Tuesday, April 22, 2008

Disapproval of Bush Breaks Record

What I find amazing is that his disapproval rating is not higher.
President Bush has set a record he'd presumably prefer to avoid: the highest disapproval rating of any president in the 70-year history of the Gallup Poll.
In a USA TODAY/Gallup Poll taken Friday through Sunday, 28% of Americans approve of the job Bush is doing; 69% disapprove. The approval rating matches the low point of his presidency, and the disapproval sets a new high for any president since Franklin Roosevelt.

The previous record of 67% was reached by Harry Truman in January 1952, when the United States was enmeshed in the Korean War.

Bush's rating has worsened amid "collapsing optimism about the economy," says Charles Franklin, a political scientist at the University of Wisconsin-Madison who studies presidential approval. Record gas prices and a wave of home foreclosures have fueled voter angst.

Bush also holds the record for the other extreme: the highest approval rating of any president in Gallup's history. In September 2001, in the days after the 9/11 attacks, Bush's approval spiked to 90%. In another record, the percentage of Americans who say the invasion of Iraq was a mistake reached a new high, 63%, in the latest poll.
Are the 28% who approve of this moron actually living in this country? Anyone with a brain understand that this is not just a failed presidency it is a worldwide disaster that has led to the deaths of hundreds of thousands or people. The lack of oversight has led to the financial meltdown we are currently experiencing. The country needs to have a national holiday celebrating the end of this reign of terror and idiocy.

I for one can't wait for this fool to go back to his fake ranch so we can recover from his fake presidency.

Monday, April 21, 2008

The Trillion-Dollar Mortgage Time Bomb

Risks are rising that Fannie Mae and Freddie Mac may need a government bailout that could cost far more than previous rescues.
Among the nightmares lurking around the corner for the already battered housing and credit markets would be a meltdown at mortgage financing giants Fannie Mae and Freddie Mac.

Although few are predicting an imminent need for a bailout just yet, credit rating agency Standard & Poor's recently placed an estimated price tag on this worst case scenario -- $420 billion to $1.1 trillion of taxpayer's money.
Once again it will be taxpayer money used to bail out businesses that made bad business decisions. Can I send the government a bill for the lemon I bought some years back? If its good enough for corporations why not for the taxpayers? This bailout will make the bailout of the Savings and Loans seem like chump change.
This dwarfs how much it cost to help banks during the savings and loan crisis of the late 1980's and early 1990's. That cost taxpayers about $250 billion in today's dollars.

S&P added that saving Fannie and Freddie might cost so much that the federal government's AAA credit rating, the top possible rating, might even be at risk. If that was lost, then all federal government borrowing would become more expensive.
The long term damage that has been done to our economy is overwhelming. The treasury has been raided for the past seven years and the next generations will pay with a reduced standard of living. This all happened while the people sat by and did nothing.