agree.
Just wait until Hillary pulls the plug on the Middle East and the fragile stability declines into even bloodier chaos, and the promise of democracy is lost forever.
Sorry id-jet but BUSH did that in 2003.
Remember, when he LIED his way into Iraq destroyed a country and set in motion the sectarian violence.
Then he LIED about how bad it was until after the loss of the 2006 elections.
At which time he decided to UP the ante to create MORE violence and sectarian hatred to make the situation worse.
All the while he keeps chomping at the Bit to do to Iran what he did to Iraq.
The financial community doesn't like uncertainty, so they will freak when the world's petroleum lifeline becomes threatened by Iraq, Iran, Syria and other countries controlled by ME dictators.
They have George W Bush to thank for that instability.
The fact that Saudi Arabia has been producing less oil each month since the fall of 2005 is gonna make instability the word of the day when the world demands MORE oil then it can produce.
The rapid rise in gasoline prices this spring are going to become the NORM son.
Idiots like YOU will keep screaming the markets can solve this problem which geology has created.
There is only so much oil to be pumped and we are nearing the limits of the ability to pump it from what is available.
Screech your reichwing feces all you want son But you and your ilk are becoming MORE and MORE irrelevant every day widdle boy.
Then comes the hillary tax hike on the "rich" to please the class-envy base of the dhimmicrat party.
Like Ronald Reagan did to the middle class and working poor with the largest tax hike on them in history, and then he and the Bush sycophants gave the rich tax breaks based on Reagan's rip off or the working people of this county.
NO Foole all, the next President no matter which democrat WINS, will do is restore the rich to paying their FAIR share since they get so much MORE out of the system then most people.
Then the special tax on evil corporations for greenhouse gas (CO2) emissions, done in the interests of "saving the planet for our children".
Well son till your greedy re-pubie fooles came along the american Ideal was to hand to your children a better planet then you inherited from your parents, but since you all are such childish cretins you want to steal all your can the future be DAMNED.
Bet Barry Goldwater would disown each and every one of your gutless lying fooles.
Then comes nationalization of health care and other key industries also for the good of the "children".
Why do YOU hate children son?
You have attacked doing something for children twice, seems you have something against children widdle boy.
But since health care and drug prices are being pushed up MUCH faster than inflation by GREEDY fooles like you maybe something needs to be done to restore balance to the system before it collapses.
Especially for the children since they are the future of this country not old gutless draft dodgers like YOU.
Perhaps the resulting severe recession can be blamed upon that evil hitler-mcchimpy-nazi george bush. (Our children will not be affected by a damaged economy, however because they will be raised by hillary's village.)
Well since the reichwingers have sent this country into DEEP debt with NO plan even at almost 9 trillion dollars of public debt to pay for it.
In fact even after a democratic president had started to pay the bills of Reagan and Bush41 so the children will not be burdened with the debt of the lying sacks of sh*t who grabbed as much as they could and handed the bill to people not even born yet, Bush went into another meth-smoking crack addict spending spree with future generations TAXES, unless you think the government should never pay it's bills the greedy run up to steal as much money as they can..
Since the reichwing after Reagan began his VooDoo economic attack on america, began selling the industrial base out from under the middle class AND future generations so they could make a quick buck, yes the accountability rests on the STUPID GREEDY LYING REICHWING for the damage they have done to the working middle classes and poor of this once great industrial nation.
The greedy rich and wall street bankers have made billions of stock swindles like Enron, and world com and the sell out of the middle class jobs for short term gain by a very few.
This is the reversing the unspoken generational agreement America was based on for centuries. The living generation would inherit a better country with MORE opportunities from their parents it's parents, improve it and hand a better country to their children.
The Reichwing has gotten so greedy they have violated this for their short term gain and all future generations LOSS.
BTW gay-dalf nice to see your still living up to your definition of yourself;
ReplyDeleteHow did you put it again?
Oh yea;
Despite this constant infantile behavior, in this psychopath's mind he fancies himself a deep thinker and and a witty,
Given the fact you totally ignored the basic facts of Larry's post and ignored the REAL problem it suggests but screech reichwing LIES over and over again;
This time instead of taking a dump under the stoop son,
you smeared the pea green feces from your diaper all over your self
and
you are standing in the living room
all proud of your pea green painted widdle self again.
Here comes $3 gas again, and it could get worse
ReplyDeleteBy Barbara Hagenbaugh and James R. Healey, USA TODAY
WASHINGTON — If the price at your local gas station isn't topping $3 already, it likely will soon.
The national average price for a gallon of regular gasoline was $2.971 Monday, up more than a dime from a week ago and the highest since August, according to the Energy Department. A separate survey from motor club AAA found the U.S. average was $2.953 Monday, up nearly 30 cents from a month ago.
Oil market experts, including those at Wachovia, Oil Price Information Service and Alaron Trading, said it's just a matter of time before the U.S. average gasoline price tops $3 a gallon. The average price at the pump already is above $3 in 11 states and the District of Columbia.
And some said the nationwide record, not adjusted for inflation, of $3.069 will soon be broken. That record was set Sept. 5, 2005, after Hurricane Katrina, according to the Energy Department. Adjusted for inflation, the record high was in March 1981, when gasoline prices were $3.223 in today's dollars.
"Records definitely are coming," says Peter Beutel, head of energy-price consultant Cameron Hanover and price-watcher for decades. He forecasts a peak in retail gasoline prices in mid to late May.
Wachovia economist Jason Schenker says prices could rise into the summer: "We're not even in the peak driving season yet. Prices could go sharply higher than where they are now."
Gasoline prices have been rising swiftly in response to strong demand, tight supplies, high oil prices and slowing imports. Extended closings at a number of refineries for maintenance and other issues, such as fires and power outages, have strained the supply-demand balance.
Demand has been "incredible," says Alaron Trading analyst Phil Flynn, noting that the strong demand is largely a reflection of low unemployment in the USA. "As much as we complain about high gasoline prices, we're all driving to work every day."
On Monday, the highest average price in the USA was in California, where the average price at the pump was $3.40 a gallon, according to AAA. The lowest average was in New Jersey at $2.76 a gallon.
Economists say the sharp increases in gasoline prices are not having a big impact on the U.S. economy, according to a USA TODAY survey. Ninety-two percent of 50 economists surveyed April 20-25 said gas price increases were having a "minor impact" on the economy in the first half of the year.
Six percent said they were having a "major impact," and one economist said they were having no impact at all.
