The Hollywood Liberal

It’s Official: The Crash of the U.S. Economy has begun

Global Research
Excerpt:
It’s official. Mark your calendars. The crash of the U.S. economy has begun. It was announced the morning of Wednesday, June 13, 2007, by economic writers Steven Pearlstein and Robert Samuelson in the pages of the Washington Post, one of the foremost house organs of the U.S. monetary elite.

Pearlstein’s column was titled, “The Takeover Boom, About to Go Bust” and concerned the extraordinary amount of debt vs. operating profits of companies currently subject to leveraged buyouts.
In language remarkably alarmist for the usually ultra-bland pages of the Post, Pearlstein wrote, “It is impossible to predict when the magic moment will be reached and everyone finally realizes that the prices being paid for these companies, and the debt taken on to support the acquisitions, are unsustainable. When that happens, it won’t be pretty. Across the board, stock prices and company valuations will fall. Banks will announce painful write-offs, some hedge funds will close their doors, and private-equity funds will report disappointing returns. Some companies will be forced into bankruptcy or restructuring…..”

Among those poised to profit from the crash is the Carlyle Group, the equity fund that includes the Bush family and other high-profile investors with insider government connections. A January 2007 memorandum to company managers from founding partner William E. Conway, Jr., recently appeared which stated that, when the current “liquidity environment”—i.e., cheap credit—ends, “the buying opportunity will be a once in a lifetime chance.”

HL’s Take
It will be Bush’s going away present to America.

Where Your Income Tax Money Really Goes 2008 Edition

War Resisters League
Excerpt:
HOW THESE FIGURES WERE DETERMINED

Current military” includes Dept. of Defense ($585 billion), the military portion from other departments ($122 billion), and an unbudgetted estimate of supplemental appropriations ($20 billion). “Past military” represents veterans’ benefits plus 80% of the interest on the debt.*

HL’s Take
There’s lots more, click through and see, there is another pie chart that shows how the Government claims the money is spent. The War Resisters League has been around since WW1, these are the guys I got arrested with at the 2004 Republican Convention in New York.

New Orleans turns to international aid

Raw Story
Excerpt:
NEW ORLEANS — The cash-strapped city of New Orleans is turning to foreign countries for help to rebuild as federal hurricane-recovery dollars remain slow to flow.
Kenya Smith, director of intergovernmental relations for Mayor Ray Nagin, said city leaders are talking with more than five countries. He wouldn’t identify the countries, saying discussions were in the early stages. But he said the city is “very serious” about pursuing foreign help.

“Of course, we would love to have all the resources we need from federal and state partners, but we’re comfortable now in having to be creative,” Smith said. He did not know if the city would have to overcome any obstacles if it got firm pledges for aid, but “we want to make sure we’re leaving no options unexplored.”

For months Nagin has complained bureaucracy is choking the flow of much-needed federal aid dollars to New Orleans – slowing the city’s recovery. As of June 8, the city said it had received just over half of the $320 million FEMA has obligated for rebuilding city infrastructure and emergency response-related costs. The city has estimated its damage at far more than that – at least $1 billion. And that doesn’t include other improvements – such as raised neighborhoods – meant to help build the stronger city promoted by Nagin and his recovery director

HL’s Take
It’s been almost 2 years and only half the money that was supposed to go to New Orleans has gotten there. That is a disgrace. Bush is the steward of the biggest domestic disaster in US History as well as the biggest foreign policy disaster in US history. It is disgraceful that this much time has passed and parts of New Orleans still look like the hurricane happened yesterday.
If Katrina would have happened when Clinton was President, the whole city would have been rebuilt in less then a year. This is Bush’s way of telling America You’re on your own. Don’t look to us for help when disaster strikes, we are too busy looting Iraq’s oil, and stealing everything that isn’t bolted down.

Rackjite.com
Tony Snow is a liar, so were Bush’s other press secretaries, but Snow makes the others Fliesher, and McClellan look like pikers. Here John Stewart busts him. No and, ifs or buts, no well I meant that. Snow says one thing, then he claims he never said it. Stewart is hilarious as ususal, check iit out.