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Tough times

July 21, 2008

Paulson braces public for months of tough times

I so want to bring up Neal Bush and the S&L scandal in the 80s, how GWBush never ran a successful business and Daddy having to bail him out so it wouldn’t appear he was a failure. But I won’t, because what good would it do? On the topic of our current economics, there’s enough blame all the way around. The only thing is that Li’l Bush got us here a lot faster with his Iraq war and the majority of Democrats did nothing but tuck their tails between their legs and vote whatever it was the Pres wanted.

So, here we are folks. In case your times are tough, they’re going to get tougher. But if you’re in the minority where tough times hasn’t yet hit, hold on, ’cause that economic tsunami is on it’s way.

Paulson said the number of troubled banks will increase as they struggle to cope with big losses on bad mortgages. The government this month took over IndyMac after a run led it to become the largest regulated thrift to fail.

“We’re going through a challenging time with our economy. This is a tough time. The three big issues we’re facing right now are, first, the housing correction which is at the heart of the slowdown; secondly, turmoil of the capital markets; and thirdly, the high oil prices, which are going to prolong the slowdown,” he said.

Paulson said he hoped Congress soon would approve his plan to help shore up Fannie Mae and Freddie Mac, the government-sponsored mortgage companies.

Tough times indeed. Just give ’em a stimulus. You know, $600. Bailing out private lenders. Huh. If that’s the case, then maybe you should look at bailing out retailers who are in the red also.

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