Consumer Prices Rise at Fastest Pace in Quarter Century »
Posted by: ybdogsct 1 month, 3 weeks agoSoaring food and energy costs pushed consumer prices up in June at the fastest rate in a quarter-century, further pressuring households already buffeted by rising joblessness, falling home prices and a sinking stock market.
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ybdogsct1 month, 3 weeks ago
And no, oil prices did not fall just because Bush uttered the word "Drill." It's laughable how Bush's legacy is so disastrous that his apologists will desperately grasp at ANYTHING as a signal for success. Who would have thought just 2 years ago that Bush's apologists would be patting his back for oil at $133 and the Dow Jones at 11,000?
LOL.
The price of oil dropped because speculators drove the prices down, not because Bush said "drill." Traders believe the high price of oil is having an adverse effect on the economy and is reducing demand. Gasoline supplies also unexpectedly rose by 2.4 million barrels.
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Goppy1 month, 3 weeks ago
Well jovial ... you shouldn't 'diss' our resident Queen of Propaganda!
You know, that thread caused me to have a new theory about OmegaGnosis!
Tucked away towards the end of that thread was this line from Omega ...
"Six long years ago, Presdient Bush had the foresight to demand that Congress allow drilling in a ... "
See?
That's when I realized that Omega is completely disenchanted with the whole process - since her preferred candidates didn't capture America's interest. Not Giulianni, not Romney, not Thompson, and not Huckabee.
She dont really liek McCain - (he wasn't even her FOURTH pick). So she's got no candidate to root for. That's why she has been reduced to promoting the goofy stuff she's been submitting lately.
It's all just a big goof on her part!
But MAN ALIVE! It shure does get the Righties Up In Arms!! You know, Disillusionment and Disenchantment can be POWERFUL motivators!
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mark-stevens1 month, 3 weeks ago
And the stock market dropped today when it was reported that "there's no business like show business"
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mcgrievysr1 month, 3 weeks ago
ybdogsct----"And no, oil prices did not fall just because Bush uttered the word "Drill." It's laughable how Bush's legacy is so disastrous that his apologists will desperately grasp at ANYTHING as a signal for success"
Well the flip side of their claiming that Bush drove the oil prices down a few bucks with his "drilling" utterance is that they then have to admit that he is directly responsible for oil prices being in the stratosphere in the first place. No matter how you cut it, the man is an unmitigated disaster. The apologists can say anything to gloss over the fact that he's an incompetent sh1t.
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vor1 month, 3 weeks ago
My thoughts exactly. Politicians take credit for the economy when it is good and refer back to their predecessors for blame when things turn bad. But Bush is at least somewhat responsible for the current state. He made the mistake of every bad businessman. Slow, steady growth has always been responsible. But spiky, short term growth almost always leads to a sharp downturn. Bush falsely stimulated the economy numerous times with his tax cuts and ran a war off-budget without any additional revenue coming in.
To be bi-partisan the Dem idea of further tax rebates introduced by Pelosi may be the stupidest idea in the history of US politics (besides Bush selecting Cheney as VP). All off-budget money is borrowed. To create further debt is criminal and shows that neither side has a clue as to what to do. I can only hope Obama slams the very suggestion. He probably will not for political reasons.
Whose fault is it that Americans don't understand this is a very bad idea?
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dunkirk1 month, 3 weeks ago
If you look at Bushs economic policies ( or lack thereof) we could be headed for a depression that would make the great depression look like a mild economic slump. great Job Georgie. One only look at georges resume entry for his presidency
Took a national budget surplus and managed in less then a year to wipe it out. And thru nonsensical budgetary policy turned the nation into the largest debtor nation in the history of the world.
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ybdogsct1 month, 3 weeks ago
http://news.yahoo.com/s/ap/20080715/ap_on_bi_ge...
"Mounting concerns about the risks inflation poses to the U.S. helped spark the declines. Analysts also attributed the sell-off to Thursday's expiration of options contracts, which tend to increase volatility, and to computers programed to automatically sell once prices reach certain thresholds.
The Energy Information Administration reported U.S. crude oil stocks rose by 3 million barrels, or 1%, last week. That is the opposite of the 3 million barrel draw analysts expected.
Even so, prices remain no lower than they were a week ago. Longtime market observers cautioned that the turnaround may not signal a lasting shift in sentiment — prices have swung violently in recent days as they flirted with record highs."
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jovial1 month, 3 weeks ago
Same technique on the war. They applaud every minute improvement yet fail to look at the overall picture. The economy is on the skids. This is pretty serious stuff. Even with the lowest interest rates in numerous years, I fear that this economy is going to make an enormous correction anyway. The middle class and the poor is going to be hardest hit. Things aren't going to be the way they used to be for a very long time. It's time to get politics out of this. We need the greatest economic minds right now and a leader to make sweeping changes to the way things are done in business here in America. We don't have time for political pandering. Gas prices are high and they will remain high.. period. No drilling our way out! Someone has to make some rules for these businesses that are putting profit in front of common sense and destroying this nation. I just hope it's not too late.
