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Whew! It's a wrap....Onward to the next Phase....

Finally Hillary gave a speech worth remembering. Better late than
never. She made all the right moves and said all the right things.  The
Dems are in a good position now to make a winning run in November. It
will be a close race, but the challenges even after a victory in
November will be awesome.

America is heading for the worst
economic recession since 1982. It's an FDR moment for sure. Screaming
deflation is going to take everyone by surprise. You don't believe me?.

Stocks
are down, gold is down, Real estate is down. Oil and all other
commodities are next. This is a dangerous moment in US history, but
also a great opportunity to create a new political coalition to replace
the Reagan sham that has been with us since 1980 when the US turned
into a debtor nation and the US middle class became pauperized.

Barack, Hillary, and every Democrat  must now unite. McCain is not the big  challenge. History is....

Onward

Michael


Comments (12)

avatar

Really good post.

The Great and Growing Divide
Many of us watched today as Hillary Clinton said something that physically hurt to hear. She asked us to support Barack Obama. Loyal Democrat that she is, and true to her word, Hillary did the unimaginable. She asked the rest of us to support someone that many of us actually loathe. And that is putting it mildly.

But Hillary did something else today that is already having ramifications throughout the country. Hillary supporters are taking sides. And there are basically two camps. One camp that is sticking with the party and one camp that isn’t
Reforming the party from within is wishful thinking. The only way a party reforms is by humiliating defeat, running off the rails, or egregious abuse in the opposition party.
If BO is elected, they will be in charge of the party…in fact are in charge of the party as we speak. Try to go talk to them about reform. Go talk to them about counting every vote…about changing the caucus system to transparent primaries. Tell them how you feel about it. I think we all know what the attitude will be.
For me…my only recourse is to withhold my support from the current party leadership and the BO party leadership. It’s a drop in the bucket but I don’t feel like I will be complicit in Republican style tactics…even if they worked.

Ronmaven echoed the sentiment and clarified it:
The defeat of Obama would be the best kick in the pants for the DNC we could possibly deliver. You want to CHANGE the party? Vote for McCain. You want the party to only get worse? Vote for O.
To some, NOT supporting Obama is the moral thing to do.

Ccwarrior perhaps says it best:
easy decision for me I will sellout the party that SOLD me out. and I can live with that. I would never dis-respect my daughters, and vote for Obama after the treatment they witnessed from him doing this election …NEVER

But I have saved the best for last. Before I put it out there I want to make one thing very clear. I have nothing but the deepest respect for linfar. She has been a staunch Hillary supporter and she is such an excellent writer. I just happen to totally disagree with her about Obama and unfortunately may have to write things in the future that criticize her positions. It isn’t something I look forward to.

But having said that I think that unfortunately linfar grabbed a mug full of the Cult-Aide today because low and behold, she quotes from none other than the Prince of Darkness himself (Jonathan Singer) to make her point.

from mydd
Singer: Can you speak to the online supporters, the people online who are so strong for Hillary, who don’t want to see her leave, as a strong

Hillary supporter yourself?
Sen. Chuck Schumer: As a strong Hillary support I say, look, I was for Hillary all the way. I was sort of the first Senator to endorse her and I guess I’ll be the last off the bandwagon, which I guess will be tomorrow. But, having said that, I would say to all of the people online, there’s too much at stake to sit this out, to be angry, to be bitter. There is too much at stake. A Supreme Court with more Alitos and Roberts. A continuation of the war in Iraq.

A failure to have a healthcare policy that helps people. A failure to have an energy policy that frees us from foreign oil. All these are such huge things that we have to do what Hillary said there, which is overcome, not look back, even though there are lot’s of disappointments, but look forward.

I expected these bugaboos coming from Schumer. But a little reality never hurt anyone. Except Cultists I’m told. We hear the same nonsense you would expect from otherwise seemingly reasonable people. The trouble is that they think they will be able to bamboozle and scare us with their line of bullshit.

Everything Schumer mentions is something that the Congress controls, not the President. Supreme Court… confirmed by the Senate. Iraq War funding…. controlled by Congress. Health Care policy…. written by Congress. Energy policy… written by Congress.

SO WAKE UP! And stop letting these people get away with lying to you.

The reason Bush has got away with so much and has done as much damage as he has these past 7 years is because of a weak, feckless and complicit Congress. A Congress that has allowed him to do everything he has done. Because a strong Congress acting in the best interests of the American people would never have allowed Bush to do many of the things they are so fond of complaining about.

Where were the Articles of Impeachment? The Speaker of the House said that they would never be introduced.

Why has the Congress continued to fund the war? The Senate Majority leader doesn’t know how to throw a knock out punch.