"The shock value of $3-a-gallon gasoline is over. We've seen that before," says Richard Moody, chief economist at Mission Residential in Austin. He notes that incomes have gone up in the past year, helping most drivers bear the added costs.
More of the Bush economy.
Gregg Keizer
ReplyDeleteMay 04, 2007 (Computerworld) Steve Jobs' $1 salary was dwarfed by $646 million in stock compensation for 2006, Forbes magazine said today, ranking the Apple Inc. CEO as the highest-paid executive in the U.S.
In its annual CEO paycheck scorecard of the 500 biggest U.S. companies, Forbes said the $646.6 million for Jobs was more than twice the compensation of the next person on the list -- Ray Irani of Occidental Petroleum, who took home $321.6 million -- the bulk of it from exercised stock options.
The next-highest-paid CEO in the technology field after Jobs was Terry Semel of Yahoo Inc., who ranked fifth. Semel pulled in $174.2 million, all but $600,000 in realized options. Michael Dell, the newly-returned CEO of Dell Inc., followed at sixth. The 42-year-old made $153.2 million, small potatoes to a man who owns company stock worth nearly $5.4 billion.
Rounding out the top 25, Larry Ellison of Oracle Corp. collected $72.4 million in 2006 to make the 12th spot on the Forbes list, while John Chambers of Cisco Systems Inc. received $71.3 million for No. 15.
Steve Ballmer, CEO of Microsoft Corp., was a compensation pauper in comparison; he took home $980,000 for the year to place at a lowly 481.
Other technology CEOs of note on the list include Mark Hurd of Hewlett-Packard Co. ($20.3 million, No. 80), Samuel Palmisano of IBM ($17.6 million No. 104), Margaret Whitman of eBay Inc. ($3.1 million, No. 376), Jonathan Schwartz of Sun Microsystems Inc. ($1.5 million, No. 461) and Eric Schmidt of Google Inc
More of the Bush Economy
Franny, you are beyond stupid. Anybody that thinks the Bush era hasn't been uncertain is more stupid than the rock they must be living under.
ReplyDeletefacsist fran lied,
ReplyDeleteThen the special tax on evil corporations for greenhouse gas (CO2) emissions, done in the interests of "saving the planet for our children".
I guess I'm the one that gets to debunk this lie. There are too many other lies in there for me to get rid of all of them in one post.
For many delegates, the strongest message was that reaching the lowest targets could be done at less than 3 percent of the global gross domestic product by 2030 — or 0.12 annually.
That compares favorably to global economic growth that every year has averaged almost 3 percent since 2000. The damage from unabated climate change, meanwhile, might eventually cost the global economy between 5 percent and 20 percent of GDP every year, according to a British government report last year.
"I would say it (the GDP estimates) looks like a reasonable risk to take, compared to the impact of projected climate change," said Jayant Sathaye, a scientist at the federal Lawrence Berkeley National Laboratory in California.
Check out new item on blog. Tomorrow on our radio show be sure to tune in.
ReplyDeleteWe interview Larry Johnson, the ex-CIA agent and terrorist expert who sent
George Tenet a letter this week.
He has lots of juicy, never-before heard details of the inside scoop -- the crimes behind the crime that they are covering up.
For what it's worth, sustained oil prices at the level they are at right now are going to start chipping away at imports. Even with the high cost of doing business here, we're going to reach a point where it just doesn't make sense to import them because of the transportation costs.
ReplyDeleteI would anticipate that at first, MExico will benefit. If costs get high enough, then one can expect to see a whole bunch of micro-economies springing up.
Between here and there lies a whole lot of pain.
GM Quarterly Profit Plunges 90% on Mortgage Losses
ReplyDeleteBy Jeff Green and Greg Bensinger
May 3 (Bloomberg) -- General Motors Corp. said first-quarter profit plunged 90 percent, dragged down by bad loans at the GMAC LLC finance unit and continued automotive losses in North America.
Net income dropped to $62 million from $602 million a year earlier, the Detroit-based automaker said today. Revenue declined 16 percent to $43.9 billion, largely reflecting the November sale of a majority of GMAC. GM shares fell the most in almost seven months and its bonds also declined.
``GM's going to have to pay very close attention to this housing market because that's obviously a big drain on their profits,'' said Bradley Rubin, an analyst with BNP Paribas in New York. ``The restructuring program did seem to help, but GM should be making money in North America by now.''
Cuts in labor and health-care costs failed to make the North American auto operations profitable as GM lost $46 million in the region. Rising material costs and a 15 percent reduction in vehicle output curbed profits. Analysts including Lehman Brothers' Brian Johnson had expected the North American unit to make money.
``We took about 200,000 units of production in the first quarter to reduce dealer inventories versus a year ago and to reduce sales to daily rental companies,'' Chief Executive Officer Rick Wagoner said in an interview today. ``The business is still about a break-even business, so we've got a lot of work to do.''
`Disappointing'
The results came nine days after Wagoner reassured employees that his plan to end losses is working. His message was prompted by Toyota Motor Corp.'s passing of GM in first-quarter global sales. GM has been No. 1 in the world for 76 years.
``For them to show an operating loss was disappointing,'' said Pete Hastings, a fixed-income analyst for Morgan Keegan & Co. in Memphis, Tennessee. ``We knew that production was down, but we had expected the cost savings from the headcount reductions and other cost-savings initiatives that they'd implemented to offset that.''
The per-share profit fell to 11 cents a share from $1.06. Excluding one-time costs, profit was 17 cents. On that basis, it trailed the 83-cent average estimate of 12 analysts surveyed by Bloomberg. The shares declined $1.75, or 5.4 percent, to $30.69 at 4:03 p.m. in New York Stock Exchange composite trading, their biggest percentage drop since Oct. 6.
GMAC yesterday posted a $305 million first-quarter loss. The auto and home lender was wholly owned by GM until late last year. GM retained a 49 percent stake after selling the rest to a group led by Cerberus Capital Management LP.
ResCap Loss
A ``sharp downturn'' in the U.S. mortgage market pushed GMAC's Residential Capital LLC unit to a $905 million loss compared with year-earlier earnings of $201 million, GMAC said. The parent company injected $1 billion in equity into ResCap this year through April to shore up the unit's cash position.
Chief Financial Officer Fritz Henderson predicted ``considerable improvement'' in the subprime ``maelstrom'' at GMAC's mortgage unit, with narrower losses this quarter.
