"Cheney Attacks Democratic Plan to Revamp Tax Code" by STEVEN LEE MYERS
WASHINGTON, Oct. 26 —In a television interview, Mr. Cheney said the Bush administration’s tax cuts from 2001 and 2003, one of the president’s signature accomplishments and one the vice president credited with “driving this economy."
Mr. Cheney also took issue with criticism of the state of the economy:
"The suggestion that somehow it’s hard times out there, I just think is a misstatement.” So
Dogshit doesn't see the shit economy, huh?
Not for your Halliburton friends, huh, Dogshit?
They are doing just fine, aren't they?
Need any more evidence that the guy is either a fabulous liar or insane, readers?
The Haves
"Countrywide Has Big Loss but Upbeat Forecast" by GRETCHEN MORGENSON
Countrywide Financial, the nation’s largest mortgage lender and loan servicer, reported a $1.2 billion loss yesterday for the third quarter of 2007 but said that it expected to return to profitability by the end of the year.
The loss was Countrywide’s first in 25 years, its upbeat outlook pushed the company’s shares up 32 percent yesterday. Delinquencies among the company’s loans continued to rise significantly.
Kenneth Bruce, an analyst at Merrill Lynch who had a sell rating on Countrywide shares, upgraded the stock to neutral yesterday because the loss was not as bad as had been expected.
Which means its a good thing, huh?
Yeah, say I'm going to lose $100 dollars at the casino, and if I lose only $50, I WON!!!
That's ECONOMICS?
That's SHIT!
Countrywide stressed yesterday that it had enough capital, liquidity and financing for its operations and growth plans."
Yeah, everything is gonna be just great -- and WRONG again, shitters!
"Despite Oil, Shares Rise in Wild Ride" by MICHAEL M. GRYNBAUM
The price of crude oil hit another record high yesterday, capping a wild week on Wall Street, punctuated by widespread rumors and violent market swings.
Crude oil surged to $91.86 a barrel, after briefly topping the $92 mark, a record high in nominal terms, although still short of the inflation-adjusted high of $101.70, set in April 1980. Existin-home sales fell to their lowest annual pace in almost a decade. Merrill Lynch announced the worst loss in the company’s history. And on two separate occasions, stocks briefly swung more than 100 points on rumors that were later discredited.
Yet at the closing bell, stock markets were up more than 2 percent for the week. The Dow Jones industrial average recovered most of its 366-point drop of last Friday, closing yesterday at 13,806.70. And investors left for the weekend confident that a rate cut by the Federal Reserve is just around the corner.
The volatility left some analysts sounding disoriented yesterday.
Marc Chandler, who oversees currency strategy at Brown Brothers Harriman:
“I find that a lot of our assumptions, things we just intuitively believe, are called into question. We’re fumbling for something, grasping at straws.”
Maybe you could ask Bush's grandfather!
He worked for Brown Brothers Harriman when they were helping Hitler!!!
And the economic assumptions and rules are shit, huh?
The Dow closed up more than 130 points yesterday after investors cheered a promising profit outlook from Countrywide Financial, the lending giant, and a bullish earnings report from Microsoft.
They cheered shit? Then sold some?
Analysts described traders as jumpier than usual on fears of a renewed credit crisis, leaving markets more vulnerable to hearsay.
Brian Gendreau, a vice president at ING Investment Management, referring to messages between his company’s traders;
“There seem to have been an abnormal number of rumors, just judging on the e-mails that I see."
On Wednesday afternoon, a rumor began circulating that the Federal Reserve was planning an emergency meeting to cut its discount rate, which would make it easier for banks to borrow money from the government.
The possibility that such a meeting would actually occur “didn’t pass the laugh test,” said one economist. But stocks rose more than 100 points on the news.
What do you know?
The stock went up on a lie -- which is what the entire market is: One BIG, FAT, MONEY-STEALING LIE!
On Thursday, a report circulated that the American International Group, the major insurance company, was planning to announce write-downs on assets linked to mortgage-backed securities. Stocks plunged, eventually climbing back to close virtually flat after speculation died down.
Steve Sachs, who directs trading at Rydex Investments, a firm in Rockville, Md., that manages $16 billion in assets:
“We’re in an environment right now where no matter how ridiculous you think the rumor is, or whether it’s true, it’s having an effect on stock prices and overall market direction. No matter how ludicrous you think it is, you have to pay attention to it. You have to protect yourself against those movements.”
Great economic system, huh?
All based on rumors and lies -- like the rest of AmeriKa!
The summer’s subprime shake-up has left traders facing a market in which conventional wisdom no longer seems to apply, analysts said.
