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Author Topic: Economy is in the tank:Or just propaganda and whining to elect Obama  (Read 2551 times)
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Tylergal
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« on: July 21, 2008, 10:56:54 AM »

If the economy is in such shambles, how do you account for Obama raising $25,000,000 in campaign money unless he is raising it from questionable sources, such as the Middle East, China, Russia, Eurabia?

 Obama roars with $25M one-day haul

Jeanne Cummings 2 hours, 48 minutes ago

After locking up his party’s presidential nomination, Barack Obama’s fundraising operation came roaring back to life in June, generating more than a million dollars on five days, including a whopping $25 million that came in on the last day of the month.
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His one-day haul represents nearly half of his monthly total and more than Republican rival John McCain generated for the entire month. During the month, McCain did not have a single day in which he raised a million dollars.

Overall, Obama raised $54 million for his campaign in June, compared to $22 million for McCain.

In addition to fundraising, the June expenditures offered insight into the different tacks the candidates are taking toward winning the presidency in November.

The two candidates spent about the same amount of money in June — Obama spent $26 million and McCain spent $27 million.

But their priorities were entirely different as Obama began building what his campaign says will be an unprecedented, nationwide ground operation.

McCain in June spent $16 million on advertising, compared to Obama’s reported $5 million. Meanwhile, Obama’s payroll expenses amounted to $2.3 million while McCain’s hovered around $724,000.

Obama’s fundraising total represents a turnaround from a steady decline in monthly income that began after his Iowa upset in January.

It also is the minimum the Illinois senator will need to generate each month between now and November if he is to match the more than $200 million budget the Republicans have set for boosting McCain’s campaign.

The true competitor to Obama will be the Republican National Committee, rather than McCain, who has agreed to accept about $84 million in public financing for his general election campaign.

The June figures filed in disclosure reports with the Federal Election Commission illustrate how tight that contest may turn out to be.

At the end of the month, Obama had $72 million in the bank, compared to McCain’s $27 million. But the RNC reported having $69 million, which gave the Republicans a slight edge over Obama.

Obama began holding joint appearances with the Democratic National Committee in June. But the DNC, which has spent heavily on building state party operations, reported having $20 million in cash at the end of last month.

The traditional Republican fundraising advantage was one reason Obama cited for staying out of the public financing system, which would limit how much he could spend on his campaign.

Obama also said that he wanted to keep the scores of donors to his campaign — more than 1.7 million people — engaged in his quest.

In addition to taking on the Republican money raising machine alone, Obama also has agreed to help pay off former rival Hillary Clinton’s debt — which grew a bit in the final days of the Democratic contest after the New York senator loaned her campaign another $1 million dollars.

Clinton allies say her primary goal is to make whole the caterers and landlords who did business with her campaign rather than repaying her personal loans. Paying off the more than $5 million owed to former top strategist Mark Penn is also low on the priority list, sources said.

But even those debts range in the millions and the shuttering of her campaign makes it far more difficult to generate the cash needed to pay them.

Clinton reported raising in June about $4 million, not including her personal loan, while having debts of about $25 million. About half of the red ink, $13 million were from the loans to herself while roughly $12 million was owed to outside vendors.

Editor's note: The original version of this story included the May fundraising figures for the DNC and RNC. It has been updated to reflect the June figures.
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WhiskeyGirl
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« Reply #1 on: July 21, 2008, 02:21:05 PM »

Quote
As the U. S. Reels, Can Canada Stay on its Feet?
 
By David Frum
Posted: Monday, July 21, 2008
 
National Post  (Canada) 

Publication Date: July 19, 2008

It's the first rule of Canadian economics: When the U.S. catches cold, Canada gets pneumonia. What if, this time, the rule does not apply?

Economists such as BMO's Douglas Porter have been raising this question for a year. Very soon we should know the answer.

The U.S. economy has been battered by unceasing bad news. Even adjusted for inflation, oil costs more than it did during the worst days of the 1979 oil shock. The housing market has collapsed, with prices down 20% from their 2006 peak--and still falling. Stock prices have dropped by 20% since the fall of 2007. My American Enterprise Institute colleague Desmond Lachman calculates that the drop in equities has wiped out US$2.5-trillion of household wealth in the United States. Credit markets and the mortgage market are in crisis, with the government bailing out--at an unknowable cost--the two giant government-sponsored mortgage lenders, Fannie Mae and Freddie Mac. And with each passing week, the news seems to get worse. Here, for example, are some of this week's leading stories:

Quote
Last Friday brought us the second-biggest bank failure in U.S. history. Reacting to that failure, bank stocks collapsed Monday, dropping to the lowest level since 1989.