Analyst Brett Hoselton of KeyBanc Capital Markets in Cleveland changed his recommendation on GM shares to ``hold'' from ``buy'' today because of the mortgage losses.
GM's cash, marketable securities and funds available from a retiree health-care fund fell to $24.7 billion at the end of March from $26.4 billion at the end of December as GM made a $1 billion payout to GMAC and another $1 billion for a convertible bond payment, Henderson said.
He reiterated today that GM doesn't expect to generate positive cash flow this year, even as cash flow improves.
GM's 8.375 percent note due July 2033 fell 0.06 cent to 91.38 cents on the dollar today, according to Trace, the NASD's bond-price reporting system. The yield rose to 9.3 percent.
Foreclosures surge on mortgage woes
ReplyDeleteFilings were up 35 percent in the first quarter; Detroit and Las Vegas get hammered.
By Les Christie, CNNMoney.com staff writer
NEW YORK -- Foreclosure filings surged during the first quarter of 2007, as home price increases slowed or even reversed and borrowers fell behind on payments once their adjustable rates began resetting at much higher levels.
The number of filings climbed 27 percent in the first quarter compared with the fourth quarter of 2006 and 35 percent from a year earlier, according to a report released Wednesday by RealtyTrac, an online marketer of foreclosure properties.
Where Foreclosures Are Climbing
See listings in cities where foreclosures are increased the quickest last quarter:
* Riverside, Calif.
* Las Vegas
* Miami, Fla.
* Los Angeles
* Denver
* Atlanta
* Detroit
* Dallas
* Cleveland
* Chicago
There were more than 430,000 foreclosure filings nationwide, one for every 264 households. The filings include everything from default notices to auction sale notices to actual bank repossessions.
Nevada had the highest foreclosure rate - there was one for every 75 households.(No wonder why crusty don't live there any more) The Las Vegas area had undergone a boom in speculative real estate investing during the red-hot housing market years of 2004 and 2005 and, as prices have dropped, the speculators are taking bad beatings.
Colorado recorded the second-highest foreclosure rate with one filing for every 111 households.
The state has long been among the leading foreclosure locales, a situation that some attribute to a Wild West, mostly unregulated mortgage broker industry before a new law went into effect last year requiring brokers to register with the state. Many homeowners there had been saddled with unaffordable loans in recent years.
Numerically, California had more filings than any other state at 80,595. That accounted for nearly one of every five foreclosures in the nation and was more than double the number from a year ago.
Florida filings also climbed precipitously to 45,156, up 52 percent for the quarter and 55 percent over last year.
Among metro areas, Detroit got hammered the most. It recorded 16,351 foreclosures during the quarter, one for every 51 households,(you think it is tied to Ford and GM's problems) five times the national average. Vegas was a close second with one per 57 households.
Three central California cities were also hit hard. Riverside/ San Bernardino, Sacramento and Stockton took third, fourth and fifth place.
Foreclosures are expected to continue to increase all year as many of the numerous adjustable-rate mortgages written during 2004 and 2005 hit the dates of their first resets, when their interest rates can increase by three percentage points or more.
The resets may turn barely affordable loans into totally unaffordable ones for borrowers, forcing them to go into default.
Many homeowners -- some consumer advocates claim as many as 2.4 million - are in danger of losing their homes over the next couple of years.
2.4 million that is one in every hundred people in america..
..which means one in every 25 families probably......
Heck of a job Georgie and Allen Greenspan who set up this house of cards....
More of the Bush economy.
ReplyDeletePersonal Income and Spending
ReplyDeleteYesterday the BEA gave us some new data about personal income and spending for March of 2007. You can find the news release here, but what I want to focus on today are the reasons why I am worried about the prospects for consumption growth in the coming months.
Actually, my concerns can be summarized in a picture. The following graph shows the annual growth in consumption and in labor compensation, with both series adjusted for inflation using the PCE deflator. The red line then shows the savings rate for US households.
As I've discussed before, income growth for households that get their income through their labor has been sluggish during this economic recovery. Profits have been strong, and the income of people who get a lot of their income from their ownership of US corporations has done well... but labor income has generally struggled along at 2-3% real growth for the past several years.
Consumption growth, on the other hand, has been considerably and consistently stronger. How is that possible? There are three ways. First, households have spent an ever-growing portion of their income... so much so that by 2005 the savings rate actually turned consistently negative for the very first time. Second, some American households have enjoyed strong income growth from non-labor sources. I'm referring mostly to those profits that I mentioned above. Third, many households have used mortgage equity withdrawals to finance their consumption.
These various sources of money for households to spend have propped up consumption growth at a solid level despite relatively weak growth in labor income. But there are good reasons to guess that all three of these supports for consumption are running out.
The end of the housing boom and concomitant MEW phenomenon has been well documented by others (yes, I'm talking about Calculated Risk), so that source of money is drying up. Corporate profits have grown amazingly well in recent years, but probably can't continue that pace for much longer.
That leaves changes in the savings rate. But if anything, it is starting to seem like we are entering a phase where households will be more interested in moving their savings rate back toward zero, rather than allow it to become more negative. However, to bring the savings rate back toward zero (not to mention positive) households will have to allow several period elapse with rates of consumption growth below the rate of income growth.
Put it all together, and it seems quite likely to me that we're in for a period of slower consumption growth. And given the importance of consumption in the US's economic growth right now, that does not spell good news for the economy as a whole.
More of the Bush Economy.
You guys are interviewing a CIA agent?
ReplyDeleteCool.
Freedom Fake said...
ReplyDeleteJust wait until hillary pulls the plug on the Middle East and the fragile stability declines into even bloodier chaos, and the promise of democracy is lost forever.
Well if it does, it will be because you went in, and nothing will change that.
As for the promise of democracy lost that was lost the moment you idiots thought you could force it down peoples throats at the barrel of a gun.
If there is any prayer of democracy in Iraq, it will be because the people chose it themselves. If they chose it, then they'll fight who they need to fight for it.
It won't be because guys like you made the decision for them.
Lydia Larry Johnson has a GREAT blog,
ReplyDeleteNO QUARTER
I read it every day, but a certain LYING TROLL doesn't like Larry Johnson for some reason,
Probably because he speaks the truth and not reichwing spin like Tiny the Liar does.....
Which is why the gutless lying troll speaks so lowly of a Former CIA agent and state department intelligence specialist.....
However if the lying gutless troll ever got face to face his diapers would need changing ..
even more then they do now...
And if you think about it, the people of Iraq ARE fighting for their freedom.
