About time for John Snow to admit he doesn't know Jack Shit...

[Career Prole]

along with the finance ministers of the other 6 wealthiest nations, the 'esteemed' G-7.

Snow and the G-7 in 2003...

Statement of G7 Finance Ministers and Central Bank Governors

Dubai, 20 September 2003

"Recent data indicate that a global recovery is underway. Equity markets have rebounded, confidence has increased, financial conditions have improved, oil prices are expected to remain stable* and inflation is under control."

*stable at the avg. $28.10/bbl in 2003

Flash forward to 2004...

G7 MEETING Snow says high oil prices a ´short-term phenomenon´

WASHINGTON (AFX) - US Treasury Secretary John Snow said the economic impact of high oil prices is a "short-term phenomenon"

"Right now, oil prices are causing an economic headwind. The geopolitics of oil, and current uncertainties, are causing a short-term phenomenon," said Snow at the end of the G7 finance ministers and central bank governors meeting

"The finance ministers and I are committed to promoting policy reforms in each of our countries to speed the return of more reasonable (oil) costs," he said.

And now we arrive at the present...

G7 Officials Say World Can Adapt to Higher Oil

WASHINGTON (Reuters) - Finance officials from rich nations gathering in Washington for weekend talks said on Friday the economies of the world need to devise ways to adjust to higher energy costs.

<snip>

U.S. Treasury Secretary John Snow, on Bloomberg television, acknowledged that costlier oil hurt. But he also indicated the G7 was preparing for an era in which energy prices are likely to stay at levels not foreseen as recently as a year ago.

<snip>

Ahead of sessions that begin with a working dinner on Friday night and end late Saturday morning, European sources agreed that ministers would talk about readying the world to live with permanently costlier energy.

There was palpable unease in financial markets on the eve of the G7 gathering. Worry about economic slowing sent the Dow Jones industrial average skidding 198.41 points, or 1.93 percent, to end at 10,080.34 -- a 5-1/2-month low.

Shrub put Snow and Greenspan (a dancing clown and a juggling clown) in charge of our economy and from all indications I'd have to say the pair of them have no idea what's going to happen next.

Oil prices "stable" at around $30 per barrel in 2003.

A year later oil's up by almost 50% but it's a "short-term phenomenon".

Just one year into the "short-term phenomenon" with oil almost 100% higher than when it was supposed to be "stable" at 30 bucks Snow has abandoned the "temporary inconvenience" happy-talk and now comforts us with "We can get used to paying out the ass from here on in".

Gee...no wonder Wall Street's "uneasy". Our economy is rudderless.

[rzemanfl]

1. I know Jack Shit and he is tired of the family name being

impugned by names like Bushit, he suggests you call this guy John Snowjob and leave the Shit family out of it. He says its bad enough not having Jack Squat in Bushworld without all this Shit stuff flying around. He also wants me to remind everyone that he and all his relatives are real careful around fans. Thank you for your time and attention.

[Career Prole]

2. Okay. He doesn't know diddly-squat.

:toast:

[rzemanfl]

3. Well, I don't know about that. I only know Jack Shit. n/t

[0007]

7. "No shit Sherlock, is one of the members of the Shit family that

John Snow must meet up with.

[lyonn]

6. "As the walker turns"

Ah, just an old race horse stable term for "shit happens"

Social Security was to be one of numb nuts biggies that he could cram down america's throat just like so many stupid ideas that he has had but this one doesn't seems to work!!!! Wall Street just realised that Bush couldn't work his magic on this issue, wham, market responds last week. Stay tune to "As the Walker turns"

[LynneSin]

4. and how does that differ from all of the other Bush Cabinet members

:shrug:

[Career Prole]

9. Got a point there.

In many cases he started out with someone who probably didn't have half a clue...more like a vestigial clue, if you will...and as soon as that flaw of rudimentary awareness was exposed they'd be promptly canned and replaced with the truly clueless.
It's just that the oil inconsistencies bugged me. :)

[ClarkUSA]

5. Good timeline - worthy of bookmarking and using next year against the GOP

Nice work.

Snow is well-named. He's been giving us a Snowjob since he got the position.

[Career Prole]

8. I'd pit the regular posters in LBN's Stock Market Watch against

shrub's economic "advisors" anytime.
Shrubco has been wrong at every turn.

[Career Prole]

10. Bwaaahahahahaha!

I wish they'd said this before I started this thread...it just dovetails sooo nicely.
New G-7 oil blather!

"The Group of Seven countries endorsed more timely and accurate information about the oil market, which officials said could help control price fluctuations and make companies more willing to expand production.

The statement underscored finance officials' resolve to deal with the energy situation and reassure financial markets that the G-7 is on top of the matter."


Well, I don't know about anyone else but in light of their statements on oil prices since 2003 as documented at the top of this thread I'm not reassured at all.

"On top of the matter"...riiiight.

[enid602]

11. Snow

Snow is a yes-man, and not in good standing with economists and academics. I think the most noteworth event of his tenure ocurred last year when the administration sent out ripples that he would soon be replaced. It is rumored that he was never replaced because * could not find a reputable economist who would be willing to work in his administration.

[Career Prole]

12. I don't have to strain at all to believe that rumor.

Apparently the conservative public will forgive faulty military advice but conservative economists know that they won't be so generous over bad financial advice.

Being the chimp's yes-man while the economy crumbles around you is terrible career move. :)