Ladies and Gentlemen, the President of the United States of America

From Jack Cafferty's CNN blog:

"In case you’re wondering why our economy is in the toilet, President Bush had the explanation at a closed Republican fund-raiser in Houston last week:

”Wall Street got drunk – it’s one of the reasons I asked you to turn off your TV cameras. It got drunk and now it’s got a hangover. The question is: how long will it sober up.”

The depth of the intellect at the very top of our nation’s government is staggering, isn’t it? Quite an assessment coming from a reformed alcoholic. The president had apparently requested that those attending the event turn off their cameras, but the comments were recorded and started popping up on Texas news outlets.

The White House grabbed their brooms and immediately began sweeping up after him. They say Mr. Bush was referring to the fact that, “the markets were using very complex financial instruments that had grown up over the years, and when confronted with the shock of this housing downturn, they did not fully understand what the consequences were going to be.”

Problem is, that doesn’t sound at all like the president saying “Wall Street got drunk.” It’s that kind of shallowness that has created an appetite in the American public and overseas for someone like Barack Obama.

King Abdullah of Jordan actually cut short his vacation this week so he could meet with Obama. It must be like someone who works in a nursery all week finally getting a chance to have a conversation with an adult." Read more!

Alan Greenspan & Susan Sarandon on Comedy Central

Two nights ago there was a good hour of the usual hilarity and informativeness between the Daily Show and the Colbert Report. I found it extra hilarious and exceptionally informative. There was so much more to each episode than the two videos I'm about to post but until I can find some clips on the other topics, we'll have to bask in these. My favorite part of the first one is the last thing Jon Stewart says.

Alan Greenspan- former chairman of the Federal Reserve and newly published author





Jon Stewart: Many people are free-market capitalists, and they always talk about free-market capitalism, and that is our economic theory. So why do we have a Fed? Is the free market – wouldn’t the market take care of interest rates and all that? Why do we have someone adjusting the rates if we are a free-market society?

Alan Greenspan: You’re raising a very fundamental question. … You didn’t need central bank when we were on the gold standard, which was back in the nineteenth century. And all of the automatic things occurred because people would buy and sell gold, and the market would do what the Fed does now. But: most everybody in the world by the 1930s decided that the gold standard was strangling the economy. And universally this gold standard was abandoned. But: you need somebody to determine –or some mechanism – how much money is out there, because remember, the amount of money relates to the amount of inflation in the economy. … In any event the more money you have, relative to the amount of goods, the more inflation you have, and that’s not good. So:

Stewart: So we’re not a free market then.

Greenspan: No. No.

Stewart: There’s a visible – there’s a benevolent hand that touches us.

Greenspan: Absolutely. You’re quite correct. To the extent that there is a central bank governing the amount of money in the system, that is not a free market. Most people call it regulation.



Susan Sarandon, "Actrevist" is what Stephen calls her


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