Greed is Good
Finally....the economic data shows how bad things really are. There isn't a patch of blue sky anywhere; crude inventories down (so much for the rumor that tankers full of oil were just floating in ports) and the ECB dealt a body blow to the dollar by raising rates. The housing news from certain parts of the country are near catastrophic which is more bad news for the banks. But not to worry Bush will solve things......
As a side observation I think the Republican Party will be toast for a generation and look for a tightly regulated economy like France. This current "down turn" will be correctly viewed as a deep recession caused by unsupervised and unregulated Wall Street greed. Actually greed is an incorrect term, criminal activity is what has been going on and I've been in the business for a few minutes.
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I took a trip to the Outer Banks of NC a week ago, which has been in a building boom for ~ 20 years. I drove all over the Nags Head - Kitty Hawk area, about thirty miles of beach roads, and did not see one single new house under construction, just a few repair and roofing jobs underway. Outlook for energy, which underpins everything looks really bad. Congress should be run out by a million irate citizens with pitchforks...
I'm convinced the only long term solutions for those ratbastards are term limits and a flat tax.
dick
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