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The most Tone Deaf Human in the world continues to be Wrong.

The person that we Americans are forced to admit, under our breath, is actually the President of the United States of America, once again opened his ignorant mouth regarding a matter of such importance that even his myriad screw ups somehow pale in comparison to his latest complete mis-interpretation of reality.

President Bush pledged Monday to ensure “an outcome that will merit the sacrifice” of those who have died in Iraq, offering both sympathy and resolve as the U.S. death toll in the five-year war hit 4,000.

“One day, people will look back at this moment in history and say, ‘Thank God there were courageous people willing to serve because they laid the foundation for peace for generations to come,’ ” Bush said at the State Department after a two-hour briefing on U.S. diplomatic strategy around the world. “I vow so long as I am president to make sure that those lives were not lost in vain.”

Let us, you and I, check the first basic words in the simpletons paragraph.  

Merit the Sacrifice.  

There are no words that I could possibly write here that would merit the stupidity of telling someone that their loved ones died, or were sacrificed in the name of the Republican Party of Greed’s “War for Oil.”

Economic News: Things You Should Know

I thought that with all the discussion regarding the US economy recently, and after the Bear Stearns fire sale to J.P. Morgan, it might be a good time to look at what is going on in America, overall.

Now, remember!  Presnit Bush sez that we are in a bit of a rough patch, but that all the leading indicators show a robust economy!  Or somes such drivel.

Unemployment Claims Surge In Latest Week

New filings for unemployment claims rose more than expected last week, matching the highest level since 2005, according to a report released Thursday by the Labor Department.

According to the report, 378,000 people filed for unemployment for the first time in the week ended March 15, up 22,000 from a revised 356,000 reported in the previous week.

The 378,000 reading, which is subject to revision, matched the number reported for the week ended Jan. 26. New jobless claims last exceeded that number on Oct. 1, 2005 when they hit 385,000.

A consensus of economists polled by Briefing.com had expected to see initial jobless claims to rise by 4,000 to 360,000.

The level of new jobless claims can be used as a recession indicator. “I think it confirms that we’re in a recession, or at least in a period of negative growth,” said Ethan Harris, chief U.S. economist for Lehman Brothers.

Have you ever noticed that since the Bush administration has come into office (Thanks again, SCOTUS!) that when a number is adjusted, it is always worse than when first reported?  Coincidence, I’m sure.

Corporate Wingnut Welfare. You as an individual simply don’t count.

Just a short note to everyone regarding the buyout of Bear Stearns by the American government, er, J.P. Morgan.  

Yes, I know you heard that J.P. Morgan bought them for approximately $2.00 per share.  The stock for this company was trading one year ago today at $159.36 per share.

The stock was trading for $62.00 one week ago today.

The stock opened today at $3.20 per share. That is at an upside to the discounted price that J.P. Morgan paid.  J.P. Morgan was guaranteed the money to purchase Bear Stearns by the US Fed.  Guaranteed. The. Money. By the US Government.

Market insanity continues. Bear Stearns to sell to JP Morgan. If they can.

This is so important for all of us to digest right now.

A major financial player in the United States, whom about one week ago trotted their CEO out to tell everyone that their business was solid, only to have the bottom drop out on their stock prices due to the reality of their financial problems coming to the forefront last Wednesday.

From the Wall Street Journal, today:

Bear Stearns Cos. was closing in on a deal Sunday afternoon to sell itself to J.P. Morgan Chase & Co., as worries deepened that the financial crisis of confidence could spread if Bear failed to find a buyer by Monday morning.

People familiar with the discussions said all sides were pushing hard to complete an agreement before financial markets in Asia open for Monday trading. “None of these things is done until they’re done,” Treasury Department spokeswoman Michele Davis said Sunday afternoon. “But I think everyone’s expectation is sometime in the early evening hopefully” the deal will be done.

Terms of the deal were still being hammered out Sunday afternoon. Reflecting the dire situation at Bear, the company is likely to fetch considerably less on a per-share basis than its stock price of $30 in New York Stock Exchange composite trading Friday at 4 p.m. Last year, the shares hit $170.