ReplyDeleteThey're fighting to be free of you.
Funny the gutless draft dodger speaks of democracy in Iraq.
ReplyDeleteAbout all of them want us OUT OF their, around 90%, But that isn't the kind of democracy the foole speaks about.
He likes the kind where everyone but the reichwing gets dis-enrolled and the owners of a voting machine company guarantees a certain candidate will win even though the Voting machines are supposed to be impartial.
Gay-dalf doesn't want REAL democracy, he wants more reichwing control by the neo-cons he worships....
Sean Penn just said it right tonight. It was a thing of beauty.
ReplyDeleteJSF Engine Pork Continues
ReplyDeleteA newly-elected Ohio congresswoman announced May 2 that the House Armed Services Committee’s Air and Land Forces Subcommittee had restored funding for the Joint Strike Fighter “alternate engine” program.
Every year, the Pentagon zeros out funding for the costly earmark, and each year lawmakers representing districts that have a vested interest re-insert the cash.
It would be one thing if the pork could swim around the bloated defense bill as an eight-figure vote-getter, losing itself in a myriad of such programs inserted into the bill without a Pentagon request. But the alternate engine program is on a nearly half-billion dollar life support system that sucks a chunk of funds away from needs the Air Force claims are more urgent.
How many more MRAP vehicles could the Pentagon buy to protect forces in Iraq with the $480 million Rep. Jean Schmidt (R-Ohio) says will result in “lower acquisition costs; reduced development and operational risk; and long term savings in life cycle costs?”
That’s right - at about $1 million a pop, the Army and Marine Corps could use that money to buy nearly 500 of the IED-resistant vehicles. Not to mention how that money could be put to use in the Air Force’s $17 billion unfunded priorities list – like A-10 upgrades ($37 million) and force protection equipment for Airmen ($250 million).
And there has been no good case made to justify that continuing to fund the development of GE’s F136 engine for the F-35 Lightning II JSF will somehow reduce life cycle costs and be “in the interest of the America taxpayer.” What evidence is there that the Pratt and Whitney engine isn’t any good and that another engine is needed?
General Electric Aviation is headquartered in Cincinnati, Ohio.
With the F-35 program nearing IOC, you’d think this line of reasoning would have played out. But yet again, lawmakers in the House have agreed to keep the “alternate engine” program alive, bucking the Air Force in one area the service has continually vowed to save money.
"General Electric has worked tirelessly to develop the alternate engine for the Joint Strike Fighter, I am very pleased the Committee continued to authorize this program, important to both our national security and the greater Cincinnati economy," Congresswoman Schmidt said.
"Today is another good day for Cincinnati," Schmidt concluded.
*************************************
Yes she cares MORE for taking care of her RICH fat cat contributers, then she does for the TROOPS.
Greedy hypocritical re-pubies, still slopping at the trough
.....
old habits die hard.
The NRA has got to be kidding me
ReplyDeleteBy: John Amato
This is a joke, right? OK, I was being snarky…
The National Rifle Association is urging the Bush administration to withdraw its support of a bill that would prohibit suspected terrorists from buying firearms. Backed by the Justice Department, the measure would give the attorney general the discretion to block gun sales, licenses or permits to terror suspects.
In a letter this week to Attorney General Alberto Gonzales, NRA executive director Chris Cox said the bill, offered last week by Sen. Frank Lautenberg, D-N.J., "would allow arbitrary denial of Second Amendment rights based on mere 'suspicions' of a terrorist threat."…read on
Sure, just load everybody up with guns. Mental patients, McVeighians, Koreshians, Rudolph-anti-abortionists and terrorists….Derbyshire might say that as long as enough of us are armed too than it wouldn't matter much just as long as Americans didn't act cowardly and all…
Like Gaydalf tiny the liar and dolty boy did when it was their time to stand up and volunteer to defend the country on active duty,
or Bush, Cheney, and the rest of the moonbat barking chicken hawk brigade did in their time.
THEY ALL TALK TOUGH BUT RUN AND HIDE....WITH THEIR widdle pop guns.
The NRA wants to make sure that
ReplyDeleteget this
suspected terrorists can buy guns
GUNS,
with BULLETS,
in terrorists hands.
The NRA doesn't want the federal government to keep GUNS out of terrorists hands, like they failed to keep guns out of Cho Seung-Hui's hands ...
and 33 people died;
On 9-11 terrorists only used box cutters to hijack air planes,
and 2973 people died
and the NRA wants them to have
get this
GUNS.
Franny, you are beyond stupid. Anybody that thinks the Bush era hasn't been uncertain is more stupid than the rock they must be living under.
ReplyDelete-techie grrrl
Since the stock market just hit a new high, perhaps you should choose another way to showcase your obviously superior intellect and dazzling, if somewhat redundant, debating skill.
Freedom Fan said...
ReplyDeleteFranny, you are beyond stupid. Anybody that thinks the Bush era hasn't been uncertain is more stupid than the rock they must be living under.
-techie grrrl
Since the stock market just hit a new high, perhaps you should choose another way to showcase your obviously superior intellect and dazzling, if somewhat redundant, debating skill."
Dishonest and ignorant as usual Foole............We have ALLREADY esablished earlier in the week that ANYONE investing in the stock indexes for the last 7 years would have lost REAL purchasing power meaning it was a LOSING INVESTMENT over that period.
YOU even admitted such after looking QUITE STUPID and RIDDICULOUS particularly when your very links supported Clif's and my position and CLEARLY disproved your own...................yet here you are a few mere days later swilling the Reich Wing koolaid and touting the market indexes as a wonderful investment..............it makes one wonder how ANYONE can consider you EITHER a credible accountant and/or a credible source of information............particularly when you not only cant tell a winning investment from a losing one........but even worse cant disntinguis a gain from a loss in real terms.
All you are is a Reich Wing Spin Meister.......who would EVER consider you a credible source for ANYTHING................particularly when you have been DEAD WRONG about EVERYTHING..........even the stuff you do for a living.!!!!!!!!!!!!!!
Like a typical Reich Wing shrill you lose people money and give POOR advice YET hold your hand out attempting to pick the working classes pockets.
Freedom Fan said...
ReplyDelete....nothing that a scared widdle boy wouldn't say when confronted by the ugly reality of the failures of his buttbuddies.
*YAWWWWWWWWWWWWWWWN*
Come back when you have something relevant to say, Widdle Wizard. Perhaps in 2113?
Mike said...
