Bush, advisers monitoring markets: White House

[rodeodance]

Source: reuters

Bush, advisers monitoring markets: White House

1 hour, 4 minutes ago

KENNEBUNKPORT, Maine (Reuters) - U.S. President George W. Bush and his advisers are keeping close watch on the financial markets and believe the economy's fundamentals are strong, the White House said on Friday amid growing concerns of a global credit crunch.


"I can assure you that there are many of the president's advisers who are keeping a very close eye on all of the market activity and making sure that policies are put in place to keep our economy strong and growing," White House spokeswoman Dana Perino told reporters.

World markets have been rocked this week by news of widespread problems at banks and hedge funds exposed to investments in the U.S. subprime mortgage market, provoking fears of a choking-off of the cheap credit which has fueled growth in recent years.

..........
Asked whether the president himself was closely monitoring the situation, she said: "I can assure that on any issue, especially an issue like this, the president would get regular updates."

Read more: http://news.yahoo.com/s/nm/20070810/pl_nm/economy_bush_dc;_ylt=AqQHbF8HlPEDyzGWvYm7h7.s0NUE

[aquart]

1. well, I feel better.

[MissB]

19. not.

[aquart]

28. Yup.

[rzemanfl]

2. Bullshit! They are watching their own stocks on our dime. n/t

[rodeodance]

9. I read it would about 300$/person (feds pumps in over 90 B liquity)

[EVDebs]

18. You've hit the nail on the head, see this post re Bear Stearns...

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x1557441

[villager]

3. I am so fucking relieved.

n/t

[TwilightGardener]

4. From where is Chimpy "monitoring"? The fishing hole? The spa?

[EVDebs]

14. Dateline : Kenne-bung-hole Maine

[valerief]

5. Whew! Back to my golf game. nt

[Bonobo]

6. B, but markets are supposed to have a "free hand", no?

[orpupilofnature57]

7. Stay the chorus!!!

[rodeodance]

8. Feds pumped in over 90B today---all is well (your taxpayers $$)

[redacted]

29. Rodeodance, though not completely true, you keep saying "your taxpayers $$" in more than one post

although that's not exactly true, and I'm sure our economics experts like Professor GAC and Pachmama would back me up on this.

The Fed is essentially printing money here. That money isn't coming from "our" taxpayer dollars, as my Econ 101 professor used to remind us, it's a "debt that we owe ourselves.' Probably it won't be paid back in your lifetime or mine, and that's why folks commonly talk about how deficit spending like this is a debt our grandchildren will pay for, because the amount is so massive compared to prior history, both in terms of the aggregate amount and the interest. During Clinton's "Cinderella Economy," we actually ran a surplus instead.

But this kind of spending is certainly not coming out of tax revenues. If this were a state or local government, it would have to. But the federal government is different. Creating funds like this that run deficits is within the power of the Fed to do so and is appropriate in many circumstances under Keynesian principles that advocate active management of the economy and the business cycle. (See http://en.wikipedia.org/wiki/Keynesian_economics).

What I have trouble with is that flooding the economy with cash, like any commodity, lowers its value. Soon we all might need more of that cash to buy a particular product because the value of the cash is lowered as the Fed floods the system. The extreme example you've no doubt heard about is the German Weimar Republic, where people had to haul bushel baskets of paper currency down to stores just to buy small amounts of groceries. That's called hyperinflation, and it's a dangerous outcome. Would that happen here? Don't know, but some believe that we're going down that path.

[bemildred]

11. LOL. Very good. "Stay the Chorus!". nt

[rodeodance]

10. "The Federal Reserve ... is an independent institution that we greatly respect and I'm not going to

Central banks worldwide have now injected at least $323.3 billion in the past 48 hours to prevent markets from spinning into a global liquidity crunch.

But Perino said the White House would not comment on actions by the U.S. central bank.

"The Federal Reserve ... is an independent institution that we greatly respect and I'm not going to comment from the White House on any of its activities or action," she said.

[EVDebs]

12. Hedge funds are OBL's secret weapon

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=114x26793

OBL doesn't need to attack NYC directly, he can sit in a cave and operate hedge funds in complete anonymity and still tank the economy with his billions. BushCo and his Saudi partners are the geniuses that helped create this fiasco. Glad to see they're "monitoring" it. Who the hell is monitoring THEM ?

