| Title: |
Who is at fault? |
| Published: | Wed, 28 Oct 2009 |
| Description: | U.S. stocks sank, extending a global slump, as an unexpected decrease in new-home sales added to concern the seven-month rally in equities outpaced prospects for economic growth. Does this Administration have any clue how to fix the economy? |
" One 877469433218774654. -- through. A couple more stories before week. Turned to the next topic."
" The number of Americans who believe there are solid evidence that the earth is warming because of pollution is at its lowest point three years. How many people that they call in Denver. -- Denver -- it up to a foot and a half of snow. That's the conclusion of a national survey released by the pew research center of a poll of 1500 adults found that only 57%. Believe there's strong scientific evidence that -- has gotten warmer. The steepest drop occurred over the last year is congress and the Obama administration -- taken steps to control heat trapping emissions for the first. Right. Right. I'm sure you know they gonna -- a solvent. Elkins West Virginia a true team of bigfoot enthusiasts is hoping to find the legendary creature in the blogs and barons of in West Virginia wilderness area. Who know. And Billy will there Willard founder of Scott Scott slash watch watch of Virginia. Says they're looking in places where people have reported sightings. Of the people reported the sightings and been him by being a little shine. Before they. Saw. Bigfoot. Bruce Harrington the group's self described skeptical members says he has yet to see convincing proof that the creature exists but he says he is planning to what. In -- drink some 200 proof. Shy and well he's out with the expedition. The group took plaster casts of suspicious prints but didn't spot the creature during the expedition last weekend. A wonderfully I wonder if the a big foot in West Virginia where as a wears a sheet. Like the senior senator Robert Byrd does. Does it burn crosses in the on the mountains of ninth aren't Jason weren't cheap ice sheet. I -- she gets a word really growth. -- 18774694322187746943220. The good column in The Wall Street Journal today by Holman Jenkins. Washington's suicide mission. And he's talking about the riverboat gamble on saving the economy with free money. And it's just we just sums it up pretty well so I'm just -- throughout the question if you if you just heard that if you were listened to the Boston station via. The our financial adviser crew who has two minutes day on the on the station was talking about how one bad housing numbers were. -- again tomorrow be an issue the GDP the gross domestic product. Because of cash for clunkers will be up below that. But the significantly since cash for clunkers and it and cash for -- it's just an extremely expensive program as we said earlier we -- we borrowed money. From the Chinese to take American cars off the road to replace them with Japanese automobiles and and this is how we're going to get the economy moving again. This is Holman Jenkins from The Wall Street Journal so what do you think is it is this is this plan going to work two of us from throwing money at problems. The urgent problems problems says The Wall Street Journal is -- giant riverboat gamble the Washington can save the economy by doing what comes naturally. Spending money carelessly creating massive new entitlement without funding them dishing out cheap credit the politically favored sectors. Telling businesspeople where and how to would best. Invest this gamble is built on the conceit that Washington can Hector the recipients whether or auto companies banks are homeowners into behaving in ways that are quote unquote responsible. So far however human nature is proving a disappointment take the outbreak of tax fraud related to the government's emergency homebuyers credit. And how Al troop was revealed last week that all this fraud has been going on in the home -- program you know kids. At the -- for our -- are right claim they they their parents or someone is claiming that they bought houses so they can get this tax credit. So now they're gore the people in the in the mortgage industry are going up to congress and -- what we have a yet there's a lot of scams or -- we have to -- we go one of the housing market will be even worse. How much worse can it Betty. Banks continue to fail at an alarming rate says Holman Jenkins the dollar is under assault and Washington is looking at a future of trillion dollar deficits. One might have guessed it would take a decade of Obama -- next to produce European welfare state levels of youth unemployment. But an eighteen point 5% were already there in eat less than a year. All of this might be defensible if -- were being bought the cleanup accumulation of past excesses. Instead the president is creating a new one. It's no exaggeration. That to say that the Senate health care bill taking shape. Is the equivalent of climbing aboard a train about the plunge into what Canon in deciding that what it really needs is a bomb on board. That is so true. By one metric alone it might succeed somewhat. Reducing the numbers of those who tell pollsters they -- quarter on quarter uninsured. But it does so what do fashion reminiscent of the means for Clinton and bush administration's used to raise the homeownership rate from 64 to 70%. Which produced the sub prime wreckage around us. The Senate bill includes a mandate requiring all citizens to buy health insurance but the penalties have been progressively weekend. Insurers though would still be required to take all comers including the already -- charge the misty -- great. -- ballroom. A monumental incentive for Americans not to buy health insurance until they get Syria."
" I just I just don't see. I don't see any. Light at the end of the tunnel here you know -- the way -- I mean that these people have got to be tossed out of office. Before we can get the economy go wanna get. -- You know they they're they're saving jobs. That they claim they're saving jobs what kind of jobs so they say it's used let's. Let's give them the benefit of the doubt say they've saved a few jobs. Are these Rico chops or they drop like a Boston City Hall where you just go when you work on your FaceBook called I think we know the answer to that question about what. 18774694322. And now this guy this be up the pace. They've given all this money to these banks in the bad now the bank's server are rolling in money and now he says you can give out any of the money to what the people who work at the bank. So what are they so what are they supposed to -- what the money. 187746943221877469. 432 to shape your next what how we cargo ahead chain."
