Economy

Home repossessions up 183% from a year ago! The housing crisis continues and it doesn't seem to be letting up.

Thanks to all this free trade:

China is set to overtake the US next year as the world’s largest producer of manufactured goods, four years earlier than expected, as a result of the rapidly weakening US economy.

But that's nothing for us to worry about, just ask the Chimp in Chief.

He is giving the next President a record deficit. What a guy he is!

That's what a lot of schools are considering now:

Facing a crippling increase in fuel costs, some rural U.S. schools are mulling a solution born of the '70s oil crisis: a four-day week.

Cutting out one day of school has been the key to preserving educational programs and staff in parts of Kentucky, New Mexico and Minnesota, outweighing some parents' concerns about finding day-care for the day off.

One problem. In the 70's (when I grew up), having one parent at home during the day was a lot more common than it is today. Childcare will become a key issue in this working out for the best. According to the article, some districts are already planning for that. The ones that aren't need to. Schools aren't the only one feeling the economic pinch, so families can't afford additional child care or for one person to miss work.

The dollar has dropped to a record low, but don't worry - it's all in your head.

I guess the Bud Bowl will now be played with a round football, as Anheuser-Busch has now been sold to Belgium brewer InBev. Our American traditions are being outsourced right before our eyes.

People blaming Chuck Schumer for the collapse of Indymac is getting ridiculous. Now we have one of Kudlow's butt buddies taking the bait.

It's funny how most haven't heard of Schumer's criticism of Indymac until after the collapse. Now that it's over, they have found their scapegoat, who happens to be a Democrat. Here's a question that needs to be asked - If Schumer's criticism of the bank was enough to bring it down, then how sound was the bank? Seriously. Chuck Schumer, or any Senator for that matter, could hold the entire nation hostage by threatening a letter saying all our banks are going to collapse. Is our nation in that delicate of a balance? If so then Chuck Schumer should be applauded for telling the truth.

(H/T/ Chris in Paris who has much more)

But there we go whining again.

When you complain about paying $4.00+ a gallon for gas and can't afford health care, food, the mortgage or vacations, you are being "mental" and "whining". That according to McCain's economic guru, and one of the key players in this mortgage crisis (as well as husband of someone closely tied to the Enron scandal), Phil Gramm.

"You've heard of mental depression; this is a mental recession," he said, noting that growth has held up at about 1 percent despite all the publicity over losing jobs to India, China, illegal immigration, housing and credit problems and record oil prices. "We may have a recession; we haven't had one yet."

"We have sort of become a nation of whiners," he said. "You just hear this constant whining, complaining about a loss of competitiveness, America in decline" despite a major export boom that is the primary reason that growth continues in the economy, he said.

So being unable to feed the family is whining? These are the Republican values we hear so much about, and the values John McCain embraces. Starving kids, homeless families and people unable to receive medical care. Just ashame we don't all have multi-millionaire wives.

Another sad statistic on our failing economy. For 6 months straight we have lost jobs. Of course this is "business as usual" to the GOP.

That's how much the dollar has dropped during Bush's term. What a legacy builder!

Ouch:

Shares of General Motors Corp. plunged Wednesday to their lowest level since September 1954, as investors shrugged off better-than-expected June sales and analysts raised concerns about the company's cash needs.

George Bush's legacy continues.

The Dow and S&P sees the biggest losses in the month of June since the Great Depression. Of course we are just nothing but a bunch of paranoid leftists when we bring things up like that.

We all know how dim of news the oil prices are, but what does Asia's new inflation problem have to do with us? Think out sourcing. If inflation is high in Asia then the American companies that decided to ship their manufacturing overseas now have to pay more, not only in transportation from shipping costs, but now for the cost of doing business in Asia.

This global economy is coming back to really bite us in the ass, and it's the people of this country that are paying. I don't really see how it can easily be remedied either.

Exxon to leave the U.S. retail gas business. This is a cure for gas prices. No retailers = no price problem.