Could you imagine the shrieking if any Democrat in this country did what Karl Rove did yesterday?
This is why the Taliban is coming back in Afghanistan.
Alabama’s strongly anti-gay Attorney General (the guy who was ridiculed for trying to ban sex toys) was caught being gay.
The Seattle PI has printed two good editorials on the upcoming Hinchey-Rohrabacher Amendment vote that would prevent Attorney General Rob McKenna from receiving federal assistance in arresting the state’s registered medical marijuana patients.
I found the dumbest anti-pot column I’ve seen all year. At the other end of the spectrum, the Swiss may move to full legalization this year.
This week’s Birds Eye View Contest is still unsolved.
I usually refrain from mentioning the DJIA reports until after closing. After all, there’s lots of room for “up and down” in the meantime. Lately I’ve even been trying to limit it to once a week, on Fridays.
But thos morning I happen to check, and the JDIA is at 11,011.18 this morning at approx. 8:30 a.m. PDT, having lost 217.22 points so far. That’s pretty impressive.
Of course, there’s still lots of time left today for the “bargain hunters” to regain some of the lost ground, so hopefully it will recoup some of those losses before closing.
But if it doesn’t, then that means that the DJIA will have gained an even 4% over the 7-1/2+ years of the Bush administration, an annual rate of return of 0.53% (a little better than half of one percent). And that’s NOT adjusted for inflation.
People investing in a DJIA index fund would have been FAR better off by simply putting their money in a federally-insured savings account.
Sure, some investors can do better by picking some stocks over others. And generally speaking, you are better off buying stocks now than you were when the prices were higher.
But it’s absolutely amazing how weak the basics of the U.S. economy are, after years of Bush economics.
Update: by 8:40 a.m. the DJIA dropped below 11,000 briefly, but seems to be recovering a bit now (at 8:45 a.m.). MSNBC is flashing a big red banner on the top of it’s website: “BREAKING NEWS: Dow Industrials extend losses, falling below 11,000 for first time in two years”
RHP @ 1:
There you go, againg — being a part of the VAST LEFT WING CONSPIRACY!!
Normally, I agree with you, but this is where you contribute to the “mental recession” panic created by the left wing MSM.
There is no recession, gas prices are low, flipping burgers is a manufacturing job, war is peace, we’re making progress in Iraq, the Taliban are on the run, you weren’t using your liberties any ways, the Rule of Law is whatever George W. Bush says it is.
Sheeeez, what’s wrong with you?
(all tounge in cheek of course)
A Simple Proposal
It seems to me that the time has come to reform the FDA. Globalism and genetics are having huge effects oin what we eat and the pharmacopoeia of drugs now has more names than the Hindu pantheon.
The marijuana issue is a good example of money wasted because of stupid policies, I* can not order MJ from the pot of the month club but I can import anything as long as it is called “tea.”
What I suggest is a top down rethiunk of the law, with a new set of well defined rules. The outcomes of this might be interesting:
e.g. is tobacco a drug? is chocolate a drug?
how about beef that has been engineered to increase your load of vitamin D?
How anyone but the PuddySillys, Doofus’, little Rick Dumbasses, Surreal Marks, Bill Cruchons, etc. of the world can vote REPUBLICAN is beyond me.
That ugly party has been nothing but bad for this country since after Abe Lincoln was shot and honest Abe had to keep a lid on the crazies in his own party even then.
Ike was another exception who kept the crazies at least partially in check.
There’s so many gays in the Republican Party, always has been. Yet so many of those gays keep up those ugly gay-hating appearances.
It’s a good part of the sickness of that party.
Extended Coffee Break At Fishwrapper
It has now been 47 hours since the fishwrapper updated their online newspage. Has Frank Blethen’s sucky little shopper folded? He’s been telling us for years how bad he cash flow is!
I can already visualize Dave Horsey at the P-I doing a caricature of Poor Frank waiting in line at DSHS to apply for Food Stamps, while the Hearst execs dance gaily on the fishwrapper’s grave!
