Bush: Financial system is 'basically sound'

[brooklynite]

Source: MSNBC

WASHINGTON - President Bush urged lawmakers on Tuesday to move quickly to help prop up mortgage giants Fannie Mae and Freddie Mac, while declaring the nation's financial system to be "basically sound."

"We must ensure that they can continue providing access to mortgage credit during this time of financial stress," Bush said of the two mortgage giants.

He also called on the Democratic-run Congress to follow his example and lift a ban on offshore drilling to help increase domestic oil production.

Read more: http://www.msnbc.msn.com/id/25687265/

---

Whew! I feel better already...

[ingac70]

1. If he says it is sound...

That means it could collapse any day now.

[SharonAnn]

37. Yes, his track records shows that he's usually wrong on these things.

For some reason, he just doesn't understand Economics, Finance, or Governing.

[fascisthunter]

2. 'basically sound'..... for the Fascists

[Acadia Blue]

12. As long as his rich buds are still rich, everything is just great.

[NC_Nurse]

3. Like his mind? Worrisome.

[liberal N proud]

4. 'basically sound' for the haves

For the have nots it is a different story but then the bu$h clan has no knowledge of the have nots.

[Cronus Protagonist]

5. I think I twigged this Rovian plot today

McCain and Bush keep harping on about how the _fundamentals_ of the economy are so juicy good, and it's a _psychological_ problem in that *some* people are whiners and do not get that the _fundamentals_ are good, so these losers act like chickens with their heads cut off.

Cue the opposition (and among them most Democratics and the Obama campaign)... "You're crazy if you think that the economy is good, drilling for oil in ANWAR will change the price of oil and Iraq is going well..."

McCain/Bush response? "SEE!!! These people have PSYCHOLOGICAL PROBLEMS! And they're so dumb/ stupid/ crazy/ un-American that they'll NEVER see that the _fundamentals_ are good, even if they got slapped in the face with them! They WANT AMERICA TO LOSE!"

I expect this argument has been tested against specific samples of hoi polloi and it will poll in favor of McCain come election time. After all, who would vote for a CRAZY person who's SO DOWN ON AMERICA?

[JDPriestly]

28. He talks so much about supply and demand.

What he and his friends do not grasp is that the American people have a lack of supply in their wages. That is where the supply needs to be increased, and it does not need to be increased in inflated dollars.

As for his energy policy, we became dependent on oil due to government/big business policy. Standard Oil used to virtually own the whole game.

That can't work for us any more. The unexploited reserves that we possess are a joke compared to the energy needs of today.

We can become independent of oil through government/big business policy. It is a matter of political. Bush and his buddies in this administration are standing in the way of the fundamental change that is needed. We need openness to completely new ways at looking at energy. The technology is available. It is a matter of political will. Bush does everything he can to thwart the political will that can make change on a large scale possible.

McCain would be worse than Bush in this regard. McCain is just a bundle of nerves about to explode any minute. If you think Bush is bad, McCain will be far, far, far, far worse. He is not such a rigid ideologue. Instead, he is an incendiary just waiting to go off. For McCain, everything is personal. That's even worse than what we have now.

[Journeyman]

6. Interesting juxtaposition, this article and the one posted just before it. . .

Fed chief details woes in markets, housing, jobs

Source: AP

WASHINGTON - Federal Reserve Chairman Ben Bernanke told Congress Tuesday the fragile economy is facing "numerous difficulties" including persistent strains in financial markets, rising joblessness and housing problems — despite the Fed's aggressive interest rate reductions and other fortifying steps.

At the same time, Bernanke, testifying before the Senate Banking Committee, sounded another warning that rising prices for energy and food are elevating inflation risks.


http://news.yahoo.com/s/ap/20080715/ap_on_bi_ge/bernanke


So, where lies the truth? Or in truth, who's lying?

[guitar man]

7. I'm sure these guys would agree

with that assesment.

[davekriss]

8. Sound like Herbert Hoover (nt)

[Trillo]

9. When the Owners are in trouble, the entire mechanism of government switches into high gear to help.

Must be nice to be an owner.

What happens when workers need healthcare? What happens when former workers now turned homeless need housing? Delay, delay, delay.

[defendandprotect]

11. ...how about bailing out the homeless...???