" They out yet we know. Yeah I play -- They already started businesses in this country employer argued people who are left. And that may do a lot small businesses out there and we haven't bought anything to help any of those people. -- smoke had no capital gains tax cuts. No. No holiday up payroll taxes not saying there help spokespeople. Could hire people."
" Won't change that's because your greedy don't you listen to while Barack Obama has dropped this to redistribute the wealth you're you're rich -- and he wants to give it to the the the people who just you know came across the border last week."
" Boy that's where the money comes from Wright comes from Barack Obama."
" It died just ask those people don't always deadline in Detroit right."
" Then destroy all my got to get a check got out and make sure ability -- actually win the money come from patients I don't know what -- Obama he's the president. I know believe these C we get away when we do something to help the people that employee Olmert used the majority of Americans then Dick Armey a turnaround the second terabyte sales and jobs. You know add a public place I bet they don't produce any --"
" I know I know but you know of people have been Condit to -- in the bullet I think I think though the the the magic potion is wearing off though isn't it change. I think people of are coming around to coming to their census they say they sent they they sent Bill Clinton not the other night two was to a campaign rally. And you know for the democratic candidate in Virginia -- Deeds. They didn't have stadium they didn't have an arena you know what they had they have a campaign office. Got. A dozen people that's right the rallies such as it was was not held in an arena or a hotel not even a motel sex. But in the campaign office in the Washington suburbs. The throng was counted in the dozens about the size of a PTA meeting not even Bubba could dispel the gloom of awake. I'm glad they're finally wake up it's too bad it to -- didn't wake up last year when they they could've avoided four years of malaise in May be worse. Thanks for the call -- 18774694322. Kevin your next with how we cargo ahead Kevin."
" Anyhow we are great topic couple points. First albeit -- John Kerry pushing this urgent climate change legislation that would I might just -- be economy. Basically up flat lighting on life support it just. So mind boggling and they emit its -- in its ridiculous. And number."
" And you know what Kevin the what you more ridiculous is. The the global warming alarm us. Are angry at you when you point out that there's gonna be a half a foot and a half of snow in Denver. The market today you're you're not supposed to even talk about that that's all -- hate speech against polar bears."
" Forget about Denver -- eleven decade."
" Well I heard a guy and CNBC today wanna be one of the Republican leaning anchors said says he's the editor at some. Q could some Wall Street -- caught and in the guy's a woman women that I that we haven't had any. India called years since 1998. And the guy looks Adams has spoken like a true Republican public spoken by someone who's been outside."
" Clark has spoken like someone who knows the back."
" Right -- yes someone who's like studied the meteorological charts. Go ahead."
" I'll do it the other point I want to make I just finished a book by again. Ross Sorkin the New York Times --"
" He's on CIBC sometimes yes."
" Yeah I always gonna get called too big to fail and it'd say unbelievably riveting behind it -- Koppel. Of basically one year Adobe Wall Street meltdown. All of these guys get the big bank. The Colbert back all the people are reporting huge profit we are -- at that time those CEO's what -- the patent because they had no light beer beer or. Are we done a survivor not right and the idea that pit -- huge bonuses. I guess. This book is totally changed my perspective while the other half the stake at some what it did it himself a fiscal conservative. I am all all of more regulation of Wall Street and what these people doing the the bitter and what they did this to work."
" The problem Kevin is that you know. If you let him do what -- somebody else to going to be coming after you I know that's I know let's all wide you know going back to not Nazi days but it's true you know I mean you don't you don't wanna give these you don't wanna let these people get their nose under the tab under any circumstances I mean even if you're. It make up defending greed heads and AIG."
" You how we I really don't know because. They wanted -- our crop but I don't responsibility. And responsible decision been left out called the bags but it sort of a trillion dollars. And we're not done yet GM AC inspector there. Bird. Third by her the lesson learned yet that. Played all of you know governments ought to survival. I really think we need to put the screws to these people would the last one the last couple of days of."
" And Kevin what are we gonna put the screws to Barney Frank and Chris Dodd all these people who are basically told the told the told the banks that they had them they had to make these crappy loans."
" Well how we got beat the community you know redevelopment all of that that would be eight. You know a sliver of the problem the real marble or all -- new product that they created a -- no way to valued at stake but it was like being in directing the grant him. It it would constrain what they were allowed to get away wet and I have to say who really opened my eyes to the need. All our financial regulation on Wall Street I take that out like a body -- wannabe our party spiked ball at the jump."
" Yeah -- That the problem is Kevin you know it was gonna be setting up those regulations is that nice mr. Barney Frank who wants more government regulations and whose shirt is too tight Foreman -- needs a haircut looks like he has taken a shower and two weeks. Is that we want to make in the column that's."
