Dana Milbank: Economic Anxiety Disorder or One Nervous Bushie

The Washington Post:

Think you're worried about the economy? Phillip Swagel is a wreck.

The assistant Treasury secretary for economic policy, Swagel came out for his monthly economic briefing yesterday, 90 minutes after the Labor Department reported that the country had shed jobs in June for the sixth straight month.

<!-- sphereit end -->

It was a hopeless spin assignment -- but Swagel, the administration's sacrificial lamb for the day, had to try. And so Swagel, bookish and bespectacled, entered the Treasury Department's briefing room with evident trepidation. He nodded and offered smiles every which way. His heavy breathing, picked up by the microphone, could be heard in the back of the room. Read on...

The first time I watched this video I honestly thought it was a spoof.  I know public speaking isn't easy, and if I had to stand in front of reporters and tell them that the country lost 62,000 jobs last month and there's no end to the plummeting economy in sight, I might be a little nervous too. The fear and anxiety on Swagel's face and in his voice is difficult to watch. I wonder what Bill O'Reilly's body language expert would have to say about this performance?  Swagel looked whipped and out of answers, just like his boss, George.


Advertise Here


130 comments Post New Comment

The spinoff from the US recession has already hit Canada. Jobs are being lost weekly here. Oh, did I say recession? Hard to believe there would be a recession when the most important economic factor (oil and gas) has went from around $20/barrel to over $140 in less than 8 years. No way that would ever have any effect on the economy, now would it?

Be very afraid. Housing prices have a bottom yet to be reached, and that isn't going to happen this year, most likely.

Some hopeful signs for homeowners. Courts are finding against mortgagors in any case, http://cabdrollery.blogspot.com/2008/07/tangled-webs-unravelling.html

Ruth @ 2:

Be very afraid. Housing prices have a bottom yet to be reached, and that isn't going to happen this year, most likely.

Good time to buy cheap real estate if you are one of the upper 1% income earners. Eventually the economy will turn around.

Having spent the last two years telling people that the US economy would be deliberately destroyed, this video signifies a watershed moment for me.

There is no longer any pretense. Where once there were hoots of derision there is now only the sound of throats swallowing dry air.

America has served its purpose for the real power brokers. She is now being dismantled as those brokers move elsewhere.

Valuables under the bed, Mr Milbank? They're coming for your bed, too.

Just wait till the next $500 billion in option ARM mortgages come due over the next year. These are all the homes bought at the top of the bubble. The party just started...

Would you please pass the cornbread?....I can't drink bio-fuel.

ConcernedCanuck @ 4:

Ruth @ 2:

Be very afraid. Housing prices have a bottom yet to be reached, and that isn't going to happen this year, most likely.

Good time to buy cheap real estate if you are one of the upper 1% income earners. Eventually the economy will turn around.

Sales of existing homes have increased the last two months, yet new home sales are still dropping. I think the upper 1% are already swiping up deals (ie: foreclosed houses being sold dirt cheap).

I mistrust Pravda on the Potomac getting into the investigative TV biz a la TPM.

That said, it was a revealing and darkly amusing bit of video. But hey: John Stossel says, We are not in a depression. We are not even in recession. Get a grip, guys.

Macho bluster is all you need to haul America up by its bootstraps. What was that Treasury guy thinking?

If not for the seriousness of the ecconomy, housing, etc. I think this would be another edition of "America's Funniest Political Bloopers". But I think the party is definitely over and we're the ones having to clean up after the frat boys and the debutantes again.

From a human point of view, that was painful to watch. I began to feel sorry for the guy. He was so freakin' nervous in front of just a handful of reporters.

As to his message, he had no message and that was sad.

Why is it that I bet this is the same sort of answers that the officers aboard the Titanic gave to the passengers just before it went down.

A very sparse press corps was on hand to see this very nervous gentleman. The rest of them must be having donuts with gramps waiting for the next tall tale.

He is so nervous because the economy stinks and another pre-emptive war is coming.

Hell the guy probably missed the prayer breakfast about Jeezus saving us.

I did laugh out loud when he said that part about it being his "usual line".

Well, according to the lame-ass commercials that run before the clip - everything is fan-freakin'-tastic!

Press attendance was quite lame also. Guess that happens when you hold a press conference over the July 4th weekend.

Bill Moyers says...Bush attacked Iraq to steal Iraq's oil. When is the last time Bill Moyers told a lie? Never? hmmmm..when is the last time Bush told a lie? Always? hmmmm.

If only we could be encouraging this public servant to share insights — to find a place to capture dignity and restore his purpose. . .

nanderson @ 14:

He is so nervous because the economy stinks and another pre-emptive war is coming.

John Bolton hinted last week that Israel might attack at the oh-so-convenient time of "between Election Day in November and Inauguration Day in January" (yes, those words exactly). He hinted that it was more likely to happen if Obama was elected.

The Bush admin wants to blow up the fucking world because they can no longer have the shiny red ball. I wish I was making this shit up.

I agree he seemed nervous and didn't say much, but:

1) The jerky camera movement made him seem a lot twitchier than he really was. It's like I was watching _The Blair Witch Project: U.S. Treasury_
2) The segment was heavily edited, with voice-overs replacing lots of Swagel's words.

henry wallace @ 18:

Bill Moyers says...Bush attacked Iraq to steal Iraq's oil. When is the last time Bill Moyers told a lie? Never? hmmmm..when is the last time Bush told a lie? Always? hmmmm.