One stumbling point appeared to be the amount of risk that J.P. Morgan would absorb in any type of transaction. While J.P. Morgan is eager to snap up some of Bear Stearns assets — such as its prime brokerage business that caters to hedge funds — Chief Executive Officer James Dimon was reluctant to pursue the deal without certain assurances that would protect his firm’s exposure, said people familiar with the matter.

Hey! The MSM just figured out what you and I have known for A Long Time.

Guess what?  The media has caught on!  Sure, a couple of years after those of us that have been paying attention already knew the answer, but HEY! at least they decided to report on it.  Only because it helps corporate interests, but they did finally report on it.  

Go figure.

What, you ask, did they finally uncover?  The reason your food is costing more money!  WHOA!  Be still, my bank account.

From a story, issued from MSNBC late Friday afternoon.

If you’re fuming about how high gasoline prices have gotten, why not relax with a nice meal?

Perhaps a few beers and a turkey sandwich? Maybe a chicken Caesar salad?

Well, it’s not just the price of gasoline that’s going up. That beer, turkey and chicken are also costing more too.

Let me see.  What do beer, turkey and chicken have in common?  

Hmmmmmm.  Nope, I can’t figure it out for myself. It must be too obvious or something…

As President Bush noted in his comments on the economy Friday, “Prices are up at the gas pump and in the supermarket.”

Welp, I wonder how that happened on Your Watch, oh enlightened Presnit?  

Lets see, shall we?

Another Day, Another Market Downer – UPDATED (7:45 PM)

The negative hits just keep on a-rollin’!

From MSN Money:

Things at Bear Stearns (BSC, news, msgs) were worse than anyone thought — and that realization sent shockwaves through the market this morning.

The financial services giant said it has received financing from the Federal Reserve Bank of New York — funneled through JPMorgan Chase (JPM, news, msgs) — to help boost liquidity. JPMorgan will be the conduit for Bear’s collateral and it won’t be held liable for any defaults, the New York Fed said this morning.

“Bear Stearns has been the subject of a multitude of market rumors regarding our liquidity. We have tried to confront and dispel these rumors and parse fact from fiction,” Chief Executive Officer Alan Schwartz said in a press release. “Nevertheless, amidst this market chatter, our liquidity position in the last 24 hours had significantly deteriorated. We took this important step to restore confidence in us in the marketplace, strengthen our liquidity and allow us to continue normal operations.”

Earlier this week, Schwartz told CNBC that things at Bear Stearns were OK. my emphasis

Shares of Bear plunged a whopping $23.73, or 41.6%, to $33.27 in morning trading.

 

What goes up must…. Wall St. sinks at the open

Weak economic reports and record prices for oil and gold are causing investors to move out of stocks this morning.

As I mentioned in my last essay, I was moving my money after Tuesday’s 417 point gain out of riskier investments and into safer plays such as bonds.  One can never time the market, but if you have been paying attention, the handwriting was on the wall, and now it the time, imho.

The DOW’s best day in 5 1/2 years. Your money working for investor class.

The Dow Jones average was up 417 points today.  You know, because the US economy is doing so well, jobs are popping up everywhere and everything financial is coming up Roses!  

OOP’s.  My bad.  Here is the real reason.  

Here is the Headline and some input from CNNMoney:

Stocks surge with the Dow soaring 417 points as investors cheer reports that the central bank is pumping an additional $200 billion into the banking system.

Stocks rallied Tuesday as investors welcomed news that the Federal Reserve will lend up to $200 billion to banks and lenders as a means of loosening up tight credit markets.

According to early tallies, the Dow Jones industrial average (INDU) jumped almost 417 points, its fourth-biggest one-day point gain ever and the biggest one-day point gain since July 2002. In percentage terms, the gain of 3.55% was the best since March 2003.

The blue-chip index had ended the previous session at a 17-month low.

The broader Standard & Poor’s 500 (SPX) index climbed 3.7% after ending the previous session at a 19-month low. It was the biggest one-day percentage gain since May 2002.

What does this mean to you, American citizen?  Well, it means that the Federal Reserve is going to have to print more money in order to bail out the companies that, not unlike a Las Vegas gambler, placed all their money on number 18 on the Roulette wheel and the wheel stopped on 24.  Close, but a loser.