If Frank did go broke, his inheritance tax worries are over! There’s always a silver lining.
10 reasons for change at the top:
HOUSING FORECLOSURES INCREASING: As a result of the subprime lending crisis, “housing foreclosures nationwide were up 50% in June compared with the same month in 2007.” In California alone, foreclosures have reached an average of 500 per day.
HOMELESSNESS INCREASING: The number of homeless over the age of 50 are “steadily increasing.”
HEALTHCARE COSTS RISING: According to a report by the Government Accountability Office, “health-care costs are growing much faster than the economy.” Costs are rising so significantly, some Americans are delaying retirement.
GAS PRICES RISING: The national average gas price is $4.09, up 33% from this time last year. Gas prices are now expected to hit “$4.25 by the fall and then stay at more than $4 a gallon until the end of 2009.”
JOB LOSSES INCREASING: In the first six months of this year, a total of 438,000 jobs have been lost, bringing unemployment to 5.5%. The CEO of Bank of America commented, if unemployment continues to rise, “all bets are off.”
FOOD COSTS RISING: “U.S. food prices rose 4 percent in 2007″ making it the fastest rise in 17 years and, as a result, food stamps have considerably less buying power.
HEATING AND ELECTRICITY COSTS RISING: Heating oil costs across the north are expected to be “up 60 percent from last year” and utilities across the country are “raising power prices up to 29%.”
REAL WAGES DECLINING: “Slower wage growth and faster inflation has led to falling real hourly and weekly earnings for most workers.”
LEISURE SPENDING DECLINING: As a result of the rising cost of living, Americans are “tightening their belts and thinking twice about spending extra bucks on entertainment and leisure products.”
VALUE OF DOLLAR DECLINING: The dollar “has been declining steadily for six years against other major currencies, undercutting its role as the leading international banking currency.”
The reason that “the Taliban is coming back in Afghanistan” is one of the reasons we are widely hated in Iraq, why the Iraqi insurgency against us will never end until we leave, and why their government is going to set a timetable for our departure.
Mr. Cynical Gets Burned On Bad Investment
This recent HA comment is worth reposting:
“Mr. Cynical spews: All I know is I am waaaay better off today than I was in January 2001.
The market is filled with great buying opportunities. … The only stock I am holding is Wells Fargo. Bought 2000 more shares today @ $23.65. My average cost is now $24.25 with 4000 shares. $97,000. Chump change. … Some folks have no stomach for risk. I was never a huge risk taker. Just got all in and all out of the market at very good times. Don’t need to take a lot of risk at my age. 06/27/2008 at 1:33 pm”
Roger Rabbit Commentary: Let’s see how Mr. Cynical’s risk-free investment in bank stock is doing! WFC is down another 1.23 this morning and is at 22.38. That’s a loss of 1.87 per share x 4000 shares = Mr. C has dropped $7,480 in just 2 weeks. Looks like his market timing skills aren’t quite what he thought they were. Why he put 90g in a bank stock is a mystery. I almost feel sorry for the old goat.
As fears mount of a war between Israel and Iran following 2 days of nuclear-warhead-capable missile tests by Iran, oil hits a new record high today above $147 a barrel and the Dow Index plunges over 200 points on its way back to where it was in Jimmy Carter days. Anybody out there still want to trade in their Social Security retirement checks for a 401(k)?
7 – Excellent. These dumbass REPUBLICANS can only ape what morons like Phil Gramm spew that we’re in a “mental recession”, that we’ve become a “nation of whiners”.
Keep it up Phil. It looks like you don’t want your candidate to win anymore than he does.
Good.
@7 We’ll be lucky if gas prices stay in the $4 range through 2009. A guy at Goldman Sachs is predicting $7 by 2010. Meanwhile, Business Week Online posted an article last night saying there’s no way the Saudis can deliver on their promises of ramping up production to 12.5 million bpd.
One of the posters a week or so ago argued that George W. Bush was like an airplane pilot who takes over the controls while a plane is in a nose dive, restores control, then slowly regains altitude. His point, I think, was that Cinton was to blame for the dot.com crash, and that somehow Bush should be given credit for saving the economy after that.