Too true!!!

Comrade Rou @ 15:

Hell the guy probably missed the prayer breakfast about Jeezus saving us.

ROFL!!!

I was just surprised that he didn't put his fingers in his ears and rock himself back and forth while yelling "The economy is strong!". That's what King George does!

When they finally get around to calling it a recession, then you know we are in a depression. Better get out in the yard and learn how to identify which weeds you can eat.

Dana Milbank is sad story - because ever since the Bush Administration “exaggerated” (because the word lie, even if Bush was lying, wasn't allowed to be used” on those aluminum tubes – Bank was been relegated to lefties villa non-serious news and never given decent news assignment or treated respect ever again.

At the Washington Post – this is what happens to decent reports that step out line and actually insist on reporting the news.

Your corporate owned press hard at work protecting the criminal president and his VP who insist on torturing and wiretapping and the press to complacently act indifferent to every criminal act this administration does. Dana Priest has reported halfway decently - but it's got to be alot more active than that. In journalist really want to save their jobs - really even like their jobs or even believe in what the do - I be letting Bush and Republicans have it with both barrels before the members of the press have to close their doors permanently, BEFORE they are so completely bought up by corporate interest that insist on closing doors on them and injecting every one of them into the streets. YOU can't find quality people in TV media anymore because they simply are NOT standing up to their corporate owned control - and it's all be reduced to non-news rubbish.

this is what I think of John Stossel.

http://www.youtube.com/watch?v=SACE1tPEcbc

That was an attempt of putting lipstick on a diuretic turd.

There is also a national security twist to this economic situation which would not go over very well for the Republicans either. Especially with their multiple wars and massive defense spending. Recall what Obama Bin Laden stated back in 2004:

"We are continuing this policy in bleeding America to the point of bankruptcy. Allah willing, and nothing is too great for Allah," bin Laden said in the transcript.

He also said al Qaeda has found it "easy for us to provoke and bait this administration."

"All that we have to do is to send two mujahedeen to the furthest point east to raise a piece of cloth on which is written al Qaeda, in order to make generals race there to cause America to suffer human, economic and political losses without their achieving anything of note other than some benefits for their private corporations," bin Laden said.

Taking Bin Laden and Al Qaeda at face value, have they been successful thus far in those goals? The current economic situation in the U.S. would suggest, yes.

c. atrox @ 23:

When they finally get around to calling it a recession, then you know we are in a depression. Better get out in the yard and learn how to identify which weeds you can eat.

I've heard these make a great appetizer:

Ouch! let's try this again:

c. atrox @ 23:

When they finally get around to calling it a recession, then you know we are in a depression. Better get out in the yard and learn how to identify which weeds you can eat.

I’ve heard these make a great appetizer:

Blue Buddha @ 20:

nanderson @ 14:

He is so nervous because the economy stinks and another pre-emptive war is coming.

John Bolton hinted last week that Israel might attack at the oh-so-convenient time of "between Election Day in November and Inauguration Day in January" (yes, those words exactly). He hinted that it was more likely to happen if Obama was elected.

The Bush admin wants to blow up the fucking world because they can no longer have the shiny red ball. I wish I was making this shit up.

The combination of stupidity and arrogance has no limit with this adminstration!

Nothing, and I mean absolutely nothing these batshit crazy, sadistic, evil mother f-er's would do could possibly surprise me anymore. Hell, I wouldn't be surprised if a turrrist flew a plane into a skyscraper the day before the election. Of course chimpy and grandpa would then be out telling us how Obama wouldn't be able to protect us during these "dangerous times!"

The timer is ticking.

Can the FEDS keep this economy going until McCain is elected?

How come noone interviews Mitt Romney anymore about the economy?

So much for that joke, my face is red. Quitting while I'm behind.

Jay Severin Has A Small Pen1s @ 31:

The timer is ticking.

Can the FEDS keep this economy going until McCain is elected?

How come noone interviews Mitt Romney anymore about the economy?

They have it going in reverse.

that's the most honest presser by a bushie i've seen; i say they offer he stay on in the obama administration...

/snark

gempei @ 28:

c. atrox @ 23:

When they finally get around to calling it a recession, then you know we are in a depression. Better get out in the yard and learn how to identify which weeds you can eat.

I've heard these make a great appetizer:

Learning to garden is easy. Buy that shotgun, too or eventually someone is going to come along and steal your potatoes and lettuce.

Spoken like a true "Bushie."

After the last eight years, I am beginning to wonder if there are any incompetent, dim-witted people left in America who haven't worked in this administration?

Here's something else to add to the fire, Insurance companies are refusing to pay benefits to the insured and instead are just returning the premiums that were paid in the last year. AND this is backed by the SCOTUS and the Congress.
Here is the story: http://biz.yahoo.com/ap/080705/benefit_battles.html
Now where is the Outrage?

Funny, I told my boss 3 years ago the economy was going to take a swan dive. How did I know? Because what goes up must come down eventually. Besides, the info was out there all along, all one had to do is watch/read internet alternate news sites. My boss shut me down, of course, and blathered on about the stock market being so high and home sales rising. Really, there are none so blind as those who will not see.

When he talked about seeing the bottom in the housing market, I just couldn't help but to conjure up an image of a skydiver, as he looks out the door of the plane at 10,000 ft , saying "I can see the ground".