ReplyDeleteDishonest and ignorant as usual Foole............We have ALLREADY esablished earlier in the week that ANYONE investing in the stock indexes for the last 7 years would have lost REAL purchasing power meaning it was a LOSING INVESTMENT over that period.
The larger point, Mike, is that the market is hitting highs despite the piteous American economy, which if you'll look back in history, is precisely what always happens.
The market is a lagging indicator of the economy. It doesn't even come close to predicting the future economic health of the nation.
Right now, American companies are making money: on their overseas operations. The vaunted engine that is the American consumer market has been hit with two straight quarters of lackluster growth, including a Christmas season that, for the first time in 40 years, saw a contraction of consumer purchasing.
Couple that with the piss-poor mortgage situation (as reflected in GM's earnings), and you have a recipe for a market that will reflect American society: the rich getting richer while the middle class gets the shaft.
Mike,
ReplyDelete"credible" accountant?
He went to Jim Jones University, for crissake! (pun intended, and Jim intended)
He prays he makes the right call when he enters his widdle numbers in his widdle ledger each day, but when all is said and done, he's not credible or reliable.
Look at how much time he spends chasing a blonde dream on this blog!
FLASH: FOXNEWS O'REILLY TOPS MSNBC GOP DEBATE FOR NIGHT... O'REILLY PULLS 2,314,000 VIEWERS... DEBATE SCORES 1,762,000... [DEM DEBATE WEEK BEFORE HIT 2,261,000]... FOXNEWS HANNITY/COLMES AT 1,548,000... MORE
ReplyDeleteACTUAL DEBATE COVERAGE: 8-9:30PM:
FNC 2,023,000
MSNBC 1,762,000
CNN 599,000
BWAHAHAHAHAHAHAHAHAHAHAHAH
The Ten Little Indians were a bomb! They couldn't even reach their target audience, wanking little right wingers who jerk off to Fox News and BIll O-Reilly's "Tales From The Loofah"!!!!!
BWAHAHAHAHAHAHAHAHAHAHAHAHAH
But, wait, there's more!
The Democratic debate attracted an average of 2,261,000 viewers, including 806,000 in the 25-54 demo, between 7 and 8:30pm.
The DEOMCRATS would have beaten Fox News!
BWAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
I think it's time to trot out that old stadium chant...
Nah nah nah nah, nah nah nah nah, hey hey hey, gooooooooodbyyyyyyyye
Five U.S soldiers were killed In Baghdad Friday.
ReplyDeleteAnother great weekend for Bush!
Forty five civilians, many children were killed from U.S air raids in Afganistan.
ReplyDeleteFive Iraqi officers were found murdered and mutilated in Baghdad today.
ReplyDeleteDollar falls on soft payrolls report
ReplyDeleteFri May 4, 2007 4:08PM EDT
By Steven C. Johnson
NEW YORK (Reuters) - The dollar fell on Friday after a report showed U.S. payrolls in April grew at their slowest pace in more than two years, suggesting an economic slowdown has finally caught up with the labor market.
The data cast a cloud over near-term U.S. growth and bolstered the case for an interest rate cut by the Federal Reserve later this year, pushing the euro to a session peak at $1.3610 (EUR=: Quote, Profile, Research, near a record high above $1.3680.
Earlier this week, the dollar enjoyed its biggest rally in two months against the most liquid currencies as reports showing strength in the U.S. manufacturing and services sectors in April snapped a string of weak economic data.
"The dollar's recovery has been cut short by the weaker-than-expected employment data," said Marc Chandler, senior strategist at Brown Brothers Harriman in New York.
According to the Labor Department release, U.S. employers added 88,000 new positions in April, fewer than forecast and less than half of March's total gains.
The report also revised down the number of jobs created in March and February, suggesting the labor market was not as resistant to the slowing economy as previously thought, while the jobless rate edged up to 4.5 percent from 4.4 percent.
Scotia Capital strategist Camilla Sutton said the data, taken together, suggests the U.S. labor market has peaked and points to "an environment where the likelihood of Fed cuts has increased."
Late afternoon, the euro was up 0.3 percent at $1.3594, while the dollar was down 0.2 percent to 120.10 yen, just above an intraday low of 119.92 yen (JPY=: Quote, Profile, Research.
Against the Swiss franc, the dollar fell 0.4 percent to 1.2109 francs (CHF=: Quote, Profile, Research.
CENTRAL BANKS IN SPOTLIGHT
Strategists said signs of slower U.S. growth at a time when other major economies, including the euro zone and Britain, continue to show signs of expansion should keep the dollar under pressure.
Both the Bank of England and European Central Bank have policy meetings next week, with the former expected to raise interest rates to 5.5 percent -- above 5.25 percent in the United States -- and the latter seen preparing markets for a hike in June.
Currencies with higher interest rates offer a higher yield and are thus more attractive to investors.
"Until next week, when we have central bank meetings, we are likely to keep seeing the buck sliding," said Mark Meadows, currency analyst at Tempus Consulting in Washington.
The Fed also holds a one-day policy meeting next week but is widely expected to keep interest rates on hold.
The dollar has weakened considerably in the past year, falling to 26-year lows against sterling and all-time lows against the euro.
More of the Bush economy.
ON BASHAM AND CORNELL: Our first guest this morning is a Senior Fellow at the Center for American Progress where he examines U.S. national security policy in the Middle East and democratization, with a focus on Iraq. Prior to joining the Center, he lived and worked in the Middle East for the National Democratic Institute and Freedom House, including projects in Egypt, Iraq, and the Palestinian territories. His name is Brian Katulis – he also worked in the Near East Directorate of the National Security Council at the State Department during the Clinton administration.
ReplyDeleteThen we have LARRY JOHNSON
The DEOMCRATS would have beaten Fox News!
ReplyDelete-PP
woulda, coulda, shoulda
-hillary
Technically, I believe two shows would hafta actually be in the same time slot to properly test this hypothesis.
It's not too surprising though; O'Reilly always bitch slaps Olbermann.
fascist franny denies,
ReplyDeleteTechnically, I believe two shows would hafta actually be in the same time slot to properly test this hypothesis.
It's not too surprising though; O'Reilly always bitch slaps Olbermann.
And yet, one bleeds viewers while one steadily rises. Sinking ships don't right themselves-but enjoy your fantasies. They're about all you Chimpletons have left.
Hey, I have an idea. Why not hop a plane and head to safe, safe Baghdad for a little open-air market shopping?