Mr. Chandler of Brown Brothers Harriman;
“If someone told me a couple years ago what would happen if oil got to $90 a barrel, I would say the world economy is turning down sharply.”
Yeah, it's amazing how those guys keep pulling down record profits, huh?
Indeed, analysts say the factors that drove up the cost of oil — including a weakening dollar, concern over lowered supplies, and a flare-up of tensions in the Middle East — suggest further economic troubles on the horizon.
But the tone of the business pages is "EVERY THING is GREAT!" Sigh!
But the market simply shrugged off the rising prices, even though by many accounts, oil prices may now be headed even higher in real terms than their levels in 1980. Even Wednesday’s housing report, which showed that sales of existing homes in September dropped far more than expected, was seen by investors as a promising sign."
Pffffttt!
So BAD NEWS for America is GOOD NEWS for the Wall Street plunderers, huh?
This country is ILL!!!!
The Have-Mores
"Volkswagen Profit Surges More Than 50 Percent"
AMSTERDAM, Oct. 26 (Reuters) — Operating profit at Volkswagen rose more than 50 percent in the third quarter, thanks to resurgent earnings at its core VW brand, after the carmaker cut thousands of jobs last year.
Its French rivals PSA Peugeot Citroën and Renault rallied as well after strong results published late on Thursday.
Volkswagen’s finance chief, Hans Dieter Pötsch, said in a conference call that strong earnings growth would continue.
VW increased quarterly operating profit to 1.46 billion euros ($2.1 billion)."
Hey, that's great!!!!
Oil is going through the ceiling, but the car companies are CLEANING UP!!!!
Great!
And cheer up, American. The housing market isn't all bad!
"As Housing in Florida Plummets, the Top Tier of the Market Just Dips" by GERALDINE FABRIKANT
FORT LAUDERDALE, Fla., Oct. 20 — Despite a record number of foreclosures and a raft of public auctions of unwanted houses, the upper tier of the real estate market in Florida remains relatively immune to the spreading disaster.
So the ultra-rich are immune to the chaos?!?!
Pfffffffttttt!
Houses and condominiums with price tags of $1 million or more are still changing hands robustly in some of the most exclusive areas.
As in other once-booming regions, in Florida the housing market seems to be not one market, but two. The lower end is littered with vacant houses and unfinished developments, and homeowners are struggling to meet their monthly payments as rates adjust upward. The luxury end has its unsold new condos and mansions lingering on the market, too, but as in New York, where the demand in pricey Manhattan is still strong, sales have fallen less. And Miami and other parts of Florida are continuing to attract interest among the wealthy.
Well, this economy sucks then! A SHIT ECONOMY!!!
Both markets have been buoyed by foreign buyers attracted to the United States because the weak dollar makes American homes comparative bargains. Florida has the added demand from affluent retirees across the country and second-home buyers, particularly from the Northeast.
So foreigners are buying up America lock, stock, and barrel, 'eh?
Mark Zandi, chief economist at Moody’s Economy.com:
“The very, very high end of the markets in communities such as the Bay Area, Los Angeles, Manhattan and Miami and to a lesser degree Chicago, Seattle and Washington that have global appeal have held up much better than the rest of the housing market. A recession would certainly not help the high end, but it would not undermine it. And much of their buying is done with cash and not affected by the global financial turmoil and its impact on the availability of mortgages.”
Isn't that great, reader, as you try to figure where the money will come from so you can stay in your home?
Even as more homes linger on the market, some areas remain particularly popular with potential buyers.
Deborah Boza Valledor, the chief operating officer of the Realtor Association of Greater Miami and the Beaches:
“They are waterfront properties that are exclusive, and people are willing to pay the price.”
To the degree that the market has held up, it has been helped by eager foreigners, checkbooks in hand, who are still showing up and often paying cash.
The pattern of sales remains uneven, with evidence that some of the most exclusive places are having a harder time. On Fisher Island, the private island just off Miami Beach that has its own golf course, tennis courts and spa, business has slowed sharply, said Lars Ekdahl, who has worked as a real estate agent on the island for 13 years.
Right now, the island, which boasts Andre Agassi as a frequent visitor and where Oprah Winfrey once owned a home, has 96 of its 700 housing units for sale. At one point, the number offered was just 39.
Mr. Ekdahl: “I didn’t think it would affect us so much at Fisher Island with the dollar so weak and the euro so strong.”
Only about half the island’s residents are Americans."
The Shat On
"Homeownership Declines for Fourth Consecutive Quarter"
WASHINGTON, Oct. 26 (Bloomberg News) — Homeownership in the United States dropped for a fourth consecutive quarter, the longest decline since at least 1981, suggesting that more Americans will miss their best chance of building wealth.