What the smarter foreign policy conservatives have long sensed in Obama is not a knee-jerk leftie, but a cool, cunning liberal strategist who could be a potent weapon for the West in the war on terror. Obama will inherit Bush’s war apparatus and it is not in his nature to dismiss all of it as useless until he has a grip on what’s working in a dynamic world. He is not going to surrender to Iran either, but he has a much better chance of wielding soft power as well as hard power in trying to avoid another conflict in the Middle East than McCain. He also has a chance to bring the American public with him – an attribute that Bush hasn’t had in his diplomatic arsenal for years.

None of this even faintly surprises me. The picture of Obama as a big-time leftist was always wrong – and more a function of the Clintons’ need to marginalise him than of any accurate portrayal of his record. His 2002 speech against the Iraq war aired a prescient worry about unintended consequences, not a deep reluctance to use military force in any circumstances.

Obama has long been a committed Christian, even of a more liberal, mainstream variety than the Republican leadership. His embrace of faith-based programmes is therefore utterly unsurprising to anyone who knows him. (The one key difference between Bush’s faith-based programmes and Obama’s is that Obama’s forbids religious charities from using public money to discriminate in hiring on the basis of faith.)

http://www.timesonline.co.uk/tol/comment/columnists/andrew_sullivan/arti...

This is just sad. It is far past time economists stood and pointed the finger at the shameful conservative economic policies responsible for this mess. The rebound of housing values is nearly pointless. The only thing greater housing values provide is more equity for consumers to borrow against. Without increases to real world wages and job expansion the economy will remain stagnant -- or depressed -- for the majority of Americans for some time.

Lots of empty seats in the press room.

I'm reading a book right now called "A Short Course in Intellectual Self-Defense" by Normand Baillargeon. He has a section titled "To Denote/To Connote," where he discusses the distinctions between words the refer to objects, facts, and properties, and the emotional reaction they elicit (p. 25). Carefully crafting vocabulary to elicit or avoid certain reactions is common in political spheres, but has taken on new meaning and robustness during the Bush (i.e., Orwellian) era. Two examples that stuck out for me in the above video are "housing correction" to reference the housing crises and "soft economy" to reference the continual lose of jobs. What a pleasant and completely privileged way to refer to people losing their homes, jobs, and livelihoods. I guess it's not that bad after all.

Here's a good way to stimulate the economy -- a Liberty Garden in every backyard (good for oils, rope, fertilizer, and making killer brownies.):

http://www.youthwork.com/images/marlvs.jpg

Amor Y Risa @38:

___________________________
This guy actually believes that the economy was up? WTF? Wall Stret was up, barely. WS is not the economy.

Joe O. @ 27:

There is also a national security twist to this economic situation which would not go over very well for the Republicans either. Especially with their multiple wars and massive defense spending. Recall what Obama Bin Laden stated back in 2004:

"We are continuing this policy in bleeding America to the point of bankruptcy. Allah willing, and nothing is too great for Allah," bin Laden said in the transcript.

He also said al Qaeda has found it "easy for us to provoke and bait this administration."

"All that we have to do is to send two mujahedeen to the furthest point east to raise a piece of cloth on which is written al Qaeda, in order to make generals race there to cause America to suffer human, economic and political losses without their achieving anything of note other than some benefits for their private corporations," bin Laden said.

Taking Bin Laden and Al Qaeda at face value, have they been successful thus far in those goals? The current economic situation in the U.S. would suggest, yes.

Speaking of things bin Laden said: in 1998, he listed as one of his many grievances against the U.S. that Americans “have stolen $36 trillion from Muslims” by purchasing oil from Persian Gulf countries at low prices. The real price of a barrel of oil should be $144, bin Laden demanded.

Bin Laden got what he wanted. The terrorists won.

DC @ 40:

What the smarter foreign policy conservatives have long sensed in Obama is not a knee-jerk leftie, but a cool, cunning liberal strategist who could be a potent weapon for the West in the war on terror. Obama will inherit Bush’s war apparatus and it is not in his nature to dismiss all of it as useless until he has a grip on what’s working in a dynamic world. He is not going to surrender to Iran either, but he has a much better chance of wielding soft power as well as hard power in trying to avoid another conflict in the Middle East than McCain. He also has a chance to bring the American public with him – an attribute that Bush hasn’t had in his diplomatic arsenal for years.

None of this even faintly surprises me. The picture of Obama as a big-time leftist was always wrong – and more a function of the ClintonsREPUBLICANS’ need to marginalise him than of any accurate portrayal of his record. His 2002 speech against the Iraq war aired a prescient worry about unintended consequences, not a deep reluctance to use military force in any circumstances.

Obama has long been a committed Christian, even of a more liberal, mainstream variety than the Republican leadership. His embrace of faith-based programmes is therefore utterly unsurprising to anyone who knows him. (The one key difference between Bush’s faith-based programmes and Obama’s is that Obama’s forbids religious charities from using public money to discriminate in hiring on the basis of faith.)

http://www.timesonline.co.uk/tol/comment/columnists/andrew_sullivan/article4275040.ece?Submitted=true

Some minor corrections and emphasis for the general edification.
Obama has been called liberal by the msm and repugs, so let's be clear.
The Clintons are marginalized, let's be clear with that, too. End the war. Obama has personally forgiven them.

taochiapet @ 34:

that's the most honest presser by a bushie i've seen; i say they offer he stay on in the obama administration...

