The Economy Is Even Worse Than You Think

Just in case you weren't already depressed enough, Mortimer Zuckerman (A name like that would depress ME) of the WSJ chimes in on the state of Great Depression Part Deux:

"The recent unemployment numbers have undermined confidence that we might be nearing the bottom of the recession. What we can see on the surface is disconcerting enough, but the inside numbers are just as bad.

The Bureau of Labor Statistics preliminary estimate for job losses for June is 467,000, which means 7.2 million people have lost their jobs since the start of the recession. The cumulative job losses over the last six months have been greater than for any other half year period since World War II, including the military demobilization after the war. The job losses are also now equal to the net job gains over the previous nine years, making this the only recession since the Great Depression to wipe out all job growth from the previous expansion."

Click HERE to read Zuckerman's complete top ten list of reasons to slash your wrists.

FOX Poll: Obama Preferred over Reagan

Reaganomics officially dead?

According to a recent FOX News poll, 49% of viewers believe that Barack Obama's economic policies are the right medicine for our ailing economy versus 40% who prefer the failed policies of Ronald Reagan. From Talking Points Memo:

The poll also contains some really interesting questions about taxes, which in total make even clearer a classic rule of polling: It can all depend on how the question is phrased.

Check out this question, clearly intended to get an answer that voters prefer low taxes and smaller government: "Which of the following statements do you agree with more? 1. I'd rather pay higher taxes to support a larger government that provides more services. 2. I'd rather pay lower taxes and have a smaller government that provides fewer services."

The answer: 35% for high taxes and bigger government, and 55% for low taxes and smaller government. But take a close look: The question's message is that you, the respondent hearing this question over the phone, are going to be personally paying higher or lower taxes.

On the other hand, take a look at these two questions about progressive taxation: "Do you support or oppose raising taxes on households earning over $250,000 a year and, at the same time, lowering taxes for most other households?" The answer: Support 66%, Oppose 30%. Even 41% of Republicans like the idea.

And this one -- also noted by Greg Sargent: "Do you think asking the wealthiest Americans to pay more in taxes is a good idea because it levels the economic and social playing field, or a bad idea because it punishes hard work and success?" Good idea 55%, Bad idea 39% -- with 29% support from Republicans.

The Credit Crisis Explained

Part One


Part Two

President Obama's First Prime-time Press Conference

Obama Announces his Economic Team

Obama Proposes Massive Recovery Plan

Barack Obama is not playing! His team has come up with a $500-700 billion two-year recovery plan. And he wants Congress to have it on his desk on January 20th:

After more than two weeks of virtual silence on the economy, President-elect Barack Obama's transition team burst on the scene with new ambition and urgency Sunday, demanding swift passage by Congress of a massive two-year spending and tax-cutting recovery program.

Obama aides called on lawmakers to pass, by the Jan. 20 inauguration, legislation that meets Obama's two-year goal of saving or creating 2.5 million jobs. Democratic congressional leaders said they would get to work when Congress convenes Jan. 6.

Though Obama aides declined to discuss a total cost, it probably would far exceed the $175 billion he proposed during the campaign, but would not immediately seek to raise taxes on the rich. Some economists and lawmakers have argued for a two-year plan as large as $700 billion, equal to the Wall Street bailout Congress approved last month.

Obama Announces Plan to Create 2.5 Million Jobs

President-elect Barack Obama on Saturday outlined his plan to create 2.5 million jobs in coming years to rebuild roads and bridges and modernize schools while developing alternative energy sources and more efficient cars:

Will Our Country be Better Off in Four Years?

It will be if we elect this man:

Economy Brings Back Layaway

A payment method that became decidedly passe in the 1980s is being promoted again this holiday season as a way for budget-conscious shoppers to buy gifts without breaking the bank:

Obama Opens Up 16 Point Lead

A new Pew Research Poll shows Barack Obama leading John McCain in double digits. The polls tracking reflects a steady increase in Obama's lead since mid September:

On the top issue on voter's minds today, the economy, Obama holds a commanding 53% to 32% lead. More results from the poll may be found here.

