Bush addresses the nation on the economy and the stock market tanks. Irony

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Submitted by Alex_angel on August 10, 2007 - 6:10am

Isn't it wonderful at how little confidence wall street has in Bush. Watching his little speech on the economy yesterday made me laugh so hard that I nearly choked on a pretzel.

Submitted by Carlmichael on August 10, 2007 - 7:21am.

I'm not a Bush basher but I was baffled as I stood at my trading station watching his speech. He is possibly the most inarticulate president the nation has ever seen. The journalist were pressing tired subject matter that didn't seem particularly relevant. I hope the market continues to tank I'd rather get to a correction as fast and soon as possible.

Submitted by sdnativeson on August 10, 2007 - 7:42am.

It's naive to think that a president has any real control and/or effect on the market. Time to revisit your American government class. If you need to bad mouth Bush just do it and try to do it in a relevant manner.

Submitted by The-Shoveler on August 10, 2007 - 7:50am.

Nor_LA-Temcu-SD-Guy

Geezs ,

Wasn't it just Tuesday that everything was fine, best economy ever ????

Submitted by FormerSanDiegan on August 10, 2007 - 7:57am.

Didn't Paulson recently say it's the best economy he has seen in a couple decades.

Submitted by bsrsharma on August 10, 2007 - 8:12am.

I am a Bush critic, but his speech yesterday was one of his better ones. He basically said "Taxpayer bailout or help to losers over my dead body". Expect the blood bath to continue till Jan 20, 2009. To some he may appear cold, uncaring or unconcerned, but I saw it as "Tough Love" in practice.

Submitted by HereWeGo on August 10, 2007 - 8:29am.

I agree, carl. It's almost better if he just lets Paulson do the talking.

Submitted by Alex_angel on August 10, 2007 - 8:49am.

sdnativeson. You're kidding right? Starting a war in Iraq, running gas up because he is in the pocket for all oil companies,spending money like its going out of style, now he is going to try passing a bill to REDUCE the taxes forthese billionaire profit a quarter companies so that they can compete.

Yep, you're so right that he has no effect on the economy. That has to be one of the dumbest statements I have ever read on piggington and I have read a lot.

Submitted by PerryChase on August 10, 2007 - 9:02am.

Alex, do you still believe that 4S is the place to buy?

The billions in losses in the mortgage market is not due to a few defaulting homeowners, but millions of them. What does the mean? Those millions of homeowners cannot afford the mortgages they got into. Remember, the hedge funds are opaque and nobody knows who owns those non-performing mortgages.

Are you still dancing although we've hit the iceberg? (I stole that from an article I read).

I don't think that anyone has confidence in Bush anymore. Come the September report on Iraq and his credibility will have evaporated. He's been telling us that Iraq will turn around for the last 4 years. Does anyone believe him anymore?

To the politicians out there: give us the complete truth and allow us to swallow the bitter pill.

Submitted by sdnativeson on August 10, 2007 - 11:08am.

Lol, I guess that would make yours the dumbest....
Again, revisit your american government,

All legislative powers granted to the federal government by the Constitution are vested in the Congress. This means Congress writes\makes the laws, not the President.

Submitted by hipmatt on August 10, 2007 - 11:09am.

At least he had the guts to admit that easy money was the cause of volatility.

Submitted by 4plexowner on August 10, 2007 - 11:13am.

My mind seems to enjoy relating current events to movies that I have seen

Today I am remembering the scene at the end of Animal House where Kevin Bacon is telling everyone to remain calm as havoc is being unleashed all around him

I also remember that he was run over by the crowd ...

Submitted by drunkle on August 10, 2007 - 11:19am.

lobbyists write the laws. including the president. congress only stamps them.

the president submits the budget. congress only stamps it.

Submitted by Andy on August 10, 2007 - 11:33am.