Actually, this isn't quite being "in trouble" . . . it's more like stealing their way to trouble.

[closeupready]

20. Oh, no, you don't. No, no no. We don't bail our people without money or connections.

The taxpayer's money must be used more wisely than that. :sarcasm:

[defendandprotect]

38. Oh, yeah . . . forgot . . we need an underclass to scare the rest of us . . .!!!

Just think of what we could have done with all that money . . . !!!!

Ahhhh . . . shit!!

[defendandprotect]

10. but he still has six months to totally dismantle it . . . !!!

[kimmylavin]

13. "The economy is basically sound."

"Allow offshore drilling."
I'm surprised he didn't throw in a little, "Keep my tax cuts for the rich permanent."

Isn't this asshole gone YET???

[Plucketeer]

14. Press Release:

The Berghof - 1600 Pennsylvania Avenue - Berchtesgaden.... July 15th, 2008 AD

This morning, Fuhrer Bush assured his subjects that the financial fabric of his nation is sound and without tears or holes. This despite some of his top staff member's statements that seem to be at odds with such a proclamation.

[boomerbust]

15. The financial system is sound

I was just told my blind trust is top heavy with Exxon and Haliburton stock. All is well.

[VWolf]

16. Yeah, about as sound as

the levees in NOLA.

He should just STFU.

[paparush]

17. Bush thinks the economy is "sound" and McCain admits knowing nothing about economics.

:rofl:

[santamargarita]

18. Does he believe anything he says?

I don't!

[closeupready]

19. Reading the thread title actually made me laugh.

I guess because we have yet another expression to file in the same place as "Mission Accomplished". :rofl:

[Guy Whitey Corngood]

21. Was he playing a fiddle while he made this statement? n/t

[Gman]

22. OTOH...

if he says things are fucked up beyond all repair, every bank in the country would collapse this afternoon from the run.

[Maggie_May]

23. If you say enough people will believe it.

"If you tell a lie long enough, loud enough and often enough, the people will believe it. The secret to get someone to believe a lie is constant repetition. Just tell it over, and over, and over again." - Adolph Hitler

"See in my line of work you got to keep repeating things over and over and over again for the truth to sink in, to kind of catapult the propaganda." - George W. Bush

"The great masses of the people will more easily fall victims to a big lie than to a small one." - Adolph Hitler

“You can fool some of the people all of the time, and those are the ones you have to concentrate on.” - George W. Bush

"Let me control the textbooks and I will control the state." - Adolph Hitler

"Our enemies are innovative and resourceful, and so are we. They never stop thinking about new ways to harm our country and our people, and neither do we.” - George W. Bush

[Ghost Dog]

29. Textbooks? Let me control the TeeVee... n/t

[Megahurtz]

24. In other words:

"Folks, leave your life savings in the Bank, never mind that your Bank will tank any day now."

[daggahead]

25. Oh my Goddess ...

He must be drinking again ...

Nero fiddling while Rome burns.

[AKing]

26. Months ago he said....

the exact same thing about the housing market

[JDPriestly]

27. He does not have his usual smirk when he talks about the economy.

That means to me that he is really scared. He knows he is up against something huge. What a rigid ideologue. What a fool.

[Justitia]

30. IOW - "Keep the Treasury funding / enriching my cronies & family!" -eom

[truthisfreedom]

31. And the infrastructure is basically vision... so what's taste, smell, and feel?

Every time they trot out bush during a crisis it's terribly foreboding.

[MadrasT]

32. "Basically sound?"

Oh, like he's "Basically competent"???

Note to the shrub: sit down and shut up already.

[Paula Sims]

33. Yea, and I'm sure a "Brownie" is somewhere at the helm . . . (n/t)

[Jefferson23]

34. Almost 8 years now of pure destruction. Now on to off-shore drilling

so he can really fuck things up even more. The financial system is basically sound thats why those with accounts at the IndyMac Bank in California were freaking out today..they had nothing better to do I guess. Fuck you Bush.

[sutz12]

35. Yep....Sound as a dollar......

Oh wait.

:sarcasm:

[reichstag911]

36. ...and Bush is "basically" a genius. nt

[defendandprotect]

39. Should have been a big NEON SIGN behind him flashing EURO $1.60 . . . !!!!

[daleo]

40. Financial system is basically sound

And prosperity is right around the corner.