" How we it would -- one but I have to say that they really dumb some kind of structured it to -- around -- people. Are -- but I don't ought there are ready Ali. Goldman Sachs and these other off the race began increasing -- already. They've daily digest that it is that the big creative -- already off to the races again setting up the next one. I really feel like company to be on the --"
" And Kevin and Kevin who do they give 90% of their political contributions I know -- not a big group it's the Democrats voted everybody on Wall Street vote for in the last election. They voted are now voted for Barack Obama because they're beautiful people."
" They're very concerned as they -- as they jet around and there are private. Gulf streams they're very very concerned about global warming. "
" Exactly as perhaps one right one more idea -- how make sure they talk about -- you you know limit these people pay what it is believed out of our American pay them quote. Yeah market value -- that's eight. I think the pay restrictions ought to be a scarlet letter then that you -- at one of these firms when it imploded. You'll -- the pay resurgent go with -- last legs."
" you've turned your turned into a socialist you gonna get a picture in Norman not Thomas for -- a bedroom wall earlier Kevin let let me -- Let let me ask you something -- you know. Who who do you like a guy like Kim what what's he was the chairman of B away and they basically held a gun -- was headed told them he had them by Merrill Lynch right."
" How we did want holding guns that everybody had."
" So who's right well so so who should be who should be heaven that testified before grand juries. Paulson and Bernanke or I can't blow us."
" All of them how we because the recommit they -- desperate strict corporate got a bit ahead ordering them to do think they probably wouldn't it by the it's because they screwed the pooch so bat -- put themselves in such a position -- what a big government. Article got beat these are culpable or what they did how we got to reboot."
" I -- I -- I wanna let him go out of business I mean they keep saying it was a tragedy that Lehman Brothers went out of business what was the tragedy are you are used homes and any sleep over Lehman Brothers -- and around anymore."
" Well I mean if you read a book -- and it's a good book if Barack sort in the."
" He works for the New York Times Kevin you drank the Kool aid here."
" I mean how do you think after twenty years -- all the buttons and into. Are -- but what do my listeners to hear the I what -- valuation relic from these people that went out of control. This guy this is a guy Sorkin wrote this book this is a guy who -- flex when he mentions Barack Obama's name on CNB say. It's."
" OK but he also advocate -- under cold breakdown of what happened in this book value. The it did it it just. It's gone it's gone too far to date they were able to do so they went so far over. I'm how you have to be -- all back there have to be something there's been no art but one of the left --"
" Let's put they -- chart that. What about the acorn why it affected what I acorn and running into cabinet acorn is running the government right now is it not. Or how they so it would take us. I would take I would take the Wall Street over acorn I mean again it's -- it's a yet terrible choice have to make but that's the way I feel. That by trying to pick a winner to -- act walked out."
" Right but we had to do that didn't wait at some point I gotta I gotta hold you right there Kevin. 18774694322. Sorry that took so argues a host on the weekends here on the Boston station. I'm Howie --"
" One. 74694322. People got us into this mess. On Wall Street. -- democratic donors. The people who were trying to regulate them now for the people they gave money to be Barney -- beat Chuck Schumer first. -- Barack Obama's I mean do you would trust them. Two to fix this problem I certainly don't. I I don't. I don't trust you any government solutions stated it take any problems that I I know you know we the we have them a military you have them. Road system. You have to have a courts although that's not working out too well with the despicable hacks that we've appointed to judgeships here in Massachusetts and elsewhere. But I -- I wanna keep the government as much out of everything is possible and this is this is. This solutions that are being proposed are we gonna access to break the problem and we're gonna see that is that as time goes on. GM you're next with how -- cargo ahead --"
" And the only outsider of course -- nobody really. Yeah yeah other cops say they generally released I don't go around you got I know there's every corner of bad news is god. The only executive dot you know are good they're like it's it's like you might get you well let itself it is -- pocket is up."
" That's what everybody tells me jump. Keep an eye on and -- carry too much money with me -- thanks for the call David you're next with Howie -- go ahead David."
" But I remember what it. -- you know it's not the national debt that's gonna guess it's all these unfunded liabilities that's what's really gonna."
" What he had -- of the crop yeah really purple there's gonna make -- a radio talk show about it and -- yes that's -- I hope so I hope you're right Dave I'll have to get my salary up so I did not get to that level. 187746943220. -- Howie --"
" meals and chief campaign strategist Dick Morris tomorrow for two great fund raisers here in Massachusetts in the afternoon at the cape Cotter resort hotel and Hyannis from noon to two. And from 6 PM to 8 PM in Boston at the UMass club on Franklin street. Dick Morse is no stranger to Massachusetts politics Dick played a key role in the election of governor Ed king and bill well. Not to mention he is one of the nation's bestselling authors in addition to being a Fox News commentator. Reserve your VIP ticket now for an in person one on one meeting with the Morse and -- meet those. At the kid caught a resort motel and Hyannis on the afternoon of October 20 ninth that's tomorrow or tomorrow evening in Boston -- the UMass club on Franklin street. Visit Christie 2010. Dot com to purchase your tickets. That website again Christie 2010. Dot com that's Christie 2010 dot com."
" Talk radio window of personality. For a college -- In February afternoon from -- reserve won't -- here on Boston's toughest."