Book on recession sent to U.S. officials

[lovuian]

http://feeds.bignewsnetwork.com/?sid=ee5a1a11769885ad

Two authors, who warn of a recession, have sent a copy of their book Empire of Debt to U.S. President George Bush, the Federal Reserve Board and Congress.

Addison Wiggin and Bill Bonner sent in an accompanying letter with their the book that said since Alan Greenspan took office Aug. 11, 1987:

-- Consumer credit has skyrocketed from $672.2 billion to $2.1 trillion;

-- Outstanding household debt has grown $2.7 trillion, to $10.764 trillion;

-- The trade deficit has plummeted from negative $150.7 billion to negative $756.8 billion;

-- The total of foreign-owned U.S. assets has shot from $1.7 trillion to $11.5 trillion.

more...

It is something the Republicans have done to us!!!

[Starbucks Anarchist]

1. Sending a book to Bush is like sending steak to a vegetarian.

[nickgutierrez]

2. One difference:

Vegetarians don't use steak as toilet paper.

[Starbucks Anarchist]

4. You're assuming Bush wipes himself.

[nickgutierrez]

8. Not necessarily.

:)

"Unka Karl, I wanna use this book today."

[Starbucks Anarchist]

9. LOL.

"And don't you dare read it to me, because then I'll have to forget something else."

[nickgutierrez]

10. "Like the last time...

...with that book about the monkey and the man with the yellow hat. I had to hold my breath for two whole minutes to get rid of that one, while Condi tried to tell me something important about Chinastan."

[54anickel]

3. Well, Bonner wasted that copy on W, since he doesn't read...n/t

[durablend]

6. Should've sent him the "coloring book" edition

Complete with soylent green crayons

[Angry Girl]

18. Maybe he could shove one up his nose and lobotomize himself

URGENT! Timing is critical to save earthquake victims before winter!

[Wilms]

5. Er...plenty of Democrats helped. n/t

[lovuian]

11. When Clinton left office we had a surplus and were trying to

reduce the debt... Bush wasted and excelerated it!!!

No the Republican Congress and President and Alan need to take responsibility!!!

[Wilms]

13. WTO and the effects of it are to what I refer. n/t

[sandnsea]

15. Er..

Democrats never had any intention of pulling all funding for new technologies that would keep business growing here at home. Or cutting taxes that caused cuts in the investment that we needed to keep those industries growing, and keep the economy moving. There's another part to the Democratic Party economic and trade policies that nobody ever talks about. It all has to work together or none of it works at all.

[xchrom]

16. business might ''grow'' here at home

but nafta sends, china and mfn, etc sent the jobs away.

both parties have to take the blame -- repukes are just more in love with the outcome.

[sandnsea]

17. new technologies

means new manufacturing jobs. here at home. Since Reagan, Republican governments have failed to invest in future technologies that create jobs. Do you think that US workers can create all the food and products for the entire world?

[teryang]

7. Financial sector dominance and wealth distribution inequity

...accompanied by industrial decline signal a terminal decline in our power and influence in the world. The top one percenters of corporate wealth believe that they are untouchable and have built an unchallengeable moat around their ill gained lucre. This is why the refrain of tax reform and making the tax cuts permanent never ends. The inevitable result of these excesses is to tax corporations and the rich and to regain control of labor markets and wealth distribution.

[papau]

12. These gold bug newsletter sellers may have a point - but where did

the "foreign-owned U.S. assets has shot from $1.7 trillion to $11.5 trillion" come from?

Clinton left office with 1.5 T of national debt owned by foreigners - which is now about 3.1 T owned by foreigners. Other assets owned by Dutch and English and French firms is in the 10's of trillions - and has been a rather steady percentage of the total US wealth for years and years.

I do not trust their ability with math.

[belab13]

14. a day late and 38 trillion dollars short

Deflationary recession here we come.