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Goppy1 month, 3 weeks ago
You have to understand the right wing 'mind'.
It's completely motivated by FEAR.
That's why they make such poor planners. That's why they are such poor stewards of government.
Nothing should ever be changed .... EVER.
UNLESS there is a perceived crisis.
THEN ... we must all embrace THEIR plan ... which has an uncanny ability to enrich the wealthy and empower the empowered.
Think about it.
We've been aware of the problems our nation faces with dependency on foreign oil for 40 years ... ever since the oil embargo.
Have Republicans offered any solutions?
GET REAL!
They have only opposed every conservation measure ... knowing that ONE DAY ... they would be in a position to be able to say .... "See? We TOLD you we needed to open up off shore drilling.... we TOLD you we need to open up ANWR."
NOW WE'ARE ALL GOING TO FREEZE THIS WINTER BECAUSE OF YOU LIBBIES!!
It's basic Neo-Conservative stuff. Ideology first ... Nation - somewhere down the list.
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antibrainwasher1 month, 3 weeks ago
Not according to Fox news....
Rummy was CEO of a major arms dealer/ military contracting company before recuited by the Rove/Bush machine. So of course was Halliburton's Cheney. Both have shown astronomical tax paid growth over the last 8 years.
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quackpot1 month, 3 weeks ago
By devaluing the currency, Bush has literally stolen 1/3 of your retirement savings.
Through massive borrowing, Bush has pillaged the bank accounts of the unborn.
All thanks to the Bush economic policy of:
--SPEND SPEND SPEND.
--Welfare for the ultra-rich.
--Borrowing from out children.
--Devaluation of the dollar through printing of massive amounts of new money.
The democratic policy of tax and spend is FAR better than this mess.
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engineer1 month, 3 weeks ago
You for got to mention the tax cuts, the Most Favored Nation Status for China.
The raiding of the Social Security Trust
The bail out of the financial institutions.
The raiding of 70% of our Federal Reserve to bolster the stock market.
The fact that the 23 Billion in FDIC will not cover massive bank failures
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jovial1 month, 3 weeks ago
Maybe more than 1/3. Eventually we will all be taxed on that money as well.
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hyperbola1 month, 3 weeks ago
Well, from bush family history, this is pretty much what one should expect. After all, Daddy Bush played a big role in the Savings and Loan scandal of the Reagan/Bush period that cost taxpayers an arm and leg (and bushie and his brothers also made corrupt profits already then).
Now junior has once again proved he is "better" than daddy by producing an even bigger financial corruption disaster.
By the way, wholesale prices are growing even faster than consumer prices - at the fastest rate since 1922.
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antibrainwasher1 month, 3 weeks ago
The second bank is UBS, a Swiss bank. It is one of the world's largest financial institutions, the world's largest manager of private wealth, and a public company of international renown. Yet, as we will hear today, UBS has an estimated 19,000 so-called "undeclared accounts" for U.S. citizens with an estimated $18 billion in assets that have been kept secret from the IRS.
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CHAM1 month, 3 weeks ago
Today I was watching C-Span and a guest noted that the inflation rate as reported by Bush and buddies was only about 1/3 of its actual value. Why?
Because that inflation rate does not include the increased cost of Groceries, Gasoline, and Utilities. That was purposefully left out by the Bush bunch.
The guy said the actual inflation rate was about 10% per year. In other words, if things don't change during the next Presidential cycle, your savings and assets values will decrease by 50% and everything will cost twice as much.
Listen up everybody
What got you broke, won't ever get you solvent!
We need to make a change in 2008.
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Goppy1 month, 3 weeks ago
One thing that most people don't realize is that Neo-Conservatism is founded upon the principle of 'The End Justifies the Means'.
And the "End" in this case is really not ... or SHOULD not ... be a secret.
If you look at two CONSISTENT patterns of behaviour.
1 - Willful Deception
2 - A 'Blitzkrieg' style of personnel implementation
Willful Deception is best exemplified by Albierto Gonzalez. In his Congressional Testimony on his role in the Politicization of the Judiciary, he said "I don't remember' dozens and dozens of times.
This is a kind of willful arrogance ... a strategy intended to deflect the questioners and protect the Perversion of Truth from derailing that Politicization.
It's called Protecting the Ideology.
The Blitzkrieg style of personnel implementation folds right into this. The Bush/Rove administration has been all about stuffing the Federal Government with as many 'ditto-heads' as possible as quickly as possible.
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CHAM1 month, 3 weeks ago
I agree with Goppy.