Obama: Economic Rescue Plan for Middle Class

In Toledo, Ohio Barack Obama unveiled his Economic Rescue Plan for The Middle Class. The comprehensive four-part plan deals with the immediate crisis by introducing several new major ideas and building on previous proposals.



Job Creation: A New American Jobs Tax Credit. Obama is calling for a temporary tax credit for firms that create new jobs in the United States over the next two years.

Relief to Families: Penalty-Free Withdrawals from IRAs and 401(k)s in 2008 and 2009. Obama is calling for new legislation to allow families to withdraw 15% of their retirement savings – up to a maximum of $10,000 – without facing a tax-penalty this year (including retroactively) and next year.

Relief to Homeowners: 90 day foreclosure moratorium for homeowners that are acting in good faith. Financial institutions that participate in the Treasury’s financial rescue plan should be required to adhere to a homeowners code of conduct, including a 90-day foreclosure moratorium for any homeowners living in their homes that are making good faith efforts pay their mortgages.

Responding to the Financial Crisis: A Lending Facility to Address the Credit Crisis for States and Localities. Obama is calling on the Federal Reserve and the Treasury to work to establish a facility to lend to state and municipal governments, similar to the steps the Fed recently took to provide liquidity to the commercial paper market.

Obama’s plan also calls for temporarily eliminating taxes on unemployment insurance benefits; keeping all options on the table to help our automakers weather the financial crisis; having the Fed and Treasury prepare for guaranteeing a broader range of liabilities of the banking system; and instructing Treasury to help unfreeze markets for individual mortgages, student loans, car loans, loans for multi-family dwellings and credit card loans.

John McCain: Economic Disaster

John McCain does not have the ability to fix this economic crisis. After declaring the fundamentals of the economy strong, he created a political circus in Washington last week by mucking up bailout negotiations; a deplorable stunt, considering he and his political cronies helped cause the current meltdown.

It was McCain and his economic adviser Phil Gramm who pushed for the deregulation that helped lead to the banking crisis, and it was McCain's crony Rick Davis who had deep lobbyist ties to Freddie Mac. Don't let others be fooled by McCain's economic grandstanding because the reality is his policies and principles will only exacerbate our financial hardships. That's why you must spread this video.



McCain is being deceitful with his sudden populist message and support for regulation; his economic policies still favor our nation's wealthy elite. Call out McCain's economic dishonesty. Send this video to friends and ask them to sign up for a free Brave New Films video subscription to know the latest on TheRealMcCain.com. Then, post it on your blogs and spread it on networking sites like Digg and Reddit. These are some of the best ways to reach people who are not following this debate closely.

John McCain to the Rescue!

"God save us from such help" - Barney Frank

Obama - "A Stronger Economy"

One day after President Bush addressed the nation on the financial markets and John McCain announced he would go back to Congress to work on the bailout, Barack Obama takes the leadership mantle from the both of them, releasing this video on his outlook on the economy:

The Paulson Scam E-mail

Did anybody else get one of these? Thanks, Paddy.

CONFIDENTIAL BUSINESS PROPOSAL

Dear Mr. American,

Good day and compliments.

Iam HENRI PAULSON, the Ministry of the Treasury of the Republic ofAmerica, and the personal financial adviser to GEORGE W. BUSH (theeldest son of the former dictator of America, GENERAL GEORGE HUSSEINWALKER BUSH).

This letter will definitely come to you as ahuge surprise, but I implore you to take the time to go through itcarefully as the decision you make will go off a long way to determinethe future and continued existence of the entire members of my country.

Itis with deep sense of purpose and utmost sincerity that I have theprivilege to write you this letter knowing full well how you will feelas regards to receiving a mail from somebody you have not met or seenbefore. There is no need to fear, I got your address from a Wall Streetbusiness directory which lends credence to my humble belief. I alsoassure you of my honesty and trustworthiness. I need to ask you tosupport an urgent secret business relationship with a transfer of fundsof great magnitude.