He likes the kind where everyone but the reichwing gets dis-enrolled and the owners of a voting machine company guarantees a certain candidate will win even though the Voting machines are supposed to be impartial.
ReplyDeleteGay-dalf doesn't want REAL democracy, he wants more reichwing control by the neo-cons he worships....
And the stupid Chimpletons don't realize yet that people in other countries aren't as apathetic about such things as we are.
They aren't gonna sit around while their futures are stolen from them.
BTW FOOLE, since you KNEW that the market has lost REAL purchasing power over the last 7 years...........yet you STILL tout it as a GOOD investment ANYWAY............that clearly shows you are a REich Wing liar out to promote the partisam rhetoric and spin rather than the truth.
ReplyDeleteNO C R E D I B I L I T Y!!!!!!!!!!!!!!!!!!!!!!!!!!!
Why ain't these boys in Iraq?
ReplyDeleteFreedom Fan said...
ReplyDelete...some pitiful childish and lame excuse to try to distract from the truth: that people have turned their backs on the Republicans, full stop.
When you have something relevant to say, Widdle Wizard, you can come fwying back in on your widdle bwoomstick and go "Lookit! Lookit! Lookit ME! Lookit me!"
Maybe some bleeding heart liberal will pay attention to you...
Larry said...
ReplyDeleteDollar falls on soft payrolls report
Fri May 4, 2007 4:08PM EDT
By Steven C. Johnson
NEW YORK (Reuters) - The dollar fell on Friday after a report showed U.S. payrolls in April grew at their slowest pace in more than two years, suggesting an economic slowdown has finally caught up with the labor market.
And yet, the market touted this as good news...
Only in America can the suffering of working class folks make others pop champagne corks...
I know you're watching, Widdle Wizard.
ReplyDeleteI can smell the flopsweat from here across the country...
Lydia and Doug are cracking me up this morning.
ReplyDeleteThey are on their game this morning.
ReplyDeleteLydia didn't want to get distracted on the sex scandal and I admire that, but I also see why Doug brought it up.
ReplyDeleteBecause it illuminates the monumental hubris it takes for the right wing to keep mocking a silly blow job Clinton got, compared to these "GUILDED SAINTS" on the right wing throwing WHORE PARTIES!!!
It boggles the mind.
Freedom Flop said...
ReplyDeleteIt's not too surprising though; O'Reilly always bitch slaps Olbermann.
Well, I will concur as far as to admit Oreilly is a bitch...
Olberman doesn't even have to try to descimate Oreilly each and every night.
ReplyDeleteAll he has to do is show a clip of Oreilly talking.
Oreilly bitch slaps himself.
We need to do the following.
ReplyDelete1. Withdraw all US presence from Iraq. No troops, no contracters, no US companies.
2. Issue a formal apology to the people of Iraq (who are still alive)
3. Promise and deliver unlimited financial support in the form of reparations.
4. Bring in countries like Dubai, and Oman to help "mentor" the Iraqi's into growing in business and community.
It may cost a trillion dollars to rebuild the place.
So what?
It cost that much to blow it up.
Hi Lydia!
ReplyDeleteI'm listening to your show and thank you for your comments regarding my blog! :)
Brian mentioned on the show this morning that 4 to 5 million Iraqi's have been "displaced", (nice way of saying we blow their homes to shit).
ReplyDeleteWell Iraq only has a population of 26 million (closer to 25 after killing close to a million of them).
That means 1 FIFTH of the country has been displaced.
Heck-uva-job
Hi Worf, Carl, Larry, Mike, Clif, Jolly, and all...
ReplyDeleteI enjoy listening to Larry Johnson and this is interesting about Tenet. :)
Did you guys see this yet?
ReplyDeleteMay 5, 2007 - It’s hard to say which is worse news for Republicans: that George W. Bush now has the worst approval rating of an American president in a generation, or that he seems to be dragging every ’08 Republican presidential candidate down with him. But According to the new NEWSWEEK Poll, the public’s approval of Bush has sunk to 28 percent, an all-time low for this president in our poll, and a point lower than Gallup recorded for his father at Bush Sr.’s nadir.
-----------
28% approval rating..
Heckuva job Georgie..
LOLMAO
Yea I saw that Suzy.
ReplyDelete28 percent.
I'm surprised its that high.
CURIOUS WORFEUS said...
ReplyDeleteOlberman doesn't even have to try to descimate Oreilly each and every night.
All he has to do is show a clip of Oreilly talking.
Oreilly bitch slaps himself.
-----------
Hi Worf!
ROFLMAO
Worf:
ReplyDelete28% is more than likely only 8%
LOL
Hey Suzy, are you listening to the show?
ReplyDeleteIts a good one today.
:D
ReplyDeleteWorf:
ReplyDeleteYes, I'm listening and Larry Johnson just said this administration is like 3 year olds with Alzheimer's.
LOLMAO
Suzie-Q said...
ReplyDeleteCURIOUS WORFEUS said...
Olberman doesn't even have to try to descimate Oreilly each and every night."
Didnt Oreily lose like half his viewership......while Olberman is like the fastest growing cable news show?
CURIOUS WORFEUS said...
ReplyDeleteYea I saw that Suzy.
28 percent.
I'm surprised its that high.
Worfeus with gay-dalf, tiny the liar, dolty boy, crusty the clown, and a host of other volkstrum of the kool-aid drinking reichwing, 28% is not surprising,
Bush has dropped to almost one quarter of the population which in terms of real intelligence is not very smart.
Idiots and addicts will cling to insanity and stupidity while their world comes crashing down around them every time.
I'm not sure if they are really this stupid or just that addicted to the kool-aid, but these fooles are part of the dumbest 28% of this country.
BTW it is a great show today!!!
ReplyDeleteWorf you sounded great and made a lot of sense......really articulate and intelligent.
Democrats trump Republicans solidy in 2008 race: poll
ReplyDeletePublished: Saturday May 5, 2007
With President George W. Bush's popularity hitting a record low, all three top Democratic candidates can beat the leading Republicans in the presidential race to replace him next year, according to a new poll Saturday.
Four days after Bush vetoed a Democrat Party-driven measure to set a timetable for withdrawing US troops from Iraq, the Newsweek poll said his popularity fell to an all-time low of 28 percent.
That matched the lows of highly unpopular president Jimmy Carter in 1979, the year before he was trounced in the election by Ronald Reagan when he sought a second white House term.
