To which Rep. Dennis Kucinich (D., Ohio) replied,[1]
"That statement that you just made you will hear about for the rest of your career."
Yep, that sounds about right. In the interests of their physical safety, Doomers are strongly encouraged not to read the rest of the WSJ article. I just about fell off my chair when I read this bit.
U.S. lawmakers kept up the criticism of the Treasury Department’s management of the $700 billion financial rescue plan on Friday, accusing officials of being disingenuous in the way they sold the program to Congress.
UPDATE: Check out "Bailout Anger Boiling: ‘Is Kashkari A Chump?’ ", by Diana Olick (posted about the same time as this)
… and by the way, thanks go to the Implode-O-Gang for their hilarious satire movie poster — Doom originally borrowed it here.
MORE:
Big hat tip to StockMarket-Implode for posting this embed.
Don’t worry, it gets worse.
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[1]: "Lawmakers Grill Kashkari on Changes in TARP Plan", by Michael R. Crittenden, Wall Street Journal, November 14, 2008.
Congress would have never approved this if it had known? Business 101, Law 101, Common sense 101. Get it in writing. Nothing but criticism. No leadership. Paulson with a blank check made out to whoever he pleases? What a joke. This is a corporation of greed and corruption. The common man is in deep doo doo.
Longtime regulars here will be familiar with the name “Peter Schiff” who has been dead-on accurate with his economic turmoil predictions for several years now.
Here is a nice rollup of a few FOX panel interviews with Schiff, with the idiots opposite him doing everything from mocking him, to laughing at him, to BETTING him he’s wrong.
Watching it now, it is somewhat amusing yet also reveals how the vast majority of “experts” like Ben Stein and Laffer are full of nothing but hot air, and really have no idea what they are talking about. It is time the general public realized this too, and stopped following what most talking heads say as if they actually know something.
http://andrewsullivan.theatlantic.com/the_daily_dish/2008/11/vindication.html
Mike C, thanks for the reminder how pathetic the financial talking heads can be. Most of them are just really bad used car salesmen. If anyone thinks this is the time to get into the stock market you only need to look at your video to see who you’ll be playing with. This is not the time to swim with the sharks.
Freemonster, I agree with you there!
…
Talking about gloom and doom, this FOX interview takes the cake. I’m not posting it because I believe it, but because I am absolutely stunned that we are living in times where this serious conversation takes place…
“We will be seeing the end of retail Xmas”….
“Holidays 2012: Having food will be more important than having gifts”
http://www.youtube.com/watch?v=46MEqEgdLTg
I can’t help but conclude that Celente’s scenario is possible, and may be probable. My kids and their friends are starting to recognizing that debt equals servitude (if not slavery), and THAT is a major event. Dad is no longer considered an obsessive kook. I don’t see any way the geniuses at the helm can avoid either; massive deflation; hyper inflation; or seemingly endless stagflation. I wouldn’t mind being surprised though.
Igor says: 1929
I am a lousy proof reader.
Igor says: foolish
One thing i REALLY don’t like about the link I provided above is the caption that runs through the whole story, “Predicting Obama’s Impact”. *AS IF* the status of the economic mess in January is going to be his fault!!!
Well, what ELSE would you expect from FAUX news?
Despite the caption, the story doesn’t once attribute the predictions as being caused by Obama, which everyone knows would be insane.
Hutch- I certainly agree with Hutch’s advice on paths to take in college (ie: don’t encourage children to get degrees in art history, etc if you want them to be employed) , but I think that advice holds whether we are in dire times or not.