/snark

Yeah, the first time an official from this administration is honest, and Milbank goes off and mocks him. Nice job, idiot. Our problem is not just the jerks in charge. It is us and our contempt for the truth.

I don't know how to react to this. Yes, the bushies are absolutely responsible for the state of the economy today. this is something that was foreseen maybe six years ago, but the apologists and radio pundits just made excuses. So here we are today. The guy presenting the video does so with a I told you so smirk. Problem is we all have to live with what this administration has wrought. so going light hearted in the video and pointing out the fallacies of this presentor and representative and chief architect of the economy does little good. we will have a new administration shortly and obama and his advisors will have to find ways to repair the damage. A stimulus package was a dumb idea then and it still it. about as dumb as a moratorium for a day on the gas tax. come on people wake up. we're going down the tubes.

stevek @ 41:

This is just sad. It is far past time economists stood and pointed the finger at the shameful conservative economic policies responsible for this mess. The rebound of housing values is nearly pointless. The only thing greater housing values provide is more equity for consumers to borrow against. Without increases to real world wages and job expansion the economy will remain stagnant -- or depressed -- for the majority of Americans for some time.

Conservatives taking responsibility? NEVAH! That's how they make their millions/billions!

To conservatives, the housing down-turn isn't a disaster for America and homeowners who are being foreclosed. They couldn't give two shits about that. The housing problem has begun to affect the "Ruling Elite!" That's the only problem they see. Bankers and Investment Firms (the so called Free-market disciple's) are taking a hit, and their isn't enough money in Ben's bag of tricks to save ALL their asses! That's how they view this mess.

garcia @ 44:

Amor Y Risa @38:

___________________________
This guy actually believes that the economy was up? WTF? Wall Stret was up, barely. WS is not the economy.

It is to trust-fund republican's! Remember, these people do NOT work for a living!

meritocracy @ 25:

this is what I think of John Stossel.

http://www.youtube.com/watch?v=SACE1tPEcbc

While I despise Stossel, someone really needed to taze that roid-raging redneck.

Violent hicks need to be put down.

It's always ignored:
The government is as truthful about the facts and statistics pertaining to the economy as the polls have been about the boosh approval rating.

the CPI has been stripped of all information pertaining to the true and total cost of commodities
the COL index has been stripped of information pertaining to the most significant prices(home, car, etc)

now that the total damage is too widespread to ignore, the media puts a clamp on it and refuses to use the word 'recession'. that was three years ago when we passed that point.

the 60,000 lost jobs last months need to be added to the 230,000 jobs that should be created to keep up with the population.
employment numbers were strongly negative for the last 18-20 months. again, the governmant hides the numbers, or fudges them. the world actually depended on american spending to keep the global economy going and that gave strength to the dollar.

not any more. there's almost nothing else left to depend on the american economy for.

the american corporate paradigm under boosh has been the logical extreme of the fascists. kill wages and export jobs to create a population that is totally subjugated and dependent on an economy that barely offers subsistence living to all but the wealthiest. they don't want you to have a dime, not two nickels to rub together. they don't want you owning land to sustain yourself and if you still don't get it, please recall that the water company in a south american country made it illegal to gather rainwater.

Don't make the mistake of thinking that you're the exception in their objectives, that if you go along you'll have it better/it will be different. Not going to happen. even the good germans suffered.

boosh is sadistically grinning at this country with every disaster photo-op, like he's pulled another wing off a fly he has pinned to a board. he's sold your childrens' future to pay his friends and somehow, you managed to elect more of his friends, disguised as democrats, who want to use your war machine to set the middle-east on fire.

ultimately, it has always been about the money. the human suffering is what boosh considers entertainment.

BaScOmBe hearts Lara Logan @ 46:

DC @ 40:

What the smarter foreign policy conservatives have long sensed in Obama is not a knee-jerk leftie, but a cool, cunning liberal strategist who could be a potent weapon for the West in the war on terror. Obama will inherit Bush’s war apparatus and it is not in his nature to dismiss all of it as useless until he has a grip on what’s working in a dynamic world. He is not going to surrender to Iran either, but he has a much better chance of wielding soft power as well as hard power in trying to avoid another conflict in the Middle East than McCain. He also has a chance to bring the American public with him – an attribute that Bush hasn’t had in his diplomatic arsenal for years.

None of this even faintly surprises me. The picture of Obama as a big-time leftist was always wrong – and more a function of the ClintonsREPUBLICANS’ need to marginalise him than of any accurate portrayal of his record. His 2002 speech against the Iraq war aired a prescient worry about unintended consequences, not a deep reluctance to use military force in any circumstances.

Obama has long been a committed Christian, even of a more liberal, mainstream variety than the Republican leadership. His embrace of faith-based programmes is therefore utterly unsurprising to anyone who knows him. (The one key difference between Bush’s faith-based programmes and Obama’s is that Obama’s forbids religious charities from using public money to discriminate in hiring on the basis of faith.)

http://www.timesonline.co.uk/tol/comment/columnists/andrew_sullivan/article4275040.ece?Submitted=true

Some minor corrections and emphasis for the general edification.
Obama has been called liberal by the msm and repugs, so let's be clear.
The Clintons are marginalized, let's be clear with that, too. End the war. Obama has personally forgiven them.