The poll also showed that any of Democratic frontrunners Hillary Clinton, Barack Obama and John Edwards could solidly beat either Rudolph Giuliani or John McCain, the top Republican candidates, in the election in November 2008.
The poll of 1,000 adults, taken ahead of Thursday's debate between the eight Republican candidates for their party's 2008 nomination, showed Clinton beating Republican favorite Giuliani 49-46 percent; Obama beating Giuliani 50-43 percent; and Edwards beating the former New York City mayor 50-44 percent.
Senator Clinton, wife of former US president Bill Clinton, led Republican Senator McCain 50-44 percent, while Senator Obama beat McCain 52-39 percent and Edwards topped him 52-42 percent.
Similar matchups against the Republican former Massachusetts governor Mitt Romney showed even greater spreads favoring the Democrats.
While Obama fared best in the matchups, the poll showed that Democrats solidly favored Clinton over Obama and Edwards as their party's nominee for the race, 52-38 percent and 63-32 percent, respectively.
Republicans preferred Giuliani over McCain as their party's nominee 59-48 percent, and Giuliani over Romney 70-20 percent, according to the poll.
How did Carl put it?
Oh yea:
BWAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
I think it's time to trot out that old stadium chant...
Nah nah nah nah, nah nah nah nah, hey hey hey, gooooooooodbyyyyyyyye
gay-dalf the real contest is the democrats thrashing the idiot re-pubies and people like YOU who still support the party of pedophile protection, criminally organized corruption and gutless chicken hawks who cheer-lead a war they refuse to fight or send their children to fight. (like a whole bunch of OLD chicken hawks did during Vietnam son.)
Only in a reichwing idiots world would THIS happen;
ReplyDeleteWal-Mart labels Boerne nuns a security threat
It's a David versus Goliath battle heating up in the Hill Country — a group of nuns from Boerne is taking a stand against Wal-Mart.
The corporate giant reportedly labeled the nuns a security threat after they raised questions about Wal-Mart's business practices.
Sister Susan Mika is part of the Benedectine Sisters, which is part of the Interfaith Center on Corporate Responsibility. The center has been questioning Wal-Mart's business practices for years.
"We've been raising questions with them for about 17 years, so it's not like they don't know it," Sister Mika said.
Now, the sisters find themselves on Wal-Mart's security threat list. Sister Mika said the group has been wrongly labeled.
"In no way have we ever been a threat to the company in that sense. We might be a threat in the kind of question that we're asking, but not a security threat," Sister Mika said.
The sisters have raised questions on wages, human rights, health care and the pay disparity between CEOs and workers. They believe that's why Wal-Mart has launched a surveillance operation on the small church group.
"We wanted to find out more about what was actually happening, and did they do any surveillance on us, either personally or as a community, and to let us know what that would be, and to apologize to us," Sister Mika said.
Calls from KENS 5 to a Wal-Mart spokesperson went unreturned.
The nuns say they want an apology and will continue to raise concerns and issues until someone launches an investigation into thousands of allegations against Wal-Mart.
Wally World extending the Bush spy on the people who disagree with you in a democracy, meme, to the corporate world, which is really who Bush works for anyway.....
Larry Johnson just said something I used to say more than a year ago when I first came in here.
ReplyDeleteHe said he's still working on the "Bodysnatchers" theory.
When I first came in, I posted several times that if I went to DC I'd expect to see Donald Sutherland standing on the capital steps with pointing a finger, mouth open, shrieking.
LOL
Lydia just asked Johnson what would happen if he met Tenet in Walmart, and Johnson said "there'd be a fist fight"
ReplyDeleteLMAO!
Mike said...
ReplyDeleteWorf you sounded great and made a lot of sense......really articulate and intelligent
But of course...... LOL
I actually forgot I was on the radio Mike. If Doug hadn't stopped me I would have kept on LOL.
ReplyDeleteDoug just busted Tenet on whether people died in interrogations.
ReplyDeleteWhen Tenet responded saying you meant THIS program we're talking about?"
LOL.
Tenet has killed people I bet.
Larry Johnson just said he wrote a paper for Paul Bremmer that said there was no military case for war in Iraq in January 2003.
ReplyDeleteThis was their best show yet.
ReplyDeleteDamn the guests were good.
ASiide from a few glitches today, which will be cleaned up for the archives, we had a great show today on Basham and Cornell Progressive Talk.
ReplyDeleteSuzie Q - we said some nice things about you on the show and about Larry Johnson #1 as well as #2.
Worf, thanks for your amazing call -- you have the solution to a wonderful new Iraq.
I think we should hold Dubai up as a role model: when that many interntaional people can pool their capitalistic/economic interests together and create an oasis in the middle of a hotbed region, then the INTENTIONS for good will surmount any obstacle.
ReplyDeleteIraq can be a thriving oasis of 3 or 4 separate regions (states) living in peace. Money will help with diplomatic solutions in each region.
Brian Katulis thinks we should partition the "Green" zone and spread it out to 4 regional "green zones" each commander talking to the heads of each tribe/communiity about helping them with their specific needs: water, sewage, food, education...
Thanks Lydia.
ReplyDeleteMy solution was a multi-part answer so I didn't get all of it in. I was going to say that we needed to pull out ALL American influence for now, and let the prosperous nations in the surrounding region help mentor and guide Iraq into becoming a thriving economy, with the help of our money.
Anyway Brian said it so thats cool.
So where's my buddy Voltron when you need him?
ReplyDeleteCurious indeed.
ReplyDeleteWhenever the shows on the right wingers don't seem to be around.
Guess all that truth is tough for them.
Lydia said,
ReplyDeleteI think we should hold Dubai up as a role model: when that many interntaional people can pool their capitalistic/economic interests together and create an oasis in the middle of a hotbed region, then the INTENTIONS for good will surmount any obstacle.
The UAE is a Progressive state in the Middle East. I am glad to see someone else saying it :)
Might I recommend the Khaleej Times as an excellent, un-Chimpromised source of evenhanded news reporting in the Middle East? Try it-I think you'll like it.
CURIOUS WORFEUS said...
ReplyDeleteCurious indeed.
Whenever the shows on the right wingers don't seem to be around.
They're in remedial reading classes, Worf.
CURIOUS WORFEUS said...
ReplyDeleteLydia just asked Johnson what would happen if he met Tenet in Walmart, and Johnson said "there'd be a fist fight"
LMAO!
------------------
Yes, that was funny! LOL
Lydia Cornell said...
ReplyDeleteSuzie Q - we said some nice things about you on the show and about Larry Johnson #1 as well as #2.