In my jaded view, I'd say that the president is just a puppet for the corporations that funded his campaign. Same goes for most of the senate as well. Even those who aren't out and out puppets still have to makes sure they don't step on their financier's toes too much w/regard to the laws they write/pass.

Submitted by sdnativeson on August 10, 2007 - 12:01pm.

I don't believe the President can actually WRITE laws. That is beyond the scope of the office. He has veto power, which is not the same.
Drunkle, well, that is a little too simplistic and primarily inaccurate statement.
Andy, I have to say that the majority of time I share your view, but that isn't\wasn't the context my dialogue with Alex.

For the sake of simplicity:

http://bensguide.gpo.gov/3-5/government/...

Submitted by drunkle on August 10, 2007 - 12:31pm.

sdnativeson:

i honestly don't think there's any discussion here. you're flat wrong.

Submitted by sdnativeson on August 10, 2007 - 12:44pm.

drunkle;

just reading the constitution.

Submitted by CostaMesa on August 10, 2007 - 12:47pm.

Um, the president can't propose legislation that he'd like to sign? (with the not-so-subtle armtwist of the implied quid pro quo)

Google news search turns up lots of examples of press conferences of precisely this from early '01 to mid '06 - when most of the American public decided that Iraq flavored kool-aid didn't really taste all that great after all.

Yep, flat wrong.

Submitted by sdnativeson on August 10, 2007 - 1:08pm.

Proposing legislation isn't the same as writing it and doesn't mean it will be approved by the house and senate (that would be "Congress"). Vetoes can be overturned by majority votes in both houses ("Congress").

Congress authorized Iraq it as is their responsibility-read article 8.

Political bigotry abounds here along with ignorance as to
the laws of our nation (Constitution).

I'm curious, what is our form of government? Anyone?

If your attention span lasts long enough feel free to read below.

Section 7 - House to originate all revenue bills. Veto. Bill may be passed by two-thirds of each House, notwithstanding, etc. Bill, not returned in ten days to become a law. Provisions as to orders, concurrent resolutions, etc.
1. All bills for raising revenue shall originate in the House of Representatives; but the Senate may propose or concur with amendments as on other bills.

2. Every bill which shall have passed the House of Representatives and the Senate, shall, before it become a law, be presented to the president of the United States; if he approve, he shall sign it, but if not, he shall return it, with his objections, to that house in which it shall have originated, who shall enter the objections at large on their journal, and proceed to reconsider it. If after such reconsideration, two thirds of that house shall agree to pass the bill, it shall be sent, together with the objections, to the other house, by which it shall likewise be reconsidered, and if approved by two-thirds of that house, it shall become a law. But in all such cases the votes of both houses shall be determined by yeas and nays, and the names of the persons voting for and against the bill shall be entered on the journal of each house respectively. If any bill shall not be returned by the president within ten days (Sundays excepted) after it shall have been presented to him, the same shall be a law, in like manner as if he had signed it, unless the Congress by their adjournment prevent its return, in which case it shall not be a law.

3. Every order, resolution, or vote to which the concurrence of the Senate and House of Representatives may be necessary (except on a question of adjournment) shall be presented to the president of the United States; and before the same shall take effect, shall be approved by him, or, being disapproved by him, shall be re-passed by two-thirds of the Senate and House of Representatives, according to the rules and limitations prescribed in the case of a bill.

Section 8 - Powers of Congress
The Congress shall have the power

1. To lay and collect taxes, duties, imposts and excises, to pay the debts and provide for the common defence and general welfare of the United States; but all duties, imposts and excises shall be uniform throughout the United States:

2. To borrow money on the credit of the United States:

3. To regulate commerce with foreign nations, and among the several states,and with the Indian tribes:

4. To establish an uniform rule of naturalization, and uniform laws on the subject of bankruptcies throughout the United States:

5. To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures:

6. To provide for the punishment of counterfeiting the securities and current coin of the United States:

7. To establish post-offices and post-roads:

8. To promote the progress of science and useful arts, by securing for limited times to authors and inventors the exclusive right to their respective writings and discoveries:

