The Bush Depression
In a few weeks we will make a choice that will decide our future.
I follow an economist named Bob Proctor. He has called the top and bottom of every market crash since the 70s correctly.
Also, he perfectly predicted the current real estate market meltdown and the picture he paints about what will happen in the next couple years
is terrifying.He thinks it will be worse then the great depression.
The banks in the U.S. are going under one after the other. Countrywide the largest morgage bank in the world,Bear Stearns, Lehman Brothers and Merrill Lynch which are 3 out of the top 5 wall street firms. Also, Fanny and Freddy Mae which hold 50 percent of the home loans in the United States.
The government took them over because they are essentially bankrupt.If they didn't the entire financially system would virtually shut down, the stock market would crash and we would suffer beyond what any of us have seen before.
McCain just like Bush " doesn't understand the economy".
That not just my opinion its his own words. Not only does he not understand how to fix it but he does not understand exactly what is broken.
It is no surprise that he doesn't. The people that make up these securities use complex mathematical models very few people understand.
Bush and McCain both can take the credit for this mess since they helped deregulate the laws that were protecting us.
Bush's economic advisor Phil Graham wrote the deregulation bill that allowed banks to take huge risks with all of our future.
Now, Phil Graham is the head of McCain's economic policy.He is also McCain's choice for the next secretary of the treasury.
No one in this country can afford for that to happen. The last time Bush met with his economic advisors was in March. He either didn't care or didn't realize that anything was wrong. Phil Graham had the guts to say that we are in a mental recession after he helped create the worst economy meltdown in our lifetime.
It will take the best and brightest minds in the world to get us out of this nightmare. As bad as Bush has done, McCain would be
even more destructive because things are in much worse shape. The next president will not inherit a surplus like Bush did but a tanking economy and a 11,600,000,000,000 (trillion) dollars deficit.Bush created a national debt larger then the first 42 presidents combined
If you do what you have always done then you will get what you have always got.
When it comes to policy Bush and McCain are the same 90 percent of the time.
So why isnt obama 25 points ahead
The chairman of McCains campaign recently said that people don't vote on issues they vote on a personality composite. Which means he is trying to sell you personality instead of results.
Let's teach him we are smarter than that .
31 states are voting now, dont wait
Elect Obama Biden 2008
Check out this video of sarah palins interview before you vote
http://www.youtube.com/watch?v=r36Xc0GG4i
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The Oil Paradox
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Seeing this, you might think that countries in the West might make up the difference by allowing their own resources to be tapped more heavily. But this hasn't happened. In some cases, environmental rules and other restrictions stand in the way. The United States, for example, has put nearly all of its oil- and gas-rich coastline off limits for drilling despite huge advances in environmentally safe drilling practices. And in the Gulf of Mexico, the only place where new U.S. offshore drilling is taking place, the government is raising its take because it wants more of the oil wealth for itself. Governments worldwide have done the same—from Russia to Venezuela to the North Sea and Alberta—by raising the tax rate on oil production, which makes drillers think twice about investing handsomely in new supply projects. They know that when profits are too high, governments will find ways to strip away the excess.
The rising spiral in oil prices will eventually abate. Some of the relief will eventually come from new supplies, but the big surprise may be in demand. When prices stay high, consumers eventually start investing in more efficient oil systems. And entrepreneurs also look for substitutes such as advanced biofuels that are just being tested on a commercial scale this year. If America's economic troubles spread gloom across the globe, then demand will dampen further. And the trip down from today's dizzying oil prices could be faster than most people think. Once investors in oil commodities are no longer confident that oil will always be more valuable tomorrow than it is today, they will switch their money to some other investment.
Victor is a law professor and director at Stanford’s Program on Energy and Sustainable Development, as well as an adjunct senior fellow at the Council on Foreign Relations.
© 2008
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