Bring It On!

Dow Plunges 500+ Points on Bank Failures, Sour Economy

September 15th, 2008 | by Ken Grandlund |

Gotta love the “Ownership Society” created by Bush and supported by McSame. Thanks to them, we now ALL own a piece of their failure, by way of taxpayer bail-outs. That’s right folks…you own a piece of Bear Stearns, Fannie Mae, Freddie Mac, and before too much longer, probably a piece of Lehman, Merrill Lynch and AIG.

This is the GOP hard at work for America- gut the economy with tax cuts for the rich, encourage them by turning a blind eye to offshore tax dodges, funnel billions to your corporate CEO buddies via Iraq and the GWOT, weaken the dollar any way you can, loosen regulations so the big investors can rape and pillage the financially ignorant, and laugh all the way to the bank. And hey! Let’s not forget that we’re in a time of rising unemployment, rising consumer costs, and rising poverty too!

GOP! GOP! GOP!

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  1. 12 Responses to “Dow Plunges 500+ Points on Bank Failures, Sour Economy”

  2. By steve on Sep 15, 2008 | Reply

    Well the repeal of Glass-Steagal Act had occurred on Clinton’s watch and not Bush’s.

    On November 12, 1999, President Bill Clinton signed into law the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act of 1933. One of the effects of the repeal was to allow commercial and investment banks to consolidate. Some economists have criticized the repeal of the Glass-Steagall Act as contributing to the 2007 subprime mortgage financial crisis.[7][8]

    In 1989 534 banks collapsed. In the first 9 months of 2008, 11 have collapsed.

    Quit complaining that the sky is falling because that hasn’t happened yet!!!

  3. By Ken Grandlund on Sep 15, 2008 | Reply

    and who was president in 1989 Steve? Oh, right, the OTHER George Bush. Another GOP failure.

    Oh, and who was president in 1929, another big financial setback? Right, Hoover, a Republican.

    Granted, Clinton signed the GLBA but who put it together? Republicans, primarily.

    (from wikipedia)

    The bills comprising the act were introduced in the Senate by Phil Gramm (R-TX) and in the House of Representatives by James Leach (R-IA). The bills were passed along party lines with Republican support in the Senate[1] and with bipartisan support in the House of Representatives.

    Oh, and hey- Phil Gramm is one of McSame’s economic advisors. Nice pick, eh?

    And hey! During the S & L scandals and failures, at the peak (in 1988-89) 1004 banks failed, or 1 every 1.38 days. Under who? More republicans. And remember how cozy McSame was with some of those S & L guys like Keating? Nice company he kept.

    Has the sky fallen? Maybe not yet, but I can feel a lot of moisture on my meager portfolio.

    Oh, and AIG isn’t even a bank- just the largest insurer in the western world. What’s next? Will the health insurers starat closing their doors too?

    Take a whiff out the window Steve- things are really stinking thanks to the efforts of decades of greedy GOPers.

  4. By steve on Sep 15, 2008 | Reply

    Clinton still signed it into law. He had Veto Power… Clinton is out campaigning for Barack. This is supposed to be change?? C’mon… get real…

    Al Capone was a community organizer.

    Charles Manson was a community organizer.

    FDR was a governor.

  5. By Daniel DiRito on Sep 15, 2008 | Reply

    Hi Ken,

    I have to give you a heads up. If the McCainiacs see that you’ve depicted John McCain with his arms above his head, they’re going to accuse you of satirizing his physical limitations. After all, he was a POW…but he doesn’t like to talk about it.

    Regards,

    Daniel

  6. By Ken Grandlund on Sep 15, 2008 | Reply

    Is that really the best rebuttal you have? Manson and Capone?

    You forgot to mention that Hitler was a community organizer too.

    Big difference though between organizing criminal and/oro murderous enterprises and an organizer who tries to help people make their communities better-for everyone who lives there.

    Sure Clinton could have vetoed the bill, and with GOP majorities it could well have been overturned too. So what is your real point here?