I’ll agree that by picking any given date, we can manipulate the averages one way or another. That’s why I use inaugeration dates, because it seems the most impartial measurement. But more importantly, his analogy just doesn’t fit the facts.
I’m also willing to avoid giving any President blame or credit for activity in the stock markets for the first year of his Presidency, perhaps even the first two years, unless his specific activities contributed toward that result.
So with that in mind, let’s break down the Bush II presidency into two seperate administrations.
Bush II First Term – Opening stock market on 1/20/2001 was 10,587.59, closing stock market at end of term on 1/19/2005 was 10,505.46, for a –82.13 point loss over four years, averaged at -0.19 per year. Of course, Bush had to deal with the dot.com collapse and 9/11 during the first year of his Presidency, and the Iraq war in his third year. But these figures show the economy had stabilized from those problems by the end of Bush’s first term, and the Iraq war should have been a temporary economic boom (using borrowed money for current expenses).
As an aside, I note that the performance of the DJIA average during Bush II’s first term almost exactly matches the performance under Carter’s Presidency (-0.87% loss under Carter, vs. -.078% loss under Bush II. Carter also had his own economic and foreign policy challenges, some not of his own making. But that’s a subject for another post.
Bush II Second Term: Now, let’s take a look at Bush II’s Second Term. It seems like a convenient break-point, with the DJIA having pretty much recovered from the dot.com crash and 9/11. The starting DJIA on 1/20/2005 (Bush II’s second inauguration) was 10,505.46. At mid-day today (Friday 7/11/2008 at 9:45 a.m. PDT) the DJIA was at 11,005.12. This represents a net gain, over three and a half years, of 505.72 points, or 4.81%, which averages to + 1.38% per year over the course of Bush II’s second term. Again, an anemic rate of return, in spite of considerable intervention by the Fed, substantial incentive payments directly from the treasury to taxpayers in order to prime the pump, and no outside forces at work which weren’t easily within the anticipation and policy guidance of the Bush administration, if it had cared to do so.
So anytime someone tries to excuse the economic performance of the Bush administration based upon the dot.com crash or 9/11, remember these figures. If you think economic gains of less than one-third the rate of inflation is good economic management, then vote Republican. If not, vote for Democrats.
For one thing, where will Saudi Arabia get 5 million bpd when Ghawar fizzles out? Ghawar, the world’s largest oilfield, has been in production since the 1950s. The oil is extracted by injecting seawater into wells around the periphery of the oilfield to force the oil up through well pipes. Needless to say, the ring of injection wells started at the outside and moves ever inward as oil is removed. If you look at a color-coded map of Ghawar, you’ll notice that the ring of blue dots (representing seawater injection wells) is about to converge at the center, meaning that Ghawar’s oil is nearly gone. Also, two or three decades ago, what came up from Ghawar’s oil wells was 3 barrels of oil for every barrel of water; now that ratio is reversed, and Saudi Arabia has to use gigantic separators to remove the oil from the water. Yet, even today, the world depends on Ghawar for 5 million bpd of total global production of 74.5 million bpd of petroleum! That means when Ghawar poops out and goes offline a few years from now, the world will lost nearly 7% of its oil supply — and it could happen virtually overnight!
Meanwhile, in Mexico, the world’s second most productive oilfield — Cantarell — is already in the advanced stages of crapping out. Production at Canterell has already declined from over 2 million bpd to well under 1 million and is expected to swiftly descend to 50,000 to 100,000 bpd. Canterell is declining at a rate of 15% a year compared to 2% to 3% for the average supergiant oilfield.
In other words, the world’s two most important oilfields are both tottering old geezers that are barely alive on life support! When — not if — the world loses both Ghawar’s and Canterell’s production nearly 10% of global petroleum supplies will disappear. Poof! Just like that … we’ll see the Mother of All Oil Crunches!! Trust me, it won’t be pretty.
Anyone who thinks gas will stay at $4.50 is a damned fool. Get it cheap while you still can.