Not the rich guys!
The rate has been declining from a peak in 2004 that came after a decade of gains encouraged by easier lending standards and rising home purchases by immigrants and younger households.
Which is the cause of the current crisis, no?
Nicolas P. Retsinas, director of the Joint Center for Housing Studies at Harvard University:
“Owning a home in this country has been a principal source of wealth creation for low- and moderate-income people. In the absence of home equity, families will inevitably spend less.”
So you are going to be POORER, Amurka!
Homeowners accumulate wealth faster than renters. Median net wealth for owners was $184,400 in 2004, compared with $4,000 for renters, according to Federal Reserve figures.
Yeah, renting sucks; I know!!!!
A study released last month by the Federal Reserve Bank of Atlanta found that as much as 70 percent of the increase in the aggregate homeownership rate over the decade was a result of the introduction of new mortgage products, some of which reduced down-payment requirements.
And here we are! Yeah, this thing is going to collapse badly!
Demographics, including the rapidly growing immigrant population, accounted for up to 31 percent of the increase, the study said.
If they are illegals, it serves them right! WTF is with the banks, hey?
The Census Bureau report also found that a record 17.9 million American homes stood empty in the third quarter as lenders took possession of a growing number of properties in foreclosure."
Empty houses, empty hearts!
And it is not just housing this time!
"This Time, Housing Is Taking Department Stores Down With It" by FLOYD NORRIS and MICHAEL BARBARO
When home builders’ stocks plunged in 2006, Wall Street was confident that the problems would not spill over into the larger economy. Exhibit A? Department store stocks rose steadily despite the housing woes.
Not this time around.
Housing stocks have fallen again — and this time the department store stocks have marched down with them.
Since April, when investors voiced optimism that the housing slide had been contained, shares of the country’s biggest department store chains have fallen by about 30 percent.
See what I mean about these guys?
Rose-colored glasses on all the time!
Either that, or they are lying!
With the sagging prices, investors have rendered a harsh judgment on the coming holiday shopping season, predicting that consumers will severely cut back on spending.
Bah-humbug!
Some executives remain at least a little upbeat.
There's a liar born every minute!
Economic slowdowns traditionally hurt stores catering to a less affluent customer base, like Wal-Mart and Target. But in a reversal, those discount chains have not done as poorly as department stores.
That's because the little former richer finally had to eat his pride and go to Wal-mart -- like the rest of us poor slobs!
Bill Dreher, an analyst at Deutsche Bank Securities;
“The problems have crept up the consumer food chain.”
Hey, come on in the toilet, the shit is fine!
Plenty of room for you, richer!
Behind the falling stock prices are slipping sales at stores.
I'm smelling recession about now!
The stores have blamed a variety of factors, like an unseasonably warm August and September, which hurt back-to-school clothing sales, and poor sales of household goods, tied to the slowing housing market.
But that housing market should have nothing to do with it, or so the Wall Street wags told me!
And HOW does WARM WEATHER affect back-to-school shopping?
Warm out, so the kid doesn't need new duds?
Pfffffttt!
More than likely, the squeezed American consumer CAN'T AFFORD the new duds for the kid!!!
And yet, Wall Street is blaming the WEATHER!!!!
Well, considering Louisiana, California, the South, and New England, maybe they are correct!
The overall stock market has held up fairly well. The S. &P. 500 hit a record high earlier this month and has since lost only a small part of its value. That performance, however, may reflect better on the health of American companies than on the American economy. A rising share of profits is coming from foreign operations, while domestic earnings are weak for many companies.
Do you SEE THAT, reader?!
The GROWTH in this economy is from OUTSIDE!!!!
No wonder the richers and the corporations are CLEARING BUKU $ while the American people are SUFFERING!!!!
The economic numbers are a bunch of SKEWED BULLSHIT!!!!!!
No wonder the American people are HURTING!!!!!!!
The wealth effect of seeing that a house had risen in value helped to encourage spending, even if the money did not come directly from a mortgage loan. Now there may be a reverse effect, as worries about home values lead to a reluctance to spend.
If consumers do cut back, it stands to reason that department stores like Macy’s and Nordstrom may lose market share to lower-priced merchants."
Which means MORE AMERICANS going to Wal-Mart!!!!!!
If I see you in there, richer, I'm farting in you aisle!
Welcome to the cesspool, richers!!!
Climb on in and SMELL the SHITSTORM!!!
Nice having you aboard, richer!!!!
Here's something for your face: Pffffffffffffttttttttt!!!!!
A nice side-winding symmetrical for ya!
But Dogshit thinks it's GREAT!