BTW, gotta luv Bush's message 'no bailouts for homeowners' pledge. You can bet they'll bail out the base however.

Bush: No Bailout for Pinched Homeowners
http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2007/08/09/national/w112030D23.DTL&feed=rss.news

"""Obviously anybody who loses their home is somebody with whom we must show an enormous empathy," Bush said. Asked whether he would champion a government bailout, Bush responded: "If you mean direct grants to homeowners, the answer would be `No, I don't support that.'""

BushCo to Joe Sixpack: "Go f*$^ yourself"

[inna]

27. un-flipping-believable!!

I_CANNOT_BELIEVE that they're letting them get away with this new outrage.

screw homeowners, provide even more tax relief for corporations.


Bush: No Bailout for Pinched Homeowners
www.sfgate.com

(08-09) 14:42 PDT WASHINGTON (AP) --

President Bush said Thursday concern should be shown those who've lost their homes but it's not the federal government's job to bail them out.

"Obviously anybody who loses their home is somebody with whom we must show an enormous empathy," Bush said. Asked whether he would champion a government bailout, Bush responded: "If you mean direct grants to homeowners, the answer would be `No, I don't support that.'"

New home foreclosures have climbed to record highs. Homeowners with poor credit have been hardest hit as higher interest rates and weak home prices have made it impossible or difficult for them to keep up with their home loans.

In a wide-ranging news conference at the White House, the president also said that he's interested in exploring the possibility of providing tax relief to U.S. corporations. He has acknowledged that such a move would face challenges in the Democratic-controlled Congress, and he insisted it needed to be structured in a way as to not worsen the government's balance sheets.

[rodeodance]

13. Breaking --CNBC- Fed is adding BillionsFor a THIRD TIME IN ONE DAY- Unprecedented!

Forum Name General Discussion
Topic subject Breaking --CNBC- Fed is adding BillionsFor a THIRD TIME IN ONE DAY- Unprecedented!
Topic URL http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x1559696#1559696
1559696, Breaking --CNBC- Fed is adding BillionsFor a THIRD TIME IN ONE DAY- Unprecedented!
Posted by Blackhatjack on Fri Aug-10-07 12:49 PM

[EST]

15. What a silly game. We've made up better at smoke-ins.

They are making sure to put in the proper policies, alright-bullshit!
There's no policy that can be put into place at this juncture that will make the slightest difference-preventive or corrective-in the coming crunch.

It isn't a coming crunch; it's a happening right now crunch. When Perino or some other robotic idiot comes out and says something like this, with exactly zero content, I wonder if they actually expect anyone to think they've actually said anything.

She opens her mouth and vomits out another tape recording and a number of really "serious" pundits stroke their chins and make up stories that inflate whatever she said into a "there, there, now, every thing's gonna be all right" bit of pap to feed the faithful.

Puke.

They really think we're stupid.

[RedEarth]

16. Please keep Bush out of it..........

[EVDebs]

17. Pretty please ? eom

[hatrack]

20. Maybe he'll give a speech - then we can go down for real - 500 or 600 points

Shut your fucking pie-hole, Chimp.

[htuttle]

21. "...especially (on) an issue like this, the president would get regular updates."

Right. I mean, it's the MARKETS at risk here -- not some minor kerfuffle like a US city flooding to death or anything...

[LaPera]

22. Now go back to sleep America...BushCo will take of it for us......zzzzzzzzZZZZZZ!!!

[dbt]

23. Subtle differences between Poppy and Junior:

Bush 41: "Message: I care."

bu$h 43: "Message: Like I give a shit."

Please note that both Bushes have been known to view disasters from the comfort of a high-powered boat off the coast of Maine.

[Turbineguy]

24. We are

soo fuckin' saved!:smoke:

[tanyev]

25. Is this like the close watch they kept on terrorism in early 2001

and on New Orleans in 2005, or is this something they really care about?

[bamacrat]

26. Wait a second, you mean they are doing their jobs?

Unfuckingbelievable.

[C_U_L8R]

30. one for me.... one for you...

one for Neil.... one for....

[Trillo]

31. I bet those NSA computers are "good" at "monitoring". n/t