Back in the 70s, Jimmy Carter tried to set us on the path to post-oil energy independence. But Reagan dismantled Carter’s energy initiatives as soon as he got into office — and replaced them with … nothing. If there’s been one constant theme of conservative economic policy over the last 25 years, it has been conservatives’ grim determination to keep our economy dependent on oil until every last fucking drop has been sucked out of the ground, and every last fucking dollar has been sucked out of consumer pockets. Thanks for nothing, conservatives!
And they love to bleat about how bad a president Carter was … let me tell you something, if this country had listened to Carter, we wouldn’t be facing the destruction of America’s middle class.
When the sky falls on the Reagan Democrats whose votes made this fiasco possible, it’s going to be awfully hard for me to feel sorry for them, and I’m not at all sure I want them back in our party after they pull themselves out of the rubble and need Food Stamps and Energy Assistance from DSHS to keep their families from starving and freezing.
“I found the dumbest anti-pot column I’ve seen all year.”
I thought the guy who wrote the “Reefer Madness” script was dead. Is he still around?
The neocons are no doubt drooling all over themselves at the prospect of Freddie Mac and Fannie Mae collapsing, so they can cite them as proof that nothing created by the government is worth a damn unless it kills people.
Oh yeah, that check everybody got in the mail from the Treasury?
It’s worked wonders for the economy hasn’t it?
Dumbass REPUBLICANS – you’re so easily taken.
Well, I can’t stick around all day, watching the DJIA ticker and wondering whether it will close below 11,000. For me, the magic figure is 10,587. 59 – the opening DJIA average for the first Bush inauguration. I really never thought that after eight years, it would have a negative growth rate, but another two or three days of losses like we experienced this morning, and it might happen.
Unfortunately for me, most of my money is in my 401(k), which has very limited investment options. I’m watching my retirement account sink steadily.
(Gee, I notice none of the usual trolls are on board this morning, defending Bush’s economic policy!)
RR @ 14: To their credit, the Saudis have tried to keep some of that oil in the ground over the decades, but the U.S. has twisted their arm repeatedly to pump more oil in order to keep the price low. So if their oil fields are running out now, we are partially responsible. The Saudis also realized that their oil wealth was a one-time thing, and have sought to diversify their investments internationally – although that wealth is concentrated among the extended Royal family and their allies.
The Mexicans, on the other hand, haven’t exercised as much foresight. They’ve been pumping those wells dry at a pretty rapid rate to finance current expenses. They have also given their people gas at below-market rates to score political points with the voter (the LA Times reported gas in Mexico at about $ 2.50 p/gallon).
The Bush administration based its claims that Social Security will become insolvent on the assumption that economic growth would average only 1.6% a year from 2020 through 2075, even though the economy has grown at an average rate of 3.8% since 1929 (including the Great Depression years).
There may have been a semi-factual basis for these claims after all. Apparently they believed Karl Rove would succeed in establishing a permanent Republican majority.
@18 YLB:
Jealous you didn’t get one? Oh, that’s right, you had to have been a taxpayer to qualify.
I wonder how much per barrel BushCo has been paying to fill up the strategic reserve, and how he’s going keep from being too obvious about using it to flood the market and bring the price of gasoline down by 75 cents or so by mid October.
Looks like someone might owe Aaron Reardon an apology.
http://www.thenewstribune.com/.....09914.html
I seem to remember all sorts of claims from the pro Prop. 1 crowd on HA that if we didn’t vote for it, we’d never, get a rail network built. It was Prop. 1 or nothing.
That doesn’t seem to be the case.
Today’s Rasmussen Poll #’s–
Friday, July 11, 2008
“The race for the White House is getting a bit closer. The Rasmussen Reports daily Presidential Tracking Poll for Friday shows Barack Obama’s lead over John McCain down to a statistically insignificant single percentage point, 43% to 42%. Prior to today, Obama had enjoyed at least a four-point advantage every day since Hillary Clinton dropped out of the race over a month ago. This is the first time his support has fallen below the 45% level since May 31.”
