America: Leading the way again

by lestro

Seems like for so long now, the rest of the world has looked down its nose and disregarded the US.

It’s probably been only about five or six years, but it feels longer.

Anyway, today we get another sign that the rest of the world may again start taking its cues from the US.

Just one day after President Obama attacked Wall Street for giving out huge bonuses to the people who drove their companies into the ground after taking bailout money from the government and then he set caps on the salaries (still more than 10 times the national average salary) for people in firms getting our money, other world leaders are jumping on the bandwagon as well:

President Nicolas Sarkozy blistered financial traders and ruled out bonuses for managers of banks bailed out by state funds as he sought Thursday to reassure a nation still jittery following nationwide strikes sparked by the global economic crisis….

Sarkozy sternly announced that there would be no bonuses in 2009 at banks that had received state aid. He also said he would consider a cap on salaries for top managers of companies that received public funds but was skeptical about making it a hard-fast rule.

Why did he do it?

He called on a joint European response to the crisis, which he said he had discussed in a recent telephone conversation with President Barack Obama.

”I told him that I feel an ally of the United States, but one country cannot lead the world.”

I’ll admit it: it’s nice to be the Top Dog again.

But Fred said the economy is doing great

by twit

How could this be?

McClatchy reports on September 5, 2008:

Employers shed jobs in August for the eighth consecutive month, and the unemployment rate shot up to a higher-than-expected rate of 6.1 percent, the Labor Department reported Friday.

The jobs numbers released by the Bureau of Labor Statistics point to continued slow growth. On top of this week’s Wall Street volatility, the continuing housing crisis and weak retail sales, many economists are again suggesting the U.S. economy may be on the brink of recession.

“The spike in the unemployment rate to 6.1% and the eighth month of continued job losses confirm that recessionary conditions persist in the labor market. Working families are in real trouble,” said Jared Bernstein, EPI senior economist for the liberal Economic Policy Institute.

But Fred Thompson said

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love letters from gangsters and thieves

by twit

why, Alan… my, how you do go on

Former Federal Reserve Chairman Alan Greenspan said on Tuesday the U.S. economy was in recession, and said it would be appropriate to tap public funds to resolve the mortgage-related crisis that has helped pull the economy under.

why, Bubba… my, how you do go on

Mark Penn, who lost his job as chief strategist to the Clinton campaign because of his work for the Colombian government on a controversial trade pact, wasn’t her only adviser with such ties. Another is Bill Clinton.

Mr. Clinton supports the pact with Colombia even though his wife opposes it, a Clinton campaign spokesman said Tuesday.

why, Karl… my, how you do go on

… even Rove had to agree that Sen. Clinton has run a poor campaign.

“She has run a horrific campaign,” said Rove. “It has been astonishingly bad. … [Obama] has strategically always run a better campaign than she has tactically.”

why, Energy Information Administration… my, how you do go on

… the Energy Information Administration predicted that average gasoline prices will shoot up to $3.60 a gallon in June and average $3.54 per gallon over the summer driving period, an increase of 60 cents a gallon over last summer.

It’s entirely possible, EIA Administrator Guy Caruso said, that gasoline prices could top $4 a gallon during parts of the summer driving period, defined as April 1 to Sept. 30.

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signs of the times

by twit

https://i2.wp.com/www.classicscentral.com/hold1/les-mis.jpg

this is up on drudge:

LES MISERABLES:

Man in Wheelchair Robbed Bank…

…Man Accused of Stealing Pizza Pans

Wife, husband battle over hot dogs…

…mother and son arrested for stealing food

so i sent this in:

Man assaults sister over butter dispute

A 67-year-old man apparently punched his sister in the shoulder Thursday after he accused her of stealing butter from their mother, the Seattle police reported.

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mission accomplished?

by lestro

So the President today said we are not headed into a recession:

“I’m concerned about the economy,” he said. “I don’t think we’re headed to recession. But no question, we’re in a slowdown.”

Wondering whether this means we are already IN a recession, I did what any intrepid internet user might do and headed on over to Wikipedia:

In macroeconomics, a recession is a slowdown in a country’s gross domestic product (GDP), or negative real economic growth, for two or more successive quarters of a year.

An alternative, less accepted definition of recession is a downward trend in the rate of actual GDP growth as promoted by the business-cycle dating committee of the National Bureau of Economic Research.[1] That private organization defines a recession more ambiguously as “a significant slowdown in economic activity spread across the economy, lasting more than a few months.”

A recession may involve simultaneous declines in coincident measures of overall economic activity such as employment, investment, and corporate profits. Recessions may be associated with falling prices (deflation), or, alternatively, sharply rising prices (inflation) in a process known as stagflation.

Hmm. I am not an economist, but unlike the President, I do read the papers and I must say, they have been talking about this for a while.

I realize the President is a busy man and has many miles to jog and brush to clear and all, but you think someone would have mentioned this to him, if not an economic adviser, one of his oilman buddies bragging about his new boat or private island or something…

On one issue particularly worrisome to American consumers, there are indications that paying $4 for a gallon of gasoline is not out of the question once the summer driving season arrives. Asked about that, Bush said “That’s interesting. I hadn’t heard that. … I know it’s high now.”

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