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
OPEC Is Irrelevant
The once all-powerful oil cartel now mostly just rides the waves of supply and demand.
Member Comments
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Posted By: cani77 @ 10/03/2008 10:12:40 PM
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Posted By: Holly Garfield @ 08/03/2008 1:31:40 PM
I agree with you on OPEC's control of its members. It is a voluntary orgainzation with no real enforcement capability. The separate members continue to go their own way much of the time. I disagree that this makes OPEC irrelevant. It serves to give a united forum for the countries who depend on oil for their economic growth. It serves as a platform for airing the differences between members. It gives outsiders a picture of the internal and external environment of the member countries. Many of these countries are medium to poor economically outside of their oil wealth, making their situation different from non-exporting nations. As such OPEC is relevant to the global economy.
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Posted By: nawawimohamad @ 08/03/2008 5:40:28 AM
Speculators are the main players in the oil trade. The recent increase in oil price is speculative in nature simply because the increase was not gradual; it suddenly jumped higher. There was no shortage at all and the increase in demand was well anticipated thus the production & demand factor would not drastically affect the price.
The other potential palyers are the oil ministers of individual OPEC country or those who have the responsibility in controlling the oil in those countries. These group of people can be bribed or lured to make decisions by others who have vested interests in the oil industry. The classic example was the sacking of the once much heralded oil minister of Saudi Arabia Mr. Sheikh Ahmad Zaki Yamani in the 70's.
Weather & political changes is also a determinant in the equation but transient in nature. So far the impact is negligible. We survived the weather and political turmoils. -
Posted By: OilProspector @ 08/02/2008 9:09:23 PM
From the 1980s on, Saudi Arabia became aware of the world oil demand projections through the middle of this century. Back then it was clear that the oil resource had to be managed with the demand curve in mind; the best way to do so, was to slow down the investment in finding and producing new supplies. Today, we see that their foresight paid back handsomely, providing at the same time a credible excuse.
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Posted By: good samaritan @ 08/02/2008 1:10:45 PM
I am wondering why the media won't report on the Bakken oil formation in N. Dakota. It is said to be the largest oil discovery in US history and it is accessable. It was discovered by the US Geological Society. I heard it mentioned once on Air America.: the Ed Shultz Radio Show. There IS a reason that this is being kept quiet.
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Posted By: mainstream @ 08/02/2008 9:10:29 AM
It seems to me that errelevant is the wrong word to use. We buy oil from these folks therefore its not errelevant, its just another part of the "puzzle". There's an old expression in this country called the "middle man". In the business world these words sometimes carry a negitive tone. To keep it simple were talking about sales. I buy something I could use or need and you sell it to me and make a "reasonable" profit. We both benefit. Now add the "middle man". What happens? The price I pay as the consumer will rise. OK, thats fine but, how much do I have to pay? How much is the "middle man" making? Every business has a profit "margin" number. I've always been amazed how some businesses make more than others. Its funny how were willing to pay more for some things and not for others. Bottom line,long story short. American oil business is a "Middle man". Yes, they make some of there own but buy alot as well. I have to go to work every day and I get there with the great american automobile. I buy there product because I need it. Thats a pretty good business to have when your customer base is in the millions,good cash flow! So whats there number? Seems to me its pretty darn high. From what I read it seems to me its the only business,relevant to the economy, thats showing a good,"record" profit. What does that tell you? It tells me the answer lies within,and all of us.
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