2008.11.18
We're doomed
Henry Paulson: “We have turned a corner on stabilizing the financial system.”
The economy is doomed to years of economic struggle. Why do I say this? Folks in this administration mean something different than most when they say a situation has "turned a corner." How many times did we "turn a corner" in Iraq over the last five and a half years?
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Talk about an ominous statement. I'm glad my retirement fund is in the hundreds of dollars at this point rather than hundreds of thousands.
Comment by Other John — November 18, 2008 @ 4:45 pm
Mine is in the hundreds of dollars, also. Unfortunately, it was much more several months ago.
Comment by Joe (not the plumber) — November 18, 2008 @ 5:33 pm
Iraq? We lose more Americans in Chicago than Iraq. And Iraq is supposed to be a war! Iraq is a stunning success as far as wars are concerned.
Comment by Henry — November 18, 2008 @ 8:22 pm
Henry, for one of the few times I (almost) agree with you! I don't know if "stunning" would be the word I'd use, but Iraq is a success. We did hear of a number "turn the corner" statements concerning Iraq, and each time there were improvements on the ground there. The improvements have been tough, and slow, but measurable. Only a media determined to blame Pres. Bush for every single problem that exists (and make up some that don't) would claim otherwise.
To be sure, Pres. Bush has his faults, and I certainly don't agree with all the decisions made in Iraq, but after winning the war we are finally winning the peace. It's not complete, and there will likely be setbacks, but the situation is generally trending upwards.
Personally, I'm not nearly as pessimistic about the financial situation as everyone else. I probably should be, considering my usual nature, but I think things will turn out alright in the long run. The improvements will be tough, and slow, but measurable.
Comment by Rob Miles — November 19, 2008 @ 7:06 am
My fear is that we will end up back in Somalia. Those pirates are really starting to have an impact.
Comment by Henry — November 19, 2008 @ 8:06 am
We probably will Henry. Big problem is that the international Navy's all feel like they can't do squat about the problem either. I read an article that said there was a coalition of several navy warships from Britain, the US, Russia, and some other countries and they have been in the waters near where the hijacks have taken place, but have not been able to prevent them because the pirates just wait for a ship to move out of their coverage limits. It's going to take some loosening of the red tape placed on warships to end this, so they can pursue and take out the pirates before they have another chance to take over any more cargo ships or oil tankers and hold them for ransoms. Blast a few of their little boats out of the water and execute captured ones on spot or in the middle of Mogadishu, and I guarantee this will come to an abrupt halt.
Comment by Other John — November 19, 2008 @ 8:36 am
Looks like they're on it, OJ.
Comment by Dan Radmacher — November 19, 2008 @ 8:44 am
That's good to see, hopefully the navie warships over there can sink a few more of these ships. One is a great start.
Comment by Other John — November 19, 2008 @ 8:53 am
The only solution is to put boots on the ground. Everything else is just a band-aid. I think the international community can handle it but they always seem to insist we invest heavily in the deal (see Bosnia).
Comment by Henry — November 19, 2008 @ 8:53 am
Yikes!
http://news.yahoo.com/s/ap/20081119/ap_on_bi_go_ec_fi/economy
Consumer prices plunged by the largest amount in the past 61 years in October as gasoline pump prices dropped by a record amount.
Comment by Henry — November 19, 2008 @ 10:14 am