Archive for the ‘Fox News’ Category

Most Americans Now Say America Could Go Bankrupt

March 5, 2009

With the stock market in a nose dive and the U.S. government spending borrowed money like a drunken sailor, more than 60% of Americans now believe the U.S. could literally go bankrupt.

And as Americans watch news reports on how all this federal money (ie your money and my money) is being spent by the likes of Barney Frank, some are starting to wonder if all this spending will do any good, if it is fair and honest, and if it will prevent disaster (or as Barack Obama has sermonized: “catastrophe”).

Even if the “stimulus” and other Obama spending measures slow the economic downward slide, it is getting more doubtful that the Obama plan will restore investment, prosperity and economic growth in America — as investors seem to be saying in the stock market.

And is it all fair?  Should luxury car salesman Chadi Moussa get a new mortgage with your money and my money?  Should Americans and American companies be allowed to fail?

In the every-player-gets-a-trophy never-never land of liberal American, apparently nobody will be allowed to fail.  So the net reult may be that we all fail….

 

Chadi Moussa bought his home in Dublin, Calif, for $2.24 million in 2005. Its value and his income have since fallen by half. Now he wants a government bailout.  Heidi Schumann for The New York Times

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The stock market has plunged to its lowest point in decades, unemployment is up, and home foreclosures are sweeping the country. Still, Americans think it can get even worse – a lot worse. Fully 61 percent of Americans think it is possible the United States government could literally go bankrupt. That’s according to a new Fox News poll released Thursday.

By Chris Anderson

And what about the billions of dollars the government has spent since last fall to get the economy back on track? Many Americans think its simply not working: 44 percent say “things would be the same as they are today or even better” without the spending, while 38 percent think “things could have been a lot worse,” without the spending. Another 14 percent think it is too soon to tell.

Some 60 percent of Americans now describe themselves as confident “about the future security of your job,” down from 64 percent in September 2008 and 82 percent in October 2007.

Lower earning workers are the least confident in their job security. Nearly half (45 percent) of households with annual incomes under $50,000 are confident in their job security, compared to 70 percent of higher earning households.

Opinion Dynamics Corp. conducted the national telephone poll of 900 registered voters for FOX News from March 3 – March 4, 2009. The poll has a 3-point error margin.

Read the rest:
http://www.foxnews.com/story/0,2
933,505184,00.html

Related:
http://michellemalkin.com/2009/03/05/boo-freak
ing-hoo-million-dollar-home-owner-whines-about
-bailout-limits/

http://www.nytimes.com/2009/03/05/
us/05mortgage.html?_r=1&em

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Obama Stimulus is “Ponzi Scheme” Plus Other Criticisms….

January 30, 2009

“It’s not an ‘economic stimulus;’ its a political pay-off to Democratic contsituencies,” Ben Stein said on Glenn Beck’s Fox News program this evening.

“We have to get the banks to lend and lend without fraud,” Stein said.

He said a Ponzi Scheme takes money from unsuspecting investors and then never really invests.  Any pay-off comes from the money from other “investors” and not from profits.

The economic stimulus borrows the money and then simply passes it around, Ben Stein said.

“This stimulus will cause an 80% inclease in domestic discretionary spending in one year,” Karl Rove said.

And the government pay-out won’t be over after the stimulus.  There still needs to be a big bank bailout — maybe to the tune of $3-4 Trillion.

Rove said the “stimulus” is full of garbage.

Conservative economist Thomas Sowell said the stimulus bill won’t create jobs fast enough and soon enough and the bill is filled with now job-making spending.

Sowell is the author of Applied Economics: Thinking Beyond Stage One.

Stein speaking at 2006 National Summit on Retirement Savings
Below by Thomas Sowell
 

 

 

Everyone is talking about how much money the government is spending, but very little attention is being paid to where they are spending it or what they are buying with it.

The government is putting money into banks, even when the banks don’t want it, in hopes that the banks will put it into circulation. But the latest statistics shows that banks are lending even less money now than they were before the government dumped all that cash on them.
Even if it had worked, putting cash into banks, in hopes that they would put it into circulation, seems a rather roundabout way of doing things, especially when the staggering sums of money involved are being justified as an “emergency” measure.

Spending money for infrastructure is another time-consuming way of dealing with what is called an immediate crisis. Infrastructure takes forever to plan, debate, and go through all sorts of hearings and adjudications, before getting approval to build from all the regulatory agencies involved.

Out of $355 billion newly appropriated, the Congressional Budget Office estimates that only $26 billion will be spent this fiscal year and only $110 billion by the end of 2010.

Using long, drawn-out processes to put money into circulation to meet an emergency is like mailing a letter to the fire department to tell them that your house is on fire.

If you cut taxes tomorrow, people would have more money in their next paycheck, and it would probably be spent by the time they got that paycheck, through increased credit card purchases beforehand.

If all this sound and fury in….

