Friday, October 31, 2008

Bush Recession..his legacy......

BY Terry Bankert 10/31/08

2008 will go down in history as the George Bush recession.

This year has healded the fall of the National Republican Party and the repudiation of “Conservativism”.

The 2008 general election will select a president and will be the turning point where voters reject this out dated doctine as a viable paridigm of rational public policy analysis.

"The decline in our GDP didn't happen by accident," Sen. Obama said Thursday. "It is a direct result of the Bush administration's trickle-down, Wall Street-first, Main Street-last policies that John McCain has embraced for the last eight years and plans to continue for the next four."

Consumers are uncertain and are spending less, and spending first on essentials. Our country is at The front door of what may be a sever and long lasting recession.

Our only hope is for leadership change and a return of consumer confidence, and a reinvesting in America.

OBAMA SAYS of The policies of President George W. Bush, which had landed the economy in trouble. "George Bush has dug a deep hole for us and he wants to hand the shovel to John McCain,"

The economy suffered its biggest decline since 2001 in the third quarter, ushering in what may be the worst recession in a quarter century.

The Republicans are doomed. In the latest Wall Street Journal/NBC News poll, 54% of registered voters ranked the economy as their No. 1 concern, outweighing any other issue by three times or more.

Among those surveyed, 49% said the Democratic presidential hopeful, Sen. Barack Obama, would be better at improving the economy, compared with 28% for Sen. McCain. The voters will speak loud and clear next week.

In Flint our car wash’s are empty. It’s coneys time at Tom Z’s instead of Miller Rd. Dinning. The shopping center parking lots empty as the Dollars Stores fill up. The impact of the Bush recession is clear when you drive around town.

Our car and light truck sales are the lowest since 1993.

The news this morning was not reassuring.

“Industry figures showed cars and light trucks sold at a 12.5 million annual pace in September, the fewest since 1993. October sales may drop to an 11 million pace, according to a Deutsche Bank AG estimate.”

“The figures indicate that the steep downturn -- which may be labeled a recession later on by the group of economists that makes such calls -- probably began well before September, when carnage at financial firms spurred a freeze in lending. In coming months, as tighter borrowing terms and higher rates work through the system, employers are expected to slash jobs and consumers are likely to pare spending even more.”


``These are truly unimaginable times for our industry,'' Robert Nardelli, chief executive officer of Chrysler LLC, said in a statement last week. The third-largest U.S. automaker will cut 25 percent of salaried workers and reduce production.”

“Incomes after taxes and adjusted for inflation dropped at the fastest pace since comparable record began in 1947, today's GDP report also showed. The 8.7 percent decrease followed an 11.9 percent jump in the previous three months and reflected the influence of the tax rebate payments from the government's economic stimulus plan.”

What can we do?

Change the leadership in this country from President to Michigan Supreme Court to State and local officals.

Vote for the Democrats or those they endorse only.

Sweep out the conservative ideology that has economically destroyed our country. Its time for a change. P

osted here by Terry Bankert




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