The Road to Hell is Paved with Bailout Money

The road to Hell, they say, is paved with good intentions. Call me naive, but I like to think that Barack Obama had the best of intentions when he signed off on his recent bailout (“Economic Stimulus”) package.

For years, long before the good times even peaked a couple of years ago, I have predicted:

1. The now-in-progress crash of the housing market, which I insist will bottom out at about 10% of the peak values of 2006, just as it did in Depression I.

2. The now-in-progress crash of the stock market, which I estimate will see the underside of a 2,000 Dow before it begins to trade sideways in earnest.

3. Depression II, which already has begun, but which will not be acknowledged officially for a year or two.

4. World War III, which also already has begun, but which will not be acknowledged officially until the first nuclear weapon is exploded, causing an unprecedented ramp-up in hostilities.

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Change Can Happen?

Ralph Nader: Obama will be like Bush

The Other Israel (Teaser)

Bush warns of ‘long and painful recession’

President Bush on Wednesday warned Americans and lawmakers reluctant to pass a $700 billion financial rescue plan that failing to act fast risks wiping out retirement savings, rising foreclosures, lost jobs, closed businesses and even “a long and painful recession.”

His dire warning came not long after the president issued extraordinary invitations to presidential candidates Barack Obama and John McCain, one of whom will inherit the mess in four months, as well as key congressional leaders to a White House meeting on Thursday to work on a compromise.

“Without immediate action by Congress, American could slip into a financial panic and a distressing scenario would unfold,” Bush said in a 12-minute prime-time address from the White House East Room that he hoped would help rescue his tough-sell bailout package.

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Regions back Medvedev over Caucasus

President Medvedev says the country had no option but to intervene militarily after Georgian forces killed hundreds of civilians and some Russian peacekeepers in South Ossetia. He made the statement at a meeting of the heads of Russia’s regions in the Kremlin.

Medvedev told the State Council meeting that his government had acted responsibly.

“There isn’t a single country in the world that would tolerate its citizens and peacekeepers being killed. Russia was obliged to save these people”.

At the Moscow meeting, the government’s position was backed by regional leaders.

The Republic of Tatarstan’s President, Mentimir Shaimiyev, said recent events showed that ethnic conflicts cannot be solved by force.

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Georgia started the war – Pat Buchanan