Tuesday, November 23, 2004


Dept. of Graphic Irony

A picture named ourleader.jpg Welcome To The United People's Republic of Americuh!

Yes, Dubya now has, thanks to the Repbulican boot-lickers at Clear Channel, a Saddam-worthy billboard. Look at the bright side- it'll be fun to deface when we're liberated.

Many thanks to Adam for catching this.

11:38:59 PM     leave/read comments []






6:49:02 PM     leave/read comments []



Economic "armageddon" coming to a world near you. Mark Frauenfelder: The chief economist at Morgan Stanley is 90% certain that the US economy is headed for disaster.

To finance its current account deficit with the rest of the world, he said, America has to import $2.6 billion in cash. Every working day.

That is an amazing 80 percent of the entire world's net savings.

Sustainable? Hardly.

Meanwhile, he notes that household debt is at record levels.

Twenty years ago the total debt of U.S. households was equal to half the size of the economy.

Today the figure is 85 percent.

Nearly half of new mortgage borrowing is at flexible interest rates, leaving borrowers much more vulnerable to rate hikes.

Americans are already spending a record share of disposable income paying their interest bills. And interest rates haven't even risen much yet.

Link

[Boing Boing]

Say it with me this time:

We're Fucked!

6:45:35 PM     leave/read comments []




Rolling Back Women's Rights. President Bush and the Republican Congress have used a must-pass spending bill to mount a sneak attack on women's health and freedom. [NYT > Opinion]

Women of America, we're fucked!

6:43:49 PM     leave/read comments []




America says no to the Bush agenda: A few weeks too late. George W. Bush was quick to claim an electoral mandate despite his narrow popular vote win -- and yet this new New York Times poll shows a majority of Americans, of both red and blue persuasions, are lukewarm about his second term agenda. Among other things, a solid 2/3 majority of Americans think dealing with the deficit is a more important priority than cutting taxes further, as Bush plans. But Dick Cheney would tell them that "deficits don't matter" -- and tax cuts for the rich are his "due," his prize for winning re-election, no matter how destructive they might be. Sorry, America, you may not want to destroy our children's future, but Dick Cheney does, and guess what, you get what you paid for! (Even if you didn't pay for it.) [Salon.com]

We're fucked!

6:43:02 PM     leave/read comments []




Dollar Weakens as Russia Weighs Shifting Its Holdings to Euros. The euro rose to another record high against the dollar today after the Russian central bank said it might increase its euro holdings. By By ERIC PFANNER. [NYT > Business]

We're fucked!

6:41:52 PM     leave/read comments []




"We've become a banana republic". We're not economists, but none of this sounds very good. Faced with growing deficits, ballooning costs of Social Security, and a fixation on reckless tax cuts, Republicans have apparently devised a new have-your-cake-and-eat-it-too scheme that sounds too smoke and mirrors to be sound fiscal policy. According to the Washington Post, "Republican budget writers" think they've found a way to cut the deficit and also borrow billions more dollars to overhaul Social Security -- just don't count the billions of additional debt and move them "off-budget." [Salon.com]

We're fucked!

5:32:21 PM     leave/read comments []