On Tuesday came warnings of accelerating inflation, when the U.S. Department of Labor reported that wholesale prices had risen 9.2% over the 12 months ending in June, the biggest annual wholesale price rise since 1981.

Wednesday? More terrible news from the homebuilding industry: The National Association of Homebuilders announced that its monthly index of sales activity had dropped to 16 out of a possible 100, the lowest score ever recorded.

On Thursday, America's largest stockbroker, Merrill Lynch, reported a disastrous quarterly loss of US$4.9-billion--bringing the brokerage's total losses over the past 12 months to almost US$20-billion.

Yet north of the border, conditions remain calm and bright.

Inflation remains low, house prices remain stable, Canadian banks show healthy balance sheets, the stock market is down only 3%

for the year and the overall economy continues to grow--grow very slowly, yes, but still grow. It's not great news, but it's good enough: As they are saying on Wall Street these days: "Flat is the new up."

(snip)

Quote
Perhaps the gravest risk to Canada comes from Obama's endorsement of new higher taxes on the foreign operations of U.S. companies. If enacted, these new taxes would discourage U.S. corporations from investing and operating abroad--squeezing the U.S. investment on which Canada has historically heavily relied.

There's a saying that the most dangerous words an investor can hear are: "This time it's different." Sometimes, these words are right. But not usually. Governments and individuals would do well to stock up on made-in-Canada medicine for a made-in-the-U.S.A. cold.

read more here -
http://www.aei.org/publications/filter.all,pubID.28357/pub_detail.asp

I wonder if Canada will bill a fence/wall along the border with the U.S.?
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WhiskeyGirl
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« Reply #2 on: July 21, 2008, 02:29:56 PM »

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Special Midyear Update

The Great American Nightmare: What Washington Won't Tell You About This Unfolding Financial Debacle (Edited Transcript)

Martin Weiss: This is the first stage of the dangerous bear market we've been warning you about. And just as we've warned, the market is being driven down by the single most important sector: Financial companies, the heartbeat of our economy.

Nearly every major bank, brokerage and lender you can name is up to its eyeballs in leveraged investments whose value is going up in smoke. They're borrowing hundreds of billions from the Fed. They're raising billions more from investors, diluting their shares. They're selling massive amounts of assets — scrambling any way they can to raise cash to survive.

Merrill Lynch, America's largest brokerage firm, has lost more than two thirds of its stock value. Citigroup, once America's largest bank by market cap, has lost even more. Washington Mutual has given up nine tenths of its value. On average, even including the strongest of the banks, half of the wealth of bank shareholders has been wiped out.

This is the first stage of the deep recession we've been warning you about.Banks have no choice but to deny loans to all but the most highly qualified borrowers; and as a result, corporations and consumers have no choice but to cut back on their spending.

Consumer confidence is the worst since 1980. Mortgage default rates are the worst since the 1970s. Even the government's highly suspect official numbers show that the growth of the U.S. economy is grinding to a halt.

This is also bringing the runaway inflation we've been warning you about, with oil and energy leading the way. This time, unlike the 1970s when we had artificial energy shortages created by OPEC or by Iran, the planet is confronting chronic, long-term energy shortages.

But at each step of the way, what truly angers me is that our government leaders — the very people we elect to protect our interests — continually minimize, downplay and sugarcoat this crisis.

First, they told us it would be limited to the subprime mortgage market. Then, they told us it would be limited to housing. And of course, every time the Fed pumped in more money for a new bailout, they swore on a stack of Bibles that it would not re-ignite inflation.

The gap between what you see and what they say has never been greater. Today, we're going to show you how they're cooking the nation's books, distorting key economic data, and perpetuating the deception that things aren't nearly as bad as they really are. And we're going to show you why this great deception is, in itself, one of the greatest dangers of all.

As grim as the situation is, though, never forget: As a nation, we will get through this. We faced reality in the Great Depression and we created a stronger country as a result. We faced reality during World War II and we helped create a better world in its aftermath. And that's what we need to do again — face reality.

But right now, unfortunately, we live in two worlds. We live in a real world that average citizens experience each day — sinking home values, surging gas and food prices, the disappearance of easy credit. Plus, we live in a fantasy world that Washington bureaucrats have created — an American economy that they say is "still growing," inflation that they say is still "still moderate," a credit crisis that they repeatedly say has been "overcome."

How big is the gap between fiction and reality? Is it getting bigger? What are the real consequences for investors?

read more here -

http://www.howestreet.com/articles/index.php?article_id=6976
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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