During the last Military Regime here inAmerica, the Government officials set up companies and awardedthemselves contracts which were grossly over-invoiced in variousministries. My country has had great crisis that has caused the needfor large transfer of funds of US$800,000,000,000.00 (eight hundredbillion US dollars) in cash for safe-keeping. If you would assist me inthis transfer, it would be of most profitable for you.

I amworking with the honourable MR. PHIL GRAMM, lobbyist for UBS, who willbe my replacement as Ministry of the Treasury in January. As Senator,you may know him as leader of the American banking deregulationmovement in the 1990s.

This is a matter of great urgence. Weneed a immediate blank cheque. We need the funds as quickly aspossible. We cannot directly transfer these funds in the names of ourclose friends because as civil servants we are constantly undersurveillance by Democratic members of Congress, the media, and theAmerican public. My family lawyer, MR. RICK DAVIS, advised me that Ishould look for a reliable and trustworthy person who will act as anext of kin so the funds can be transferred.

Please note thatthis transaction is 100% safe and we hope to commence the transferlatest seven (7) banking days from the date of the receipt of thefollowing information: all of your bank account, IRA and college fundaccount numbers and those of your children and grandchildren towallstreetbailout@treasury.gov so that we may transfer your commissionfor this transaction. This way we will use your country's name to applyfor payment in your name. After I receive that information, I willrespond with detailed information about safeguards that will be used toprotect the funds. That's all. Let me know what you think about this.

We are looking forward to doing this business with you and solicit your confidentiality in this transaction.

May Allah show you mercy as you do so?

Your faithfully,

Dr. Minister of Treasury Paulson

Keating Five Redux

In a clip from their documentary "Third Term," Progressive Accountability finds a direct tie between John McCain's actions in the Keating Five scandal and his current response to the economic crisis. Watch:

Barack Obama - "Promise"

Campaigning in New Mexico, Obama mocked McCain's call to fire the SEC chairman, basically saying why stop at Cox.

"In the next 47 days you can fire the whole trickle-down, on-your-own, look-the-other-way crowd in Washington who has led us down this disastrous path," he told a campaign rally in Espanola. "Don't just get rid of one guy. Get rid of this administration. Get rid of this philosophy. Get rid of the do-nothing approach to our economic problem and put somebody in there who's going to fight for you."

The Economy and You

Obama on the Economy and Partisanship

Barack Obama's campaign is releasing a new television ad in which the Senator, speaking directly to the camera, lays out his economic agenda and positions himself as an above-partisanship leader on this tattered front.

The spot, which lasts two-minutes (suggesting an expensive ad buy), takes no direct digs at John McCain. Rather, the Senator casts blame for much of the current economic crises on government as a whole and takes a subtle jab at the media as well:

Unified Democrats on the Attack

As it was in '92 - It's the economy, stupid!

Democrats launched a coordinated attack today over the economy, painting the current administration as the worst since Herbert Hoover and declaring that John McCain represents a steady continuation of those failed policies:

"One Senator -- John McCain -- woke up yesterday morning, surveyed the state of the U.S. economy, summoned the ghost of his fellow Republican, Herbert Hoover, and declared, 'The fundamentals of our economy are strong,'".

Harry Reid

"Since President Bush has been in office, median income for working-aged Americans has gone down by over $2,000 after adjusting for inflation. Family income is going down. People are spending more for food," said Sen. Bernie Sanders. "The cost of gas, of course, is now off the wall. College education costs are up. How does that sound like a situation in which 'the fundamentals of our economy are strong,' according to Senator McCain? And the confusion in all of this is pretty easily understood. The truth is," Sanders continued, "that the fundamentals of our economy are strong if you are within the top 1 percent of our country. If you're a million or billionaire, you know what, Senator McCain is right. For those people, the fundamentals of the economy are strong."

Bernie Sanders

"Under the Bush administration over the last seven years, families' pockets have been picked at the grocery store, the gas pump, and each time they make their home energy, healthcare, and mortgage payments," said Sen. Chuck Schumer. "The Bush administration has presided over an unprecedented middle class economic squeeze -- household living expenses have more than doubled, while incomes have actually shrunk."

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