9. To constitute tribunals inferior to the supreme court:

10. To define and punish piracies and felonies committed on the high seas, and offences against the law of nations:

11. To declare war, grant letters of marque and reprisal, and make rules concerning captures on land and water:

12. To raise and support armies, but no appropriation of money to that use shall be for a longer term than two years:

13. To provide and maintain a navy:

14. To make rules for the government and regulation of the land and naval forces:

15. To provide for calling forth the militia to execute the laws of the union, suppress insurrections and repel invasions:

16. To provide for organizing, arming and disciplining the militia, and for governing such part of them as may be employed in the service of the United States, reserving to the states respectively, the appointment of the officers, and the authority of training the militia according to the discipline prescribed by Congress:

17. To exercise exclusive legislation in all cases whatsoever, over such district (not exceeding ten miles square) as may, by cession of particular states, and the acceptance of Congress, become the seat of the government of the United States, and to exercise like authority over all places purchased by the consent of the legislature of the state in which the same shall be, for the erection of forts, magazines, arsenals, dock-yards, and other needful buildings: And,

18. To make all laws which shall be necessary and proper for carrying into execution the foregoing powers, and all other powers vested by this constitution in the government of the United States, or in any department or officer thereof.

Submitted by CostaMesa on August 10, 2007 - 4:37pm.

Perhaps we have a difference of opinion. I struggle to believe that the United States Constitution actually matters to a guy who's clearly motivaed primarily by the opportunity to improve his social standing amongst a handful of oil tycoons.

Look closely at those words and recognize that that's what's currently written on the White House toilet paper - as evidenced by the ACTIONS of the Bush administration.

But, ultimately, neither of us will ever change the other's mind. However, if one American feels compelled to question my competence, patriotism or other intangible quality for no greater reason than I do not agree with them - well, I hope they're ready to deal with someone who's ready to stand up for themself.

The conservative's approach of painting anyone not drinking their koolaid as some kind of defective entity just ain't got the traction it once had.

Submitted by cyphire on August 10, 2007 - 7:19pm.

CostaMesa... IF YOU DON'T LIKE IT HERE>>>> WHY DON'T YOU LEAVE! YOU COMMIE SUBVERSIVE PINKO LEFTIST PIECE OF TRASH!

Submitted by cyphire on August 10, 2007 - 7:25pm.

Just kidding.... I was expressing the OC opinion of a lot of your neighbors! I am a Bush hater... I just can't get up the venom anymore. I like when John Stuart on the Daily Show says that the Bush establishment provides him with so much ammunition that the show writes itself.

He isn't only crapping on the constitution, he is crapping on the American people. He spent more money than could almost be argued was humanly possible, and what he has gotten for the money is the world hating us, the Arab world in flames and really hating us, and a huge payday for the oil and guns segment of our economy.

What pisses me off is the smug happy way he goes along, screwing up the country and taking care of his friends. If anyone told me where the country would be in 07 I would have told them that they were smoking something....

I pray, seriously pray (and I am not religious) that he spends the next 20 years trying to understand just what a shit he really was and how badly he performed. I hope that he gets that understanding in Federal prison, and I hope that Rove shares the cell with him.

Submitted by SD Realtor on August 10, 2007 - 10:36pm.

I always feel so ashamed to admit I voted for him... I do think that when it is all said and done... many years into the future we will look back and he may parhaps be one of the worst presidents we ever had....

Please don't take this post as an endorsement of any of the candidates in either party...

SD Realtor

Submitted by NotCranky on August 10, 2007 - 11:00pm.

"many years into the future we will look back and he may parhaps be one of the worst presidents we ever had...."

Why put off until tomorrow what can quite reasonably be done today?

Submitted by cashflow on August 10, 2007 - 11:32pm.