Read the rest:
http://townhall.com/columnists/ThomasSowell/20
09/01/27/what_are_they_buying

Related from Michelle Malkin:
http://michellemalkin.com/2009/01/30/stimul
us-slush-fund-for-the-housing-entitlement-mob/

Biggest Beneficiary of U.S. Economic Stimulus?

 Economic Stimulus About “Soul of America”

Rupert Murdoch: Economy needs “drastic action;” people worldwide “depressed and traumatized”

January 30, 2009

News Corp. Chairman Rupert Murdoch said there’s no hiding from the worsening global economic crisis, and stressed the need for quick and “drastic action” to turn the tide.

People worldwide are “depressed and traumatized” to see their life savings, including homes and pension funds, disappearing, Murdoch said at a press briefing in Davos, Switzerland, today.

 

Bloomberg

“It would be very foolish if we said here we are, we had a crisis, and how do we get out of it quickly,” he said. “The crisis is getting worse. When you get to the real economy, values are still going down.”

New York-based media company News Corp. in November reduced its fiscal 2009 profit forecast because of reduced ad sales at its newspapers and Fox television.

“You have world financial markets, it doesn’t really matter where you’re talking about in the world,” Murdoch said. “There’s no hiding place, the world financial markets are in a great state of disarray.”

Alone Among Networks, Fox News Covers Bush Texas Homecoming

January 21, 2009

Former Vice President Dick Cheney and other Bush administration officials sometimes let it be known that they stuck with Fox News for their informational needs. And on Tuesday, Fox News returned the favor, even as the rest of Washington remained gripped by Obama fever. 

Late Tuesday afternoon, Fox News was the only major national TV outlet that carried a live telecast of former President Bush’s homecoming speech to cheering supporters in Midland, Texas.

“Sometimes what I did wasn’t popular,” a smiling Bush told the crowd. “But that’s OK. I always did what I thought was right.”

Former President George Bush, left, accompanied by his wife ... 
Former President George Bush, left, accompanied by his wife Laura Bush stands by as addresses attendees at his arrival in Waco, Texas, Tuesday, Jan. 20, 2009.(AP Photo/Tony Gutierrez)

The rest of the networks, however, did not see the Bush address as news fit to broadcast. At 6:40 p.m. EST, MSNBC was in the middle of “Hardball,” with host Chris Matthews and guests batting around the meaning of Obama’s swearing-in. CNN was carrying live ongoing coverage of the final moments of the inaugural parade, with the Obamas beaming from the White House reviewing stand.

The broadcast networks likewise did not cover the Bush speech. At least in Los Angeles, both KCBS-Channel 2 and KNBC-Channel 4 had returned to regular syndicated programming (“Judge Judy” and “Deal or No Deal”). KABC-Channel 7 was airing local news.

-Scott Collins 
Los Angeles Times

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From The Dallas Morning News
MIDLAND — George W. Bush returned Tuesday to a West Texas welcome, declaring himself happy to be back as a private citizen after eight rocky and eventful years as president.

“I’m coming home with my head held high and a sense of accomplishment,” he told a crowd of several thousand that jammed Centennial Plaza.

“Even among the most difficult days of my presidency, I was always optimistic about the future.”

Bush leaves office among the most unpopular presidents in history. But here in his staunchly Republican boyhood hometown, a sea well-wishers turned out to cheer his return.

The rally marked a bookend of his pre- and post-presidency. Eight years ago, he attended a final sendoff from the same town square before leaving the state for his own inauguration.

Read the rest:
http://www.dallasnews.com/sharedcontent/d
ws/news/politics/state/stories/012009dnte
xbush.2e95037.html?npc

Obama’s New Vision for Vice President Joe Biden

December 21, 2008

Vice President Joe Biden will be the new “White House Task Force on Working Families.”

Bravo to President-elect Barack Obama.

History tells us that the Vice President of the United States is not always as important as he seems to think….

Remember Dan Quayle?

Dan Quayle

President-elect Barack Obama will have to define the role of his Number Two.  He and Vice President-elect Joe Biden seem already to agree on one thing for sure: the Vice President in the Obama Administration will have a smaller role than Dick Cheney.

Cheney responded:  “President-elect Obama will decide what he wants in a vice president and apparently, from the way they’re talking about it, he does not expect him to have as consequential a role as I have had during my time.”

Vice President-elect Joe Biden listens as President-elect Barack ... 
Vice President-elect Joe Biden, in focus but in the shadow, listens as President-elect Barack Obama makes remarks.(AP Photo)

Biden says the move is toward a more historical and constitutional role for the vice president.

Biden cited Article I of the constitution as the source of the Vice President’s power and role.

But it is Article II deals with the Executive Branch of government.

Article I deals with the legislative branch.

Vice President-elect Joe Biden “teaches constitutional law” back in Delaware “but can’t keep the articles of the constitution straight,” said Vice President Dick Cheney on Fox News Sunday.

With two wars boiling, the economy is its worst shape since the Great Depression and the former Chairman of the Senate Foreign Relations Committee at his side one might think Obama would put Biden to the plow.

