msnbc.com headline: "IMF chief warns of global financial meltdown"

Other than that, Mr. and Mrs. America, how did you enjoy the Bush years?

Comments

Wait, is this in addition to the environmental meltdown?

Or including it?
We can recycle the paper money.

I fear people believe Obama will or can undo the Bush damage

It's almost as if people think we can go back to the Clinton years or something (I wish).

I look to Obama and see Bush-lite on just about every issue. I don't see him questioning the Village since he's only concerned with obtaining power and the glamor with it. The fact he ran a biography campaign, foregoing substance, and could use bigotry (misogyny, homophobia) and corruption without any hesitation during the primary showed his true colors (That the Obama campaign is now attacking McCain for inciting hate amongst his followers is oh so hilarious considering their past history, including the constant threats of rioting in Denver).

We will have a Bush third term, no matter what (a Pelosi/Reid/Paulson administration, if you will). Obama ensuring that heinous bailout passed left us without hardly any real chance to attack the cause of or deal with the consequences of the meltdown.

it's more like Mr. & Mrs. Moneybags

who are still enjoying it--and will continue to.

great rundown of just a tiny fraction of what we do for the poor deprived wealthy-- "In ways large and small, Washington coddles rich" -- http://blogs.usatoday.com/oped/2008/10/i...

I ask you though

who really gave us the Bush years? And the war, and everything else that has happened?

Ask Somerby, and I concur. The media. And until they are made to serve the public again instead of corporate masters - we will never be a free democracy. The Fourth Estate has been usurped and it's their usurpers who control what happens in government. This time they selected Obama, so remain ever vigilant.

Exactly: the media is the cancer

That was a major reason why I could never support Obama (and still won't vote for him): the media desperately wants him. That can't be good.

The corrupted media is an essential element in our debacle

It shouldn't be left out of any analysis of how we got here.

Krugman is not feeling very good at all about the G7 communique-

Missing their chance to take strong action--possibly bcz Paulson is holding out for "private money" and ... who knows? LINK

I'd really apppreciate input from any here with more grasp of this than I. Based on the brief news I heard, the group did not come to any firm decisions on actual actions. And Krugman's take seems to confirm that.

Well. What next?

Guess what Obama is cutting out?

Health care and education!

From the HuffPo:

"We're going to have to make some priorities, we're going to have to cut some things out," he said, referring to expensive goals such as improving health care, schools and college affordability.

Remember, kids: bailing out corrupt Wall Street hacks is "serious," but helping out Americans have adequate health care (a supposed "right" according to Obama during the recent debate) or go to college is "expensive."

I liked the next line in the HuffPo article:

"We're going to have to make some priorities, we're going to have to cut some things out," he said, referring to expensive goals such as improving health care, schools and college affordability.

"I'm going to be in some fights with my own Democratic Party in getting some of that done," he said.

Well, actually, I'm pretty sure he'll get Harry and Nancy to go along with him, and those Blue Dogs--and he'll reach across the aisle to the Repubs. At least initially no Dems will dare to have any fights with him. Who will stand up to him and for Democratic principles and values in the Dem Party?

But, hey! He mentioned the Democratic Party!! And even called it "his own" party! This is a breakthrough, right?

I can't think of any of his advisers who will fight for universal healthcare as a wise thing to provide in a time of economic hardship.

We are so fucked.

But...I will be so delighted to find my pessimism is misplaced.

Broder & the Village have already decided for us--

"... If, as seems likely, the economic crisis swells the ranks of Democrats in the House and Senate, the new president will face an early test: Repair the battered financial system or move ahead on the Democrats' domestic agenda.

The numbers in the first budget Obama would have to prepare will look scary indeed. The deficit could approach an unimaginable trillion dollars. His economic advisers would undoubtedly counsel him that he must, at all costs, signal to the world that he will impose the kind of discipline needed to prevent runaway inflation and a run on the dollar.

...
to insist on a pay-as-you-go rule for the budget.
...

No easy choices will be available to the next president. If Obama wins, he may have the shortest honeymoon in history."

http://www.washingtonpost.com/wp-dyn/con...

WaPo is way too pessimistic

After all, who would oppose Obama's shock treatment but a racist?

So let's be optimistic, here, people!

UPDATE And anyhow, this will never happen. Because surely, surely progressives will hold Obama's feet to the fire this time?

[ ] Very tepidly voting for Obama [ ] ?????. [ ] Any mullah-sucking billionaire-teabagging torture-loving pus-encrusted spawn of Cthulhu, bless his (R) heart.

But, still...

Obama stands for, um....

ponies, lollipops, and ice cream everyday!

no?

; <

Remember those jokes that Big Banker Boiz would kill kittens if

they didn't get their bailout NOW, NOW, NOW?

Well, they've struck British cats (well, sort of):

Cats Protection charity faces losing £11.2 million in Icelandic banks
(Johnny Eggitt/EPA)
Rosemary Bennett, Social Affairs Correspondent

Cats Protection has emerged as the latest and biggest charity victim of the Icelandic banking crisis with £11.2 million of deposits in Kaupthing Singer and Friedlander now at risk.

A spokeswoman for the charity said plans for a series of new adoption centres for abandoned and unwanted cats could now be in jeopardy, although day-to-day operations at the charity would not be affected.

"The only areas of Cats Protection’s work that may be affected will be those plans around future new facilities," she said.

“Cats Protection believes there is a case to be made to the Treasury that its particular deposits are public money that has been donated for us to help cats and provide benefits to the public. The charity feels strongly that public deposits should be safeguarded."

Meoooow!

My favorite part of the linked article

Here it is:

Addressing the crisis
It was the 22nd day among the past 27 that Bush had spoken about the financial crisis, since evidence first arose that the year-old subprime mortgage mess was evolving into a broader and more calamitous meltdown. After the almost 40-minute meeting and his six-minute statement, the president left the White House for a nearly two-hour mountain bike ride in the nearby Virginia woods.

Ahhh, priorities...

doing Bin Ladin's job is hard work--

Bush has accomplished everything Bin Ladin wanted--and enriched all his friends as well while ruining us.

i wish he would have spent 8 years riding his bicycle.

McL Group does "Through the Looking Glass," wherein Eleanor

Clift, former resident liberal, argues vociferously for sticking with the Barry-Harry-Nancy-Barney-Bush Paulson Fix (saying Obama must stick with the Paulson Fix bcz he pushed for it so hard and voted for it--never been a problem for him before, btw, Eleanor). She is for money to the Big Banker Boiz, meaning money to the top and let it trickle down.

And, in the opposite corner,...

Mort Zuckerman argues even more ferociously to get the money to mortgage holders, in the form of refinancing to fixed rates at lowest possible rates, and do it ASAP. Money to the bottom of the food chain, and let it percolate up, thus freeing credit liquidity, etc.

She interrupted him several times to reiterate the need to get money to the Merry Banksters.

Bizarro World! Drinking the Kool-Aid, seeing the light, does incredible things to people's values and principles. Right, Eleanor? Amazing, but true.

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