6 “I can already visualize Dave Horsey at the P-I doing a caricature of Poor Frank waiting in line at DSHS to apply for Food Stamps, while the Hearst execs dance gaily on the fishwrapper’s grave!”
Naaah. Dave’s far too nice a guy. Besides, both he and the Hearsts probably realize (as Frank should, if he got his head out of his ass) that at this point in time, the failure of one paper hurts all the others.
26 Cyn
Although no one knows what will really happen, in a change election (such as 1980), the undecideds tend to take a long time to break, but they break for the change candidate.
These numbers also predate McCain’s top economic advisor “Dr. Phil” scolding us all for our whining about losing our jobs and homes.
In other news, Rasmussen shows Chris Gregoire up six on Dino Lossi:
How do compassionate democrats solve the problem of the homeless?
In denver, in order to put on a good face for the country when the media is focused on the DNC the city of denver decided to send the homeless on trips to the zoo and other tourist attractions. Even giving them free tokens for the bus. Anything they can do to hide them from tv viewers. Hell, they even bought some big screens so the homeless can sit in shelters and watch tv. Anything to keep them out of sight from the winners of life’s lottery. The important people attending the DNC do not want to be bothered by losers of life asking for help or for a dollar for food.
Sad and pathetic display of hatred from the democrats in denver.
The bottom line, the democrats can’t have a bunch of dirty homeless people wandering asking for Change.
More Rasmussen:
The Rasmussen Reports Balance of Power Calculator shows now Obama leading in states with 210 Electoral College votes while McCain leads in states with 171 votes. When leaners are included, it’s Obama 293, McCain 227.
29 MS
Yes, it’s obviously hatred that prompts people to give free stuff to the homeless. Republicans just can’t understand altruism. They’re not constutionally capable of doing so. The bleak outlook required for Republicanism seems just sad to me.
@29 We all know how deeply you America-hating, fascist pig fuckers care about the poor.
@29
I didn’t realize that part of holding a national convention in a city is solving that city’s homelessness problem.
Of course, in St. Paul, the homeless people might be able to make some cash off the Republican Convention if they know how to suck a good dick and be discreet about it. Maybe you could teach them, Marvin? I hear that’s your area of expertise.
Funny you mention this. Just yesterday I was hanging with some homeless and they were saying they just don’t get out to the zoo or museum enough.
If you call hiding the homeless altruism then yeah, you’re a liberal.
Why aren’t they giving them homes, food, jobs, things that are important to life. A trip to the zoo is just getting rid of them. Just like the government hospitals in los angeles dumping patients in the street.
It must suck to be a democrat and having to explain you kind that true kindness is getting those that aren’t good enough to go away out of sight. Out of sight, out of mind.
@33 “the homeless people might be able to make some cash off the Republican Convention if they know how to suck a good dick and be discreet about it.”
Actually, if you recall, it’s Republicans who are willing to pay ($20) if they can blow big scary black guys in Florida park toilets. So maybe the big, scary, homeless black guys in St. Paul can make a few bucks for being blown by the visiting self-loathing Republicans. Republican pervs need to be careful, though. Historically, they seem to have difficulty differentiating between homeless blacks and black undercover cops.
@34 Speak of self-loathing wing-nuts who pay to blow big, scary black guys in a park toilet and look who shows up – My Favorite Marvin.
Given the fact that the ass-licking right wing turds here never even respond when we are presented with yet another republican who is against gays is gay story, we have to assume the republicans have become much more accepting of gays or they have just always known that republicans like to suck dick.
@37 “republicans have become much more accepting of gays or they have just always known that republicans like to suck dick.”
Roger, there’s plenty of evidence out there that Republicans will even pay to suck dick – as long it’s a big, scary looking black guy’s dick and they’re both in a park toilet and the Republican has $20 in his pocket to “blow”.
Only a homophobe thinks being a cocksucker is a bad thing.
So lee, tell us all why you are a homophobe? The usual reason, small dick?