And Obama ha done just that.  Joe Biden will chair The White House Task Force on Working Families.

Image 
Joe Biden – AP

But it is certain, Obama aides say: Biden will be smaller in stature than Cheney.

Auto Bailout

In an interview with Chris Wallace on Fox this past Sunday, Cheney also said that Congress had a chance to act on the bailout of the auto industry “and failed.” 

“They had ample opportunity to deal with this issue and failed,” Cheney said in an exclusive interview with FOX News Sunday host Chris Wallace. “The President had no choice but to step in.”

Democrats in Congress disagreed.

But Sen. George Voinovich, R-OH, who represents a large auto industry constituency in his home state, was first out of the gate with an e-mailed statement, saying he was “grateful” for the president’s action “to help thwart a disaster that would have sent our state over the cliff.”

Asked about Biden’s role as Vice President, Cheney said that he had heard that Biden was seeking a smaller role as Vice President but that “it will be President-elect Barack Obama’s choice to diminish the office of the Vice President”….

Sure.  Joe Biden will be busy with the White House Task Force on Working Families.

A spokeswoman for the vice-president-elect said “Biden had no intention of continuing the practice started by Vice President Cheney of regularly attending internal legislative branch meetings — he firmly believes in restoring the Office of the Vice President to its historical role.”

Maybe we are returing to the era of Vice President John Nance Garner who was quoted as saying his job was “not worth a bucket of warm spit.”

Garner once described a writer who quoted it this way as a “pantywaist.”

Garner apparetly used a word that began with a “p” and ended in “ss.”

John Nance Garner
John Nance Garner
.
By John E. Carey

Related:
Biden to oversee efforts aimed at middle class

Vice President Dick Cheney attends the unveiling of President George W. Bush's
AP – Vice President Dick Cheney

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From Politico
Outgoing Vice President Dick Cheney poked at Vice President-elect Joe Biden for muffing his constitutional facts on the campaign trail during a wide-ranging interview on “Fox News Sunday.”

Biden, who criticized Cheney for being the “most dangerous vice president” in American history, also has taken issue with Cheney’s expansion of the powers of the vice presidency.

The vice president-elect hasn’t, Cheney said, asked him for any advice.

Asked about Biden’s criticism, Cheney pointed out that Biden also said the powers and responsibilities of the executive branch are in Article One of the Constitution – and as a longtime chairman of the Senate Judiciary Committee and professor of constitutional law, should know that Article One applies to the legislative branch.

“I’d write that off as campaign rhetoric,” Cheney said.

He added: “If he wants to diminish the office of the vice president, that’s obviously his call. I think that President-elect Obama will decide what he wants in a vice president. And apparently from the way they’re talking about it, he does not expect him to have as consequential a role has I’ve had during my time.”

Host Chris Wallace also asked Cheney if he was bothered by his outgoing approval ratings – a dismal 29 percent.

“We didn’t set out to achieve the highest level of polls that we could during this administration,” Cheney said. “Eventually you wear out your welcome in this business.”

***************************************

Dialing back his predecessor’s expansive view of the office, Vice President-elect Joe Biden plans on “restoring the Office of the Vice President to its historical role” as adviser to the president and tie-breaker in the Senate, an aide to Biden said…..

See Politico:
http://www.politico.com/news/s
tories/1208/16261.html

>
Biden has called Cheney “the most dangerous vice president we’ve had probably in American history.” Biden also has said he couldn’t name a single good thing that Cheney had done.

Cheney says he strongly disagrees with the idea that he dangerously expanded the powers of the executive branch. Cheney also says he doesn’t think Barack Obama will give Biden as consequential a role as Cheney has had under President George W. Bush.

See:
http://news.yahoo.com/s/ap/20081221
/ap_on_go_pr_wh/cheney_biden_1

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Vice President Dick Cheney says it ultimately will be up to the new Obama administration to resolve the crisis in the U.S. auto industry.

Cheney says it’s a difficult problem and that President George W. Bush has done his best to manage it. It was just on Friday when Bush ordered an emergency bailout of the industry by offering $17.4 billion in loans. The aid comes with tough concessions from the carmakers and their workers.

Cheney notes that the Bush administration has less than a month left in power. He says the bailout is only a short-term plan and only goes so far. The vice president says it will be a problem that Barack Obama will have to deal with after he takes over on Jan. 20.

Cheney made the comments on “Fox News Sunday.”

–Associated Press

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Vice President Dick Cheney accused Congress of failing to help a dying U.S. auto industry, leaving President Bush no choice but to step in with billions of dollars in loans, he told FOX News on Friday. 

The vice president spoke with FOX News Sunday’s Chris Wallace, shortly after Bush announced that the federal government would offer $17.4 billion in rescue loans to automakers. 

Wallace said Cheney also took a newsworthy shot at his successor, Vice President-elect Joe Biden. The comments will air on FOX News Sunday. 

See:
http://www.foxnews.com/politics/2008/12/19/ch
eney-white-house-offered-auto-loans-congress-failed-act/