    Historically speaking, the GOP has brought a lot of damage to the average American with their “voodoo” economic policies that only benefit the uber-rich at the expense of the nation.

  7. By Ken Grandlund on Sep 15, 2008 | Reply

    HA!

    Thanks Daniel. Got to love Photoshop.

  8. By steve on Sep 15, 2008 | Reply

    Well you aren’t making fun of his POW status… you are making fun of a disabled American.

    Historically speaking, the GOP has brought a lot of damage to the average American with their “voodoo” economic policies that only benefit the uber-rich at the expense of the nation.

    Like hell they did. When I bought my house or refinanced or whatever, I read the fucking fine print. I cannot help the eager person who fell for the interest only loan to get a house. I cannot believe it was the Bush Administration’s fault that the those people couldn’t read when they bought those homes. What did they think was going to happen?

    That’s like people suing cigarette companies for large sums of money because they got cancer and died using their product. How long has it been since those cigarette companies put those warnings on the cartons?

    That’s also like being ignorant to the fact that if you shoot someone with a gun, you are going to jail if you did it intentionally!!

    How do know that the GOP had the vote to overturn Clinton in 1999? Do you know this for an absolute fact? C’mon!! He’s your greatest president ever.

  9. By Ken Grandlund on Sep 15, 2008 | Reply

    I’m not intentionally making fun of anyone’s disability, unless you count thinking the GOP is out to help you and average American’s as a mental disability-then, yes, I’m damn sure making fun of that.

    It’s called photoshop, and google search for a quick image. McSame’s arm usage never entered into the picture. So give me a break…

    You read the fine print, hell, maybe even understood it. I did the same. But there are literally hundreds of thousands of folks whose reading and financial comprehension isn’t as expansive as yours is Steve, so they trust professionals to be honest with them. And they were often and repeatedly intentionally lied to or screwed over. Not all, but a whole bunch of them.

    Too bad you’re too stupid not to understand every salient medical fact or drop of information so that you could create your own medical cures for your maladies. But hey, the pharmaceutical companies would never rush a new miracle drug to market to cure anyone now would they? And if they did, too fucking bad for all the stupid patients without chemistry degrees.

    Hell Steve- some of these financial “vehicles” are so complex even the people who dreamed them up can’t fully explain them. Guess they were just smart enough to screw folks over though.

    And hey- you tobacco argument only applies to people born after the 90’s-because even though the cig makers had to stamp the packs with a warning, they spent a ton of time and energy saying that the warnings were unproven bunk. And those folks who did sue and win started smoking long before the warning was ever mandated by law.

    And hey- Cheney never went to jail for shooting his pal in the face. Accident? My ass…try “drunken stupor.” But hey, it’s okay when you are the GOP…

    And quit putting words into my mouth- I’ve never claimed Clinton was my greatest president ever. A good one? Damn right. But plenty of stupid moves in my book and some downright unethical IMO- so don’t pretend you know whom I revere from the ranks of presidents.

  10. By Daniel DiRito on Sep 15, 2008 | Reply

    OMG…I was making a joke.

    Obviously the image says absolutely nothing about McCain’s physical limitations. I know this because if that was Ken’s intention, he would have had George W. standing up; rather than seated…to make fun of his mental limitations.

    Regards,

    Daniel

  11. By steve on Sep 15, 2008 | Reply

    er um… this link:

    http://www.youtube.com/watch?v=SRV5Y1JCGRI

  12. By steve on Sep 15, 2008 | Reply

    Daniel… Ken…

    Way to show that the Dems care for those with disabilities!! Your VP candidate sure can’t. (For the link above last one… didn’t make it in for some reason)

  13. By Lisa on Sep 15, 2008 | Reply

    At least McCain is willing to work with democrats. The reason Clinton worked with the republicans is because he was forced to. I bet if congress was a democrat majority under Clinton it would have been a big disaster.
    Obviously this congress is useless. Scary thought to have a novice working with this congress.

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