Bad News Puts Political Glare onto Economy: Could rival Iraq as top issue on political agenda

[DeepModem Mom]

NYT: Bad News Puts Political Glare Onto Economy
By EDMUND L. ANDREWS
Published: September 8, 2007

WASHINGTON, Sept. 7 — For the first time in four years, economic concerns are rivaling the war in Iraq as a top issue on the political agenda.

Sensing new political momentum, Democrats in Congress and on the presidential campaign trail are stepping up their criticism of President Bush’s handling of the economy and offering their own proposals.

And now that the malaise in housing and credit markets appears to be infecting the wider economy, the Federal Reserve could feel more pressure from Democrats and Republicans alike than it has since Alan Greenspan, then the Fed chairman, incurred the wrath of President George H. W. Bush for not cutting rates faster in the early 1990s.

The Fed is all but certain to reduce interest rates at its next policy meeting on Sept. 18, but the big debate among economists is how much further and faster it cuts rates after that.

The Bush administration, on the defensive, rushed out with a message of calm reassurance, as a phalanx of top officials insisted that the economy remained poised for growth despite a government report that seemed to show that the broader economy is suffering from the mortgage meltdown....

http://www.nytimes.com/2007/09/08/business/08policy.html?_r=1&hp&oref=slogin

[Xipe Totec]

1. It IS the Economy, Stupid!

Sorry. No offense intended, just quoting a brilliant former real President.

As I have stated often, and I will pull the links if forced to do so, Americans care about two things only:

1).- What is the price of Gas.
2).- What is the price of a six-pack of beer.

These two items are my shorthand for the economy.

War? who cares.
International standing? Don't make me laugh.
Bill of Rights? more toilet paper.

But if I check my wallet and moths fly out, whoever is in office is fucked.

[whistle]

2. It is the war stupid which has put the economy stupid in the shit house stupid

....ISTWSWHPTESITSHS :hurts:

[fed-up]

3. and it was the economy right before 9/11- war and "funny money" temporarily propped it up nt

[DeepModem Mom]

4. Page-one in the print edition today. Hoping the economy IS more an issue than it's been. nt

[Hubert Flottz]

5. The pubs think a new tax cut for the wealthy will fix everything, no

doubt. Trickle down misery! They can't blame Clinton this year!

[KharmaTrain]

6. The Corporate Media Asleep Again

This is a private war going on in millions of home across the country and one millions of families are losing. They're losing homes, health care, incomes, careers and hopes...and all the corporate media cares about is a missing baby in Portugal and who Brittany or Lindsay or whomever blew last week. Meanwhile a silent crisis gets worse...a debt crunch has already destroyed the housing market and threatens to spread to those with outstanding card debt. It's not uneployment, but underemployment...one income isn't enough for most families to survive on now as prices continue to rise and money gets tighter and tighter.

Most people suffer this crisis in silence as our glorious corporate media glorifies wealth and power and ignores the plight of those left behind by the tax cuts for the rich and cuts in all types of social programs. Instead the "debate" is about what Michelle Obama says or how "presidential" Fred, the head, Thompson looks.

While I would hope the economy would get more attention...a focus on the predatory lending and massive government bail-outs to the banks and other lenders that we'll all be paying for for years to come. Nah...it's more important to talk about John Edwards hair instead.