Let's be clear about who we have nominated here. Obama is finally showing us the real man by triangulating his way into the general. He will neither "end" the "war" nor return the covertly codified executive excesses that Bush will reluctantly hand him in January. Why should he, after all, surrender the weapons he thinks will help him be the savior of US prestige, military supremacy and economic domination? He's a free trader, pro coal...pro corn...pro nuke, anti-single payer, position pirouetting public speaker.

Obama is simply a less experienced, less connected, less hated Hillary with a bigger (we can only assume) penis.

Joe O. @ 27:

There is also a national security twist to this economic situation which would not go over very well for the Republicans either. Especially with their multiple wars and massive defense spending. Recall what Obama Bin Laden stated back in 2004:

"We are continuing this policy in bleeding America to the point of bankruptcy. Allah willing, and nothing is too great for Allah," bin Laden said in the transcript.

He also said al Qaeda has found it "easy for us to provoke and bait this administration."

"All that we have to do is to send two mujahedeen to the furthest point east to raise a piece of cloth on which is written al Qaeda, in order to make generals race there to cause America to suffer human, economic and political losses without their achieving anything of note other than some benefits for their private corporations," bin Laden said.

Taking Bin Laden and Al Qaeda at face value, have they been successful thus far in those goals? The current economic situation in the U.S. would suggest, yes.

Wherever the video of that statement is hiding, it needs to be put on YouTube and promoted. Sadder than the GOP falling into bin Ladin's trap, is the American sheeple following the Judas goats into the slaughterhouse.

Commentator @ 51:

meritocracy @ 25:

this is what I think of John Stossel.

http://www.youtube.com/watch?v=SACE1tPEcbc

While I despise Stossel, someone really needed to taze that roid-raging redneck.

Violent hicks need to be put down.

sorry. I'm with the bleached blonde hick on this one.

Johnny2Bad @ 53:
too bad, johnny. McC*nt stands a snowball's chance in hell of winning.
get used to it.

I am quite certain this video shows the first honest statements by any official in the Bush administration.

Not to worry, they are praying at the pumps and now at the unemployment office.

We are screwed 08.

Obama's going on an Economics Tour this week, thank god. Enough with the faith and foreign policy defensive - stick it to Bush/McCain and their 6th straight month of job loss.

So long as we keep this on the Economy as it continues to sink no amount of racism, fearmongering, or Rovian dirty tricks will be able to steal McCain this election - and if Diebold gives him a hand well, count me in for the riots.

BaScOmBe hearts Lara Logan @ 56:

Johnny2Bad @ 53:
too bad, johnny. McC*nt stands a snowball's chance in hell of winning.
get used to it.

Yep. "too bad".

Too bad we nominated Hillarama.

Get used to that.

.

Phillip Swagel's answer on the economy was off course...
It should be "GO SHOPPING!!!"

... oh, that's how we're supposed to support the troops.

.

After posting the Milbank vedio last evening on another thread, it struck me as I'm sure it did others that we are standing on the edge of the financial abyss. It became noteworthy over the years that while governments role in financial matters may be to put the best face on a situation for the public good, at some point the masses realize that they have been had. Bernanke and Paulson have failed in policy or the lack there of becuase you cannot print your way out of this mess. Printing more dollars only adds gasolene to already existing inflationary fires
Almost all panics and crashes are preceded by sustained periods of artificial growth, not based on improvements in productivity, but by a false expansion in the money system, aided and abetted by speculators and financiers. Although they do not act in overt cooperation, yet there is an unmistakable collusion of purpose that occurs. It suggests that the impulse to benefit in this way is present in a portion of the people at all times, as there are impulses to do many other things for personal benefit without regard to the public good, but at certain times the prohibitions which normally hold this behaviour in check are weakened, sometimes through active invervention. nearly all panics and crashes involves relatively small groups of people who seem to be at the heart of the matter, and are closely interlinked into small cartels of corrupted self-dealing, involving the accumulation of enormous personal fortunes. If you wish a hell on earth, do nothing for the benefit of others, for the greater good or to inhibit those who act solely out of greed, fear, and hate. Soon enough you will have a society that is intensely self-interested, self-concerned, superficial, destructive and self-consuming.
A free and just society is not a prize to be won or a gift that can be bestowed; it is a recurring commitment, an enduring obligation.
Swagel was thrown to the wolves, but the handwriting is on the wall. The economy is imploding before our eyes and we have only just begun to catch whiffs of an ever expaning credit crisis which ultimatley will bering the entire system to its knees. As I have said before, this mess can be undone, but in order to move forward a return to constitutional banking must happen while the production of bogus money created by the Federal Reserve is stopped dead in it tracks.

Blue Buddha @ 45:

Joe O. @ 27:

There is also a national security twist to this economic situation which would not go over very well for the Republicans either. Especially with their multiple wars and massive defense spending. Recall what Obama Bin Laden stated back in 2004:

"We are continuing this policy in bleeding America to the point of bankruptcy. Allah willing, and nothing is too great for Allah," bin Laden said in the transcript.

He also said al Qaeda has found it "easy for us to provoke and bait this administration."

"All that we have to do is to send two mujahedeen to the furthest point east to raise a piece of cloth on which is written al Qaeda, in order to make generals race there to cause America to suffer human, economic and political losses without their achieving anything of note other than some benefits for their private corporations," bin Laden said.

Taking Bin Laden and Al Qaeda at face value, have they been successful thus far in those goals? The current economic situation in the U.S. would suggest, yes.