The Fed will make up to $200 billion available to a group of 20 big investment firms for a term of 28 days, rather than overnight. The program is being coordinated with central banks worldwide.

http://money.cnn.com/2008/03/1…

US Economy could fall casualty to Wars

Nobel Prize-winning economist Joseph E. Stiglitz and co-author Linda J. Bilmes report in a new book that in 2008, its sixth year, the Iraq war will cost approximately $12 billion a month, triple the “burn” rate of its earliest years.

YIKES!  I can see where that might have an effect on our economy beyond the already trillions-of-dollars deficit we currently are dealing with.

From AP:

The flow of blood may be ebbing, but the flood of money into the Iraq war is steadily rising, new analyses show.

Actually, with the current amount of violence in Iraq beginning to climb once again, that statement might be incorrect in itself.  Anyway, back to the wars and the economy.

Beyond 2008, working with “best-case” and “realistic-moderate” scenarios, they project the Iraq and Afghan wars, including long-term U.S. military occupations of those countries, will cost the U.S. budget between $1.7 trillion and $2.7 trillion — or more — by 2017.

Interest on money borrowed to pay those costs could alone add $816 billion to that bottom line, they say.

The nonpartisan Congressional Budget Office (CBO) has done its own projections and comes in lower, forecasting a cumulative cost by 2017 of $1.2 trillion to $1.7 trillion for the two wars, with Iraq generally accounting for three-quarters of the costs.

 

Bush administration touts tax rebates at your expense (of course)!

Well, here is another GREAT idea from the Bush Administration.  They are going to be sending out letters through the IRS to Americans to remind them of the tax rebates that will begin being mailed in May of this year.  

It will only cost $42 million of our tax dollars to send these little love letters!  Just a drop in the bucket in BushWorld.

King George W. Bush Endorses John W. McCain for President

Last night, John W. McCain wrapped up the Republic nomination for President by winning enough delegates in Texas, Ohio, Vermont and Rhode Island to put him over the necessary number (1,191) needed to for the 2008 Presidential election.  

Today, at the White House, Presnit George W. Bush endorsed John W. McCain.

From CNN:

President Bush endorsed Sen. John McCain for president on Wednesday, saying the presumptive Republican nominee has the “character, courage and perseverance” to lead the country.

McCain thanked the president for his support and the work he has done in the Oval Office.

“I appreciate his endorsement, and I appreciate his service to our country,” said McCain, adding that he wanted Bush at his side as much as possible on the campaign trail.

“Whatever he wants me to do, I want him to win,” Bush said, who was challenged by McCain for the GOP nomination in 2000. But he said the 2008 run for the Oval Office was not his battle.

“It’s not about me. I’ve done my bit,” Bush said.

Addressing the calls for change in the presidential campaign, Bush said McCain would be steadfast to one of his administration’s policies.

“He’s not gonna change when it comes to taking on the enemy,” Bush said of the senator from Arizona.

Protecting the American people was the No. 1 job of a president and McCain understood that, Bush said.

“He’s gonna be a president who will bring determination to defeat an enemy,” Bush said.

Administration can afford War. Humanitarian aid, not so much.

Due to the soaring prices of food, especially wheat, corn, rice and other cereals, the US Agency for International Development (USAID) is drafting plans to reduce the number of nations receiving food aid as well as the amount of food supplied.  

Please allow me to intrpret the Administrations words, in plain English.

Due to the price of the War in Iraq and the graft being paid to officials in Pakastan, Iraq, and various other shady dealings that are going on under the cover of “state secrets”, we will be unable to continue sending food to starving people in other countries.  Our greed is such that the rising cost of food is cutting into our personal profits, and that will never do!

From the Washington Post:

USAID officials said that a 41 percent surge in prices for wheat, corn, rice and other cereals over the past six months has generated a $120 million budget shortfall that will force the agency to reduce emergency operations. That deficit is projected to rise to $200 million by year’s end. Prices have skyrocketed as more grains go to biofuel production or are consumed by such fast-emerging markets as China and India.

Officials said they were reviewing all of the agency’s emergency programs — which target almost 40 countries and zones including Ethiopia, Iraq, Somalia, Honduras and Sudan’s Darfur region — to decide how and where the cuts will be made.

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