@39 Troll projection. Psych 101. So anyway, too bad you’ve got a small dick, Marvin. That’s probably a real downer for you.
Don’t you Libs just hate it when trolls project and reveal things nobody really cares to know about them?
Funny, still no Repubican defense of the Bush Economic “Miracle”. Lots of attempts to divert the discussion away from that subject, though.
I didn’t think you would have the balls to bring up my expertise. Since you brought it up, no reason for me to be discreet about it. When I first posted here Lee sent me an email. I was up visiting my sister in NE washington so I made the trip to Lee’s place after. I’ll give you the address as proof if Lee doesn’t mind I make his address public. Lee had a couple friends over. We were all drinking and smoking some herb. Lee wanted to go first so he stood up and pulled down his shorts. The 4 of us tried not to laugh but lee had the smallest dick I ever saw. It just barely stuck out past his pubic hair. I refused to waste my time on something so small, his friends all had man-size dicks.
Sorry lee, punk me and I’m going to spill the beans.
Good thing for you that you don’t depend on your psychological analyzing to make a living.
@39
Only a homophobe thinks being a cocksucker is a bad thing.
Who said being a cocksucking whore is a bad thing? I certainly didn’t. If it’s between consenting adults, I don’t care what you choose to do to make money.
@42
I didn’t think you would have the balls to bring up my expertise. Since you brought it up, no reason for me to be discreet about it. When I first posted here Lee sent me an email. I was up visiting my sister in NE washington so I made the trip to Lee’s place after. I’d give you the address as proof if Lee doesn’t mind I make his address public.
Go ahead, print my address – and tell everyone what color my house is too so that they’re absolutely certain you’ve been here.
Projection, Psych 101. So anyway, too bad you hate america and fuck pigs, Steve. That’s probably a real downer for you.
Don’t you just hate it when someone projects and reveal things nobody really cares to know about them?
DJIA closed today at 11,100.54. Bargain-hunters made up for some of the earlier losses when the Dow fell below 11,000 briefly. But the DJIA still lost 128.48 for the day.
@43 “Good thing for you that you don’t depend on your psychological analyzing to make a living.”
Actually, given my education in pyschology, I probably could have done quite well for myself. However, I pursued a career in electrical engineering instead.
For what ails you, I’d want to skip the neo-Freudian dream interpretation crap (a waste of time for someone with your deep-seated neurosis – did your mother hate you or something, Marvin?)and instead recommend a very intensive abreactive therapy.
@20 “The Saudis also realized that their oil wealth was a one-time thing, and have sought to diversify their investments internationally”
Yeah, they now own half of the U.S.A., but that’s turning out to be not so hot an investment.
@47 “recommend a very intensive abreactive therapy”
What calibers does abreactive therapy come in?*
* Hey, just kidding! We do a lot of wingnut humor here because so many wingnuts read this blog.
Looks like Bernanke’s been called upon again, this time to crank up the printing presses to help prop up Freddy and Fannie for a while longer, probably until about 10 minutes after the polls close in Hawaii in November.
Feds seized IndyMac today. I hope the depositors all had their accounts limited to the amount covered by federal insurance.
34 MS
See? There you go, showing us how as a good Republican you do not believe a good deed can have anything other than a base selfish motive.
The article stated explicitly that city officials were doing this so that homeless people who live in the convention area have more or less an avenue of escape from the convention. Given your utter lack of supporting evidence, we can only conclude that the motive to “hide” the homeless is entirely your invention.
But let’s examine this figment of your bleak outlook on life.
In the logic of today’s Democratic Party and 2008 campaign, why in the world would Democrats want to hide the homeless? Homeless people are a Democratic asset, especially now in a time when the rich are getting richer under Bush’s tax policies, while we ordinary folk are losing our jobs and homes and getting sick and injured without insurance while watching our banks fail, and John McCain’s top economic adviser is telling us we’re “whiners” for not liking it.
So homeless people make great examples that we can [a] blame on Bush, and [b] use to justify greater social insurance spending.
Sorry MS, your logic (such as it is) does not hold water.