Speaking of things bin Laden said: in 1998, he listed as one of his many grievances against the U.S. that Americans “have stolen $36 trillion from Muslims” by purchasing oil from Persian Gulf countries at low prices. The real price of a barrel of oil should be $144, bin Laden demanded.

Bin Laden got what he wanted. The terrorists won.

"We" showed them how to do it when "we" invited the Islamic Jihadists to wage war on the Soviet Union in Afghanistan, and the Jihadists successfully dragged the Soviets into a costly unwinnable war that eventually bankrupted the Soviets.

The NeoCons - one step ahead of the inevitable blowback - decided to let al-Qaeda "bring it on." For a full decade Cheney, Halliburton & the Bush Family of Corporations manipulated the hiring practices of the US military - stripping away all full time positions that could he contracted out in time of war - and waiting for the inevitable "terrorist attack" about which they did nothing.

Then THEY cashed in on - and exacerbated - the resulting destruction of the US economy, which was already so top-heavy with unsustainable levels of over consumption it was likely to crash anyway.

Had a more responsible crew been in charge of the Ship of State the US economy COULD have been brought down to earth much more gradually, with sustainable solutions. But NO the NeoCons chose to crash the economy and squeeze every $ they could from it.

The "good" news is that we now get to re-build our nation from the rubble, hopefully on a more sustainable basis.

Remember all those pictures from the 90's of Argentine former Middle Class living under bridges?

That's us in a year or two.

I'm surprised this Bush weenie didn't take Dana's suggestion more seriously and tell us all to go shopping -for shotguns.

Yeah, DICK, go ahead, make our day! :)

Johnny2Bad @ 60:

BaScOmBe hearts Lara Logan @ 56:

Johnny2Bad @ 53:
too bad, johnny. McC*nt stands a snowball's chance in hell of winning.
get used to it.

Yep. "too bad".

Too bad we nominated Hillarama.

Get used to that.

I'm pretty sure most of us here CAN'T WAIT to get used to that! :-)
November/January can't get here fast enough!

does this remind you of any other time in world history?...1929-1939 and that wasn't a pleasant time either

dont worry !while your liveing under that bridge, if your lucky obama could possibly throw some change at you , spend it wisely its likely to be the only change he gives us!

The funniest thing is that the administration is doing the dismantling all from overseas.
George will land in Parguay
Dick in Dubai
Halliburton in Dubai
KBR in Dubai
EXXON is offshore
Wal-Mart Cayman Islands.

Some scratching of the surface of corporate boooks is all that it takes to find out WHY a corporation HAS NOT moved offshore to protect shareholder investment. Just follow the money. The corporations HAVE TO MOVE offshore as part of their fiduciary responsibility to the shareholders.
THAT is the corporate mantra and the corporate WEAK point for believing ANY corporation will come the rescue of the American economy. It is a total FALLACY to think that corporations are to be anything execpt a threat to our very survival. Kill the corporate control of our country by changin the States's corporate laws. Make it a mandate to be a State and U.S. entity, have no corporation able to own stock or shre of another corporation, and have one vote per human sharholder, not one vote per share. This way we democratize the corporation, and reduce their corrosive effect over things they have no business in, namely elections. Since they do no vote, they would have no allowable control or sway, or voice on elections or candidates. Makes sense.
Think of it like convicted felons who have had the right to vote taken away. SHould they have the right to effect the election through their use of money to sway the candidate or election process....No! Well neither should corporations.
Dana had it wrong, they want us to "take a BOTTLE of Valium and call us on Jan 21, 2009"

RalphB. @ 65:

Johnny2Bad @ 60:

BaScOmBe hearts Lara Logan @ 56:

Johnny2Bad @ 53:
too bad, johnny. McC*nt stands a snowball's chance in hell of winning.
get used to it.

Yep. "too bad".

Too bad we nominated Hillarama.

Get used to that.

I'm pretty sure most of us here CAN'T WAIT to get used to that! :-)
November/January can't get here fast enough!

Be careful what you wish for. November to January gets kinda cold and last time I checked, my fuel oil supplier said that costs would be beyond $5 a gallon. At these prices a lot of people are going to freeze to death. If you manage to survive the winter, you hopefully won't suufer any more than a few burst water pipes. This isn't the first time that some have suggested yet another stimulus package, but again printing up more dollars with nothing to back them isn't the answer.

With people like this at the helm it's not surprising the US economy is tanking.

'hide the valuables under the mattress and buy a shotgun'......

Interesting. My God, this country is SOOOOOOO screwed. Getting a new President is not going to change a thing. See what happens when you allow a psychotic dry-drunk who lives in a fantasy-land to run the country? See what happens when place incompetent yes-men in places of power? The Bush Administration is cancerous miasma that has infected every level of the Government. Thanx George...Hekuva job. Why is he still in office???

