Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Foreign Affairs Discussion Group -- Ignore unavailable to you. Want to Upgrade?

To: paul_philp who wrote (35666)	8/1/2002 6:37:10 PM
From: stockman_scott	Read Replies (2) \| Respond to of 281500

~OT~ Bush and The Economy... The Fragile Recovery The New York Times Lead Editorial 8/01/02 The latest raft of economic data released yesterday was cause for more heartburn. The weaker-than-expected growth for the second quarter of this year — an annual rate of 1.1 percent, half of what had been predicted — calls into question the solidity of the recovery and gives more credence to warnings by some analysts that the economy could be in for a possible "double-dip" recession. The new government data also seem to confirm a fact of life not always acknowledged by pure economic orthodoxy — the volatile stock market's impact on the "real" economy. Those free-spending consumers who have been propping up the economy at a time of sluggish business investment do not inhabit a parallel universe, untouched by Wall Street. They are the same people who receive increasingly painful brokerage statements, which helps explain the falloff in consumer spending growth shown in yesterday's report and earlier surveys indicating plummeting consumer confidence. For weeks President Bush and his top economic advisers have been trying to change the subject from that of a stock market spooked by corporate scandals to that of the economy's sound fundamentals. They may now need another subject. Mr. Bush tried to minimize the news by talking about the more positive average growth for the first two quarters. The first quarter's rate was revised downward yesterday by a point, to a still-healthy 5 percent, bringing growth for the first half of the year to 3 percent. Other officials were quick to note that business spending is declining now at a slower pace, and that investment in computer equipment and software actually rose. Strong productivity numbers, the strength in the housing sector and a low-interest-rate, low-inflation environment are also signs that a continued recovery is still possible. The president could not have reassured anybody yesterday when he said he remained committed to making his fiscally disastrous 10-year tax cuts permanent. It seemed especially surreal to mention this, as he did, after saying that he would ask Congress to show some fiscal restraint. nytimes.com ___________________________________ btw, Paul I can relate to your frustration with GB2.0... <<...His lack of leadership on economic issues is starting to look like simple incompetence. His lack of political insight and instinct on the economy gives me little hope...>> Unfortunately, I feel the same way...It seems like The New York Times agrees with us too. I even have some wealthy and conservative relatives who are not pleased with the President and his performance -- if he loses these types of folks, watch out...I think the performance ratings that the talking heads on Fox News keep using are not really reflecting the DEEP SENSE OF FRUSTRATION that the country has...There's a lot of pain and mistrust out there now...Why is the President taking a long vacation...?? He and Cheney seem to be in bed with Corporate America BUT they seem to be so secretive -- they don't want to reveal much about their past business dealings BUT we're in a new time period and transparency is in...IMO, Americans want a President who will admit mistakes, take responsibility for his actions, and inspire the country. They also are craving for a President who would be decisive BUT seek input from various perspectives. IMO, there is a huge crisis of confidence in this country and that is impacting the stock market and The U.S. image and credibility overseas.

To: paul_philp who wrote (35666)	8/1/2002 9:37:32 PM
From: Dayuhan	Read Replies (2) \| Respond to of 281500

My frustration with GB2.0 is now at an extreme level. His lack of leadership on economic issues is starting to look like simple incompetence. His lack of political insight and instinct on the economy gives me little hope. He's managing the economy as he used to manage Arbusto or Harken. Not a very positive sign; in this case it's not likely that one of daddy's buddies will appear with a timely merger offer. My own objection to GWB2 has never been ideological: I could live easily with a conservative President. The problem is his track record. The man's sole experience in public administration is 4 years as Governor, a position for which he'd never have been a candidate if not for family clout. Before that, all he has is a succession of business affiliations, inept at best, shady at worst, most orchestrated, again, by family connection. As a resume for leader of the free world, that's just not good enough. I think the problem is one of simple human quality, and that this problem is going to haunt us a good deal in the future, whether id domestic or foreign affairs. In honesty, I have to admit that I don't think Gore would have been any better, which doesn't say much for the selection process.