What kinda choices have we had for candidates? Not great ones...maybe the governator will get the constitution changed and run?? (yes that's sarcasm)

I think the biggest issue is the media...they really control the bias set against candidates...what successful, smart person, wants to have their entire lives discussed and trashed...with all the media bashing and irrelavent info. during the elections it's hard to know what to think. It will be interesting in '08!

Submitted by CostaMesa on August 11, 2007 - 12:17am.

The media is simply a bunch of lazy parrots that repeat whatever they're taught to say. The people doing the teaching are typically those with enough dough to be able to pay someone to teach the talking heads to say what the rich guy wants them to say. That's quite a bit like the guy who pays people to stand in front of Home Depot with petitions titled 'save our schools' or 'make taxes more fair'. There's always someone behind the scenes trying to manipulate the masses through whatever means that are necessary to achieve a desired goal.

It usually isn't hard to see through the BS and recognize that the wizard is just behind the curtain.

What was the last legitimate news story that was reported by the news that wasn't based on either a press release or a police report? Seriously! Don't give them too much power - the real problem is the sheeple that are too fat/dumb/happy to think for themselves, question what they're being told and then reach out their arm and pull the curtain back.

Submitted by Raybyrnes on August 11, 2007 - 8:42am.

Cyphire

Short note to let you know that I enjoy your posts and insights. I think that they are generally on the mark. But here is a question? How would things have unfolded with a democrat at the reigns?

If Republicans have been so bad, why is it the the Democrats can't run someone that can present a message as to why their party would be better for the American Public?

These questions are not slanted they are simply rhetorical.

Submitted by PerryChase on August 11, 2007 - 9:45am.

Because progressive liberals are more intellectually honest and they aren't as good at maligning the other side as unpatriotic and weak (on crime, immigrants, terrorists).

Why do families go back to the church were their children were molested? Why do poor whites in Red States vote to lower the capital gains tax (if they even know what that is)?

-------

Al Gore would not have gone to war in Iraq. Thousand of Americans and hundred of thousand of Iraqi would be alive today.

America would have higher mileage cars and Ford would not be near bankruptcy.

We would have an alternative energy industry that would provide some good paying jobs and exports for America.

We would still have the surplus carried over from the Clinton years, no war debt and we wouldn't have to borrow from the Chinese or the Saudis.

Just a few important things.

Submitted by drunkle on August 11, 2007 - 10:04am.

"Al Gore would not have gone to war in Iraq. Thousand of Americans and hundred of thousand of Iraqi would be alive today. "

probably true.

"America would have higher mileage cars and Ford would not be near bankruptcy. "

probably not true. rep controlled congress at the time, dem take over unlikely if gore were pres.

"We would have an alternative energy industry that would provide some good paying jobs and exports for America. "

ditto

"We would still have the surplus carried over from the Clinton years, no war debt and we wouldn't have to borrow from the Chinese or the Saudis. "

possible, but the dot bomb, was putting a squeeze on the economy at the time...

bottom line, however, when asked "what/who are the alternatives", i think we're seeing that *anyone* would have been better than bush. even the corvair guy, what's his name...

edit: there's a john stewart bit regarding cape wind and fat kennedy... nimby politics on off shore wind power...

Submitted by Arraya on August 11, 2007 - 10:25am.

Cyphire your question does not make sense there is no connection between how bad the Bush administation is and the Dems lack of ability to succesfully market a president to the ameican people.

That's like saying because McDonalds sells the most food in the world therefor it is the best....

Submitted by sdnativeson on August 11, 2007 - 11:42am.

Clinton, Al Gore... I am no fan of G. Bush but the sycophantic attitude some people here have of those two.. well... Baaaaa Baaaaa! Political bigotry abounds here and as bigotry supposedly is largely based upon ignorance - connect the dots.

Any individual that is politically polarized is not, imho, intelligent much less any type of free-thinker.

fourplexowner made a comment how he associates a movie with current events.

The movie I associate with this thread is the movie "Being There".

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