Andrew @ 62:

After posting the Milbank vedio last evening on another thread, it struck me as I'm sure it did others that we are standing on the edge of the financial abyss. It became noteworthy over the years that while governments role in financial matters may be to put the best face on a situation for the public good, at some point the masses realize that they have been had. Bernanke and Paulson have failed in policy or the lack there of becuase you cannot print your way out of this mess. Printing more dollars only adds gasolene to already existing inflationary fires
Almost all panics and crashes are preceded by sustained periods of artificial growth, not based on improvements in productivity, but by a false expansion in the money system, aided and abetted by speculators and financiers. Although they do not act in overt cooperation, yet there is an unmistakable collusion of purpose that occurs. It suggests that the impulse to benefit in this way is present in a portion of the people at all times, as there are impulses to do many other things for personal benefit without regard to the public good, but at certain times the prohibitions which normally hold this behaviour in check are weakened, sometimes through active invervention. nearly all panics and crashes involves relatively small groups of people who seem to be at the heart of the matter, and are closely interlinked into small cartels of corrupted self-dealing, involving the accumulation of enormous personal fortunes. If you wish a hell on earth, do nothing for the benefit of others, for the greater good or to inhibit those who act solely out of greed, fear, and hate. Soon enough you will have a society that is intensely self-interested, self-concerned, superficial, destructive and self-consuming.
A free and just society is not a prize to be won or a gift that can be bestowed; it is a recurring commitment, an enduring obligation.
Swagel was thrown to the wolves, but the handwriting is on the wall. The economy is imploding before our eyes and we have only just begun to catch whiffs of an ever expaning credit crisis which ultimatley will bering the entire system to its knees. As I have said before, this mess can be undone, but in order to move forward a return to constitutional banking must happen while the production of bogus money created by the Federal Reserve is stopped dead in it tracks.

I believe that's what Mr. Kennedy had in mind - even signed an executive order to take back the maney system from the Fed banks - and we know what happened to him. Who in the US Congress do you think will stand up to the international banking cabal that runs the world????

We are going into Depression...

The writing is on the wall.... I have been saying it for a few years now....

IT seems that many are still under the ether...

I've worked in manufacturing for the last 30 years. Ordinary Americans have a much more accurate sense of just how difficult the current economic climate is than any policy wonk in Washington. We live it daily, clear about the choices we make in an inflationary environment caused by a decade of Republican fiscal mismanagement.

as anyone that has been to china and soaked in that culture and its design, top down, the greater whole. They will be eating us alive with a system we thought we designed but as it turns out we neither understand nor have the capacity to comprehend.. good night mr neoliberal, good night, enjoy the cannibalism.

Brother can you spare a dime?

Amitola @ 72:

Andrew @ 62:

After posting the Milbank vedio last evening on another thread, it struck me as I'm sure it did others that we are standing on the edge of the financial abyss. It became noteworthy over the years that while governments role in financial matters may be to put the best face on a situation for the public good, at some point the masses realize that they have been had. Bernanke and Paulson have failed in policy or the lack there of becuase you cannot print your way out of this mess. Printing more dollars only adds gasolene to already existing inflationary fires
Almost all panics and crashes are preceded by sustained periods of artificial growth, not based on improvements in productivity, but by a false expansion in the money system, aided and abetted by speculators and financiers. Although they do not act in overt cooperation, yet there is an unmistakable collusion of purpose that occurs. It suggests that the impulse to benefit in this way is present in a portion of the people at all times, as there are impulses to do many other things for personal benefit without regard to the public good, but at certain times the prohibitions which normally hold this behaviour in check are weakened, sometimes through active invervention. nearly all panics and crashes involves relatively small groups of people who seem to be at the heart of the matter, and are closely interlinked into small cartels of corrupted self-dealing, involving the accumulation of enormous personal fortunes. If you wish a hell on earth, do nothing for the benefit of others, for the greater good or to inhibit those who act solely out of greed, fear, and hate. Soon enough you will have a society that is intensely self-interested, self-concerned, superficial, destructive and self-consuming.
A free and just society is not a prize to be won or a gift that can be bestowed; it is a recurring commitment, an enduring obligation.
Swagel was thrown to the wolves, but the handwriting is on the wall. The economy is imploding before our eyes and we have only just begun to catch whiffs of an ever expaning credit crisis which ultimatley will bering the entire system to its knees. As I have said before, this mess can be undone, but in order to move forward a return to constitutional banking must happen while the production of bogus money created by the Federal Reserve is stopped dead in it tracks.

I believe that's what Mr. Kennedy had in mind - even signed an executive order to take back the maney system from the Fed banks - and we know what happened to him. Who in the US Congress do you think will stand up to the international banking cabal that runs the world????

By extension it should be we the people who demand that the Federal reserve be closed down through our elected representatives. Ron Paul has been trying to accomplish this for years, but no one would listen. Now that the bottom is falling out, typical of government we're going into crisis management mode when the best time to plan for a crisis is before the perfect financial storm is knocking at the front door. People have to be pushed to the edge. We're there now, but if you don't write your Congressmen and Senators, then they will continue to look the other way believing that all is well with the world. don't forget that line from the opening of the Constitution. You know, the line that starts with...." When in the course of human events..... When government no longer serves the will of the people, the people have the right to change the government. They work for us. Not the other way around

I support Senator Obama, but have no illusions as to why many economists are looking at both McCain and Obama and saying, "it looks like either way its going to be Ronald Reagan's sixth term of office."

Obama's economic plans do add up fiscally, where McCain's even by the analysis done by the Wall Street Journal "experts" do not, but both speak incessantly about "free trade" and "free market forces" while these theories are very much at the heart of our current problems.

"The Bubble Economy" that Reagan and Freedman built is playing hell with the lives of millions all over the planet. While Americans are losing their homes (estimates on foreclosures are now going to 5 million) and we are dying from inadequate health care much of the world is dying from hunger... with food on the shelves.