Why are Americans still being spied upon? WHY?!?
In fact, the Supreme Court that Schumer and others are warning us about has done more to stop Bush than all of the Democrats in Congress combined. So enough of these silly myths. I half expect Obama to come out next and state: “You are either for us or against us.” Wanna guess what my answer will be?

These spats. This falling apart is expected. And it will likely become more vicious and personal as the days wear on. I fully understand those that are toeing the party line. I used to be one of them. Until this year. Until the Democratic party proved to me that it didn’t really stand for anything any more.

Take your spam elsewhere. Back to the shadows, McTroll.

The country cannot afford another four years of the GOP. Sorry, I support Obama. But at least Hillary now supports Obama. So the dems will probably win...

M

These trolls are a pain....thanks Ripper...

I honestly don't think deflation is going to be the problem. As long as energy costs remain high, the problem will be inflation. The huge bubble in the oil markets may shrink somewhat over the next year, but oil will remain very expensive by historical standards.

I think the most likely scenario over the next 12 months will be stag-flation, the combination of a stagnant economy plus inflation that sank Jimmy Carter's presidency and led to his "Great Malaise" address. Jobs will be lost, whole sectors of our economy will be crippled, yet inflation will be unrelenting. It is the worst of all possible worlds at once.

avatar

Yep. Staglation it may well be, not deflation.
We just have to hope fervently that OPEC will remember the painful costs to them of sustaining exorbitant prices in the 70s and not maintain its current course.

BTW after Obama lost NH I emailed my mother saying my only consolation contemplating him not winning the nomination would be that at least that way he wouldn't be the one having to confront the nightmare situation facing the new President in January: disastrous economic & foreign policy conditions...

Seems so damned unfair that such a terrific person might be elected at the worst of possible times instead of the best. sigh

But what good is a terrific person in good times? It is precisely because there are bad times ahead that we need a terrific person.

avatar

LOL! What a good question. Made me have to rethink!

I suppose it's my sense that all too quickly the media and people out there who are vulnerable to soundbytes etc stop concentrating on the reality that he inherited this ghastly stuff, didn't create it, and blame everything on him.

Guess we'll see, won't we?

The other thing that I think too many people don't focus on are the limits to Presidential power.

It's the main thing that I see as a defect in the US system as opposed to the Westminster.

In England and Australia, separation of powers is limited to the judiciary -v-parliament, and states -v-federal.

It means that at least the Prime Minister has a majority in the House and a good chance of getting his measures through so that the end result is higher that you can judge him/her on their policies.

Whereas in the US, Presidents are so totally emasculated by Congress.

Maybe this time it'll be different and Obama will have the ability to get things through. I wouldn't bank on it though - especially when times are so tough.

I am cautiously optimistic. We should have a real majority in both houses judging by the poor showing in current GOP races so far.

Here's hoping :)

gold is down

Huh?

Gold futures jump over $23 to end the week 0.8% higher

By Myra P. Saefong
Last update: 1:50 p.m. EDT June 6, 2008
SAN FRANCISCO (MarketWatch) -- Gold futures climbed more than $23 an ounce Friday to end the week with a gain of 0.8%, as a drop in the dollar and a rally in oil to fresh record highs buoyed investment demand for the metal. August gold rose $23.50, or 2.7%, to close at $899 an ounce. That marked the highest one-day dollar gain since February.

Oil and all other commodities are next.

Huh? Oil and commodities (especially food related) going down? What newspaper do you read?
What planet?

Obviously you do not understand that gold is in a bear market and bear markets have up-days.

Enough said.

Real estate prices are collapsing and stocks are headed to the 2002 low.

Oil is peaking too.

Your remarks make me confident that my forecast is correct.

It pays to be a contrarian.

Obama will have to rise to the occasion. That's what makes presidents great.

Remarks by a close friend of mine in the markets....

Many times over the last 25 years, I have taken the time to WARN the PUBLIC of coming, MAJOR market turns or changes in the economic environment. NEVER in those 25 years have I been as worried about the United States as I am today!

When I warned of a stock market top eight years ago in 2000, the U.S. economy was in great shape, the wealth of Americans was high and there were no, visible cracks in our economy. Now, after 8 years of an ongoing slowdown and market correction (under wave theory terms), nearly ever facet of America (its economy, government, society, financial system) is seriously damaged and at extreme risk.

Today's decline (June 6, 2008) in the Dow, S&P and Nasdaq is warning PHASE 2 of the Bear market (that began last year) has begun or will begin in the next 3-6 weeks. This bear market will be like NOTHING we have experienced in 75 years! The odds are HIGH it will be a severe, deflationary recession that will unfold very swiftly - probably in just 6-12 months, but no longer than 18 months!

Financially and economically speaking, there will be few places to hide. Merely having cash in hand will put you in a better position than most. Please prepare as well as you can for what should be 2-4 years of very difficult economic conditions.

Good luck,

G.

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