-----------------
Lydia:
I was listening to your show and when I heard that I was very surprised! Thank you! ;)
Carl said...
ReplyDeleteCURIOUS WORFEUS said...
Curious indeed.
Whenever the shows on the right wingers don't seem to be around.
They're in remedial reading classes, Worf.
--------------------
Carl:
ROFLMAO
Well it was a really good show.
ReplyDeleteI think the best one yet.
Well Bush has a new approval rating.
ReplyDeleteMaybe thats why Volt and his posse are AWOL.
Bush now enjoys a whopping 28 percent approval rating.
:|
Is that a lot?
Course, you guys don't pay attention to polls, right?
ReplyDelete:P
Course, everytime the Bush administration says they don't pay attention to polls, I find myself asking why they're always polling people then...
ReplyDelete:|
Sorta gives one pause.
Worf:
ReplyDeleteYes, it was an awesome show!
:)
And since I am alone I shall continue with my rambling.
ReplyDeleteThe Bush regime is, if you will, in its last throes.
And we're hearing the death rattle of the GOP.
So many issues for impeachment, indictment and removal from office.
Who'd have thought it would be the Hatch Act, that broke the camels back?
Rove is toast. He broke the law.
He must testify and in doing so he will topple his own regime.
You aren't alone Worf! hehe
ReplyDeleteYes, Rove is toast and this administration is so hosed!
It is so grim for the GOP right now, that even their little VolkSturm trolls can't bear to wriggle out of their dens to bash us moonbats.
ReplyDeleteSomeone should send them a cassarole or something.
Suzie-Q said...
ReplyDeleteYou aren't alone Worf! hehe
I was starting to hear my own echo there for a while.
Just don't send them any Kool-Aid! They've already drank too much of that!
ReplyDeleteLMAO
CURIOUS WORFEUS said...
ReplyDeleteSo where's my buddy Voltron when you need him?
----------------
Worf:
The trolls must be paid to continue to support this administration...
I bet their checks bounced.
ReplyDeleteWe call them "Volksturm" Suzy.
ReplyDeleteWorf:
ReplyDeleteVoltscum? That's Volt-Scum...
LOL
CURIOUS WORFEUS said...
ReplyDeleteI bet their checks bounced.
--------------
Worf:
It's hard being a troll and working for the worst President ever! hehe
lol, no Suzy. Volt's not scum. He's just very confused. But personally he's a decent enough sort of guy.
ReplyDeleteVolksturm, or literally the "Peoples Storm", were the last line of defense for the 3rd reich.
When Hitler retreated to the bunker, the Peoples Storm regiments, made up of mostly old men, wounded soldiers and children, took up arms to stave off the advancing allied forces.
They were not intended to for victory, simply to slow down the advance, and give the leaders time to formulate their escapes.
CURIOUS WORFEUS said...
ReplyDeletelol, no Suzy. Volt's not scum. He's just very confused. But personally he's a decent enough sort of guy.
---------------
Worf:
I couldn't resist! LOL
I just saw that Volt left something not very nice about me & Lydia on my Technorati rating.. on my old blog.
This is what I'm talking about:
ReplyDeleteThe Voltron Ruffian Blog
24 days ago ·
Susie-Q's Ass Crack dissent Lydia Cornell
Yea. I heard he was an assman.
ReplyDeletelol, just kidding.
ReplyDeleteYea, he can be a jerk.
Worf:
ReplyDeleteYeah, I can see that! A jerk!
Just pay attention to the HATCH ACT this week Suzy.
ReplyDeleteYou're going to be hearing a LOT about it this week.
The HATCH ACT.
It's a goocher.
Karl Rove broke the law, and now its proven. All they have to do is assemble a grand jury.
ReplyDeleteThen watch the fat little man sing like a canary.
Thank you Carl Hatch.
ReplyDeleteCURIOUS WORFEUS said...
ReplyDeleteKarl Rove broke the law, and now its proven. All they have to do is assemble a grand jury.
Then watch the fat little man sing like a canary.
-----------------
Worf:
Yes, Rove will flip for a lighter sentence.. just like Abramoff did. ;)
Ironic isn't it?
ReplyDeleteA guy named Carl decades ago is responsible for the downfall of a guy named Karl today.
Suzie-Q said...
ReplyDeleteYes, Rove will flip for a lighter sentence.. just like Abramoff did.
I'm serious here Suzy. People have been talking about Rove breaking the law on all sorts things, but THIS time they actually have him.
Its documented. He used Federal resources for partisan political events and thats illegal.
Its just a matter of time until a grand jury is called and a special prosecutor assigned.
He broke the law. He thought he was above the law, and at the end of the day, his hubris made him sloppy.
ReplyDeleteThe Hatch act, plus the deletion of millions of federal records (the emails) he's looking at a long stay in the pokey.
Worf:
ReplyDeleteYes, you're absolutely correct, he did break the law! I think he will sing (flip for a lighter sentence when it comes down to going to prison)
Russia: Don't pull troops from Iraq
ReplyDeleteSHARM EL-SHEIK, Egypt, May 4 (UPI) -- Russian Foreign Minister Sergei Lavrov said Friday the Kremlin wanted Western troops to stay in Iraq for the moment as a stabilizing presence.
Lavrov's statement provided unexpected support for U.S. President George W. Bush, who this week vetoed a measure drafted by congressional Democrats that would have imposed a timetable for pulling U.S. troops out of Iraq.
However, Lavrov said at the two-day international conference on aid for Iraq that foreign troops needed to remain in the troubled country until the Iraqi security forces were in a far stronger position to assure law and order around their nation.
Lavrov said that U.S. and coalition military forces remained "one of the stabilizing factors, preventing the country from spiraling into the chaos of a full-scale internal war," RIA Novosti reported.
"The hasty and ill-prepared withdrawal of troops would be fraught with negative consequences," Lavrov said.
Russia has angered the United States by selling nuclear technology and advanced anti-aircraft weapons systems to Iraq, and missiles that could threaten Israel to Syria. However, it has avoided any direct clash with Washington over Iraq issues.
Russian leaders have also expressed concern that they do not want Iraq to deteriorate into a chaotic anarchy that could provide a haven for extreme Islamist groups like al-Qaida.
http://www.upi.com/Security_Terrorism/Briefing/2007/05/04/russia_dont_pull_troops_from_iraq/print_view/
Like I said a few days ago, a precipitous withdrawal would destabilize the region.
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