You've got food riots in 33 countries and the UN is sending up flairs and warning of political unheavals, as commodities futures investing by hedge funds push the prices ever higher. Reports show that every Middle East country has signs that their governments are beginning to be destablized.

This just in from the G-8 Summit:

Germany's Merkel urges G-8 action on food
Sunday July 6, 6:17 am ET
Germany's Merkel calls for G-8 package of measures to tackle high food prices

BERLIN (AP) -- German Chancellor Angela Merkel called on the Group of Eight summit to agree on a "comprehensive package of measures" to tackle the fallout from soaring food prices, according to commentary published Sunday.

The leaders of the world's leading industrial nations open their annual summit in Japan on Monday at a time when a jump in food prices is hurting the world's poor in particular.

"The aggravation of the global food situation is increasing hunger in the world and threatens the political stability of many developing countries," Merkel wrote in an article for the Tagesspiegel daily.

"At the summit, a comprehensive package of measures to secure global food supplies should be adopted," she added in her editorial.

Merkel wrote that Germany, before the summit, put forward "a concept for action that foresees a short-term alleviation of the acute food situation, but also a long-term strategy to increase worldwide agricultural production."

She did not elaborate on what the package would entail.

In an interview with The Associated Press last week, Merkel emphasized the need to help developing nations help themselves through modern agricultural reforms.

She said development cooperation "needs to be more concentrated on water management and agriculture."

http://biz.yahoo.com/ap/080706/germany_g_8_food_prices.html

It certainly seems that globally we are either at the tipping point or the turning point... but the Economic Darwinism that has been served up to us as "Free Trade" is threatening the entire planet.

It certainly looks as if the financial elites are not reigned in... all hell will break loose and more and more this is looking like a global "perfect storm."

c. atrox @ 23:

When they finally get around to calling it a recession, then you know we are in a depression. Better get out in the yard and learn how to identify which weeds you can eat.

funny you said this. over the few weeks on my way to work i have watched a guy make a veggie garden out of his lawn, now normally this would have not meant anything to me except good for you sir how healthy is that, but each time i pass that garden so far i can't help but think one of 3 things 1. boy isn't that just a the sign of the times 2. good that it's unlikely he is near a monsanto owned agrofarm &/or 3. i am glad i have a yard but do i really have the energy to do the same.

yikes.
I got a sympathy sweat goin' and slipped out of my chair.

Heckuva job Swagelie...

How predictable... this guy went from the American Enterprise Institute (can you say corporate takeover?) to Treasury... no wonder we're in such a friggin mess.

Why don't we all take a stroll over to Swagel's web site - http://phillipswagel.com - or give him a call to wish him well during his sabbatical to get over his stage fright - http://phillipswagel.com/contactus.aspx

who in the hell would even want a job within this administration. it has got to be tough to come out and try and convince everyone that the sky is green and the oceans are red.

Well! That ought to give Gold and Silver a good boost Monday morning if that gets any national attention.

left of center @ 83:

who in the hell would even want a job within this administration. it has got to be tough to come out and try and convince everyone that the sky is green and the oceans are red.

they will be, when the air is filled with toxic clouds, and the waters drenched with blood!

Andrew @ 62:

After posting the Milbank vedio last evening on another thread, it struck me as I'm sure it did others that we are standing on the edge of the financial abyss. It became noteworthy over the years that while governments role in financial matters may be to put the best face on a situation for the public good, at some point the masses realize that they have been had. Bernanke and Paulson have failed in policy or the lack there of becuase you cannot print your way out of this mess. Printing more dollars only adds gasolene to already existing inflationary fires
Almost all panics and crashes are preceded by sustained periods of artificial growth, not based on improvements in productivity, but by a false expansion in the money system, aided and abetted by speculators and financiers. Although they do not act in overt cooperation, yet there is an unmistakable collusion of purpose that occurs. It suggests that the impulse to benefit in this way is present in a portion of the people at all times, as there are impulses to do many other things for personal benefit without regard to the public good, but at certain times the prohibitions which normally hold this behaviour in check are weakened, sometimes through active invervention. nearly all panics and crashes involves relatively small groups of people who seem to be at the heart of the matter, and are closely interlinked into small cartels of corrupted self-dealing, involving the accumulation of enormous personal fortunes. If you wish a hell on earth, do nothing for the benefit of others, for the greater good or to inhibit those who act solely out of greed, fear, and hate. Soon enough you will have a society that is intensely self-interested, self-concerned, superficial, destructive and self-consuming.
A free and just society is not a prize to be won or a gift that can be bestowed; it is a recurring commitment, an enduring obligation.
Swagel was thrown to the wolves, but the handwriting is on the wall. The economy is imploding before our eyes and we have only just begun to catch whiffs of an ever expaning credit crisis which ultimatley will bering the entire system to its knees. As I have said before, this mess can be undone, but in order to move forward a return to constitutional banking must happen while the production of bogus money created by the Federal Reserve is stopped dead in it tracks.

The politicians in Washington will not dump this corporate fascist system until the revolution begins. But your thoughts are dead on!

Me, myself, and I - the repuke motto!

obama is miraculously going to clear up everything, he's got answers for them...what is he going to do about building new jobs...THAT'S THE ONE I want to hear....he's flipped, he's flopped, he's disappointed half his supporters with his "changing" postions lets see if he can make one and really really do it. CREATE JOBS...

This was a very disconcertin