The plan is :
Create an enemy to defend against
Propagandize the need for "protection"
Convince the citizen that protection can best be achieved by the citizen surrendering individual rights
Provide leadership for the "Protection"
Centralize power in the protector
Become the "All Powerful" protector
Allow the Protector to set the rules
Serve the Protector
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antibrainwasher1 month, 3 weeks ago
And please visit the creationist museum in Cincinatti, that pocketed bastion of inbred right wing evangelical racist meagchurch homeschoolin' in the purple state of Ohio.
They have a family of caveman in an exibit with a pet velociraptor, and the fossil evidence to prove it. Only 4000 years ago!
Republican science at work, one nation, under Exon.
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wtagg1 month, 3 weeks ago
I think you could give Bush credit for decreasing the price of oil by saying drill.
Of course, you would then need to give him credit in raising the price with all of his utterances over the last 7 years.
He needs to do a lot of talking to make up for that and I don't think he has the chops for that type of effort.
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nikkibabe1 month, 3 weeks ago
As long as US continues rhetoric on Iran and says military action is open, price of oil will never dome down.
The price did not come down because scum bag said "drill" but because of economic slowdown and recession that is affecting pocketbooks. For all the crimes he has committed, someone should drill his A#$ off.
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SwampFox-82nd1 month, 3 weeks ago
Got a hot flash for you, kiddy: I wish I could line that bastard between my sights! Don't like that? Just don't stand in front of that weasel. I qualified expert at killing vermin in the 82nd Airborne at 250-meters...and you???
Now, my fellow American, do you aspire to running for office??
I think not, hero.
Best get a brain -- before opening that sorry mouth, amigo.
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antibrainwasher1 month, 3 weeks ago
Stand down fox, I like your posts, but that's way over the top. You don't think the CIA or counter terrorism security is reading that not so veiled threat, your wrong. We need your imput on propeller, but you'll get turned in and booted off the sight, and won't be able to get back on, cause they'll know your home computers address. Not to mention a visit from the Secret Service.
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Ratskii1 month, 3 weeks ago
It is always dangerous to say that because two things happen at about the same time, that one causes the other. The smart money (that I've seen on the news anyway) is thinking the price of oil came down a little because of the administration is holding talks with Iran.
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DarkWizard1 month, 3 weeks ago
Right now the so called economic experts are in a crisis mode because they are dealing with a situation that has taken approximately 30 years to culminate.
Simplified reasons for economic dilemma:
1) The Feds
2) Banks
3) Wall Street
4) Industries
5) Consumers
When one of these dominoes falls it isn't the end of the world. But, when one of these dominoes falls and directly affects the next domino, and so on, it becomes very hard to reverse. Right now the Feds are trying to figure out which dominoes to prop-up in hopes of regaining some ground on an inevitable crisis.
cont'd
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DarkWizard1 month, 3 weeks ago
The Feds, and banks, in having the power to manipulating certain factors have caused false highs in the economy instead of allowing for natural dips in the market. That is why each time we have a dip toward a recession it seems more drastic.
By forcing indicators to stay high, and not allowing for natural cycles in the market to balance out, bubbles are caused (and bubbles always burst). Eventually, there will come a time (now) when forcing the market up won't be sustainable. This is the dilemma. None of the usual ways of forcing the market up are working in an economic model that is essentially a paradigm shift.
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rushran1 month, 3 weeks ago
But the bush admin thinks the economy is doing good. the reports said the stimilus check boom BOMBED!!!!!!!!!!!!!!!
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canadianrancher571 month, 3 weeks ago
Now I'm sure that there are people out there that say here goes the old doom and gloom story again but if we look at the moves in the stock market, the mounting losses in the financial sectors and the intervention by government to support the whole system of late I think it is time to be concerned.
There is a group of people in society that figure that they are entitled to a return without risk and when things turn against them they run to the government, this group of people include both libs and cons. With the state of financial matters as well as the job situation plus inflation my only comment is "WE AIN'T SEEN NOTHING YET".
Regardless of whether the government changes in November or not the situation by next spring is going to be nothing short of scary.
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HMMace1 month, 3 weeks ago
Because the oil companys have not tried to increase gas production --we must create an oil company of this country--and for this country..
Namely---"THE UNITED STATES ENERGY COMPANY--
WITH NO TIES TO ANY OTHER COUNTRY..PERSON, WHOSE ONLY OWNER WILL BE THE PEOPLE OF THIS COUNTRY..WITH NO OFFICERS OF THIS COMPANY EARNING MORE THAN TEN TIMES THE LOWEST WORKER..
THERE WILL BE NO--STOCK OPTIONS..
CONTRACT BUY OUTS
All exisdting oil leases will be cancelled..all property of all oil companys in this country will be confiscated by the UNITED STATES ENERGY COMPANY...
THESE SAME COMPANYS PLOTTED AGAINST THE PEOPLE OF THIS COUNTRY--THEY DESERVE NO BETTER..
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