Bush's recently passed 77 Billion tax cut for the rich will leave 68% of all households with no benefits at all and 20 percent of households in the middle of the income spectrum receiving just $20 ~This is the harsh reality of Cheney/Bush trickle down economics: Allen L Roland
The harsh reality of Cheney/Bush economics is finally registering on Wall Street and the hangover is just beginning.
Wall Street is beginning to realize that the Cheney/Bush administration not only does not have an exit plan for Iraq but has no idea what it is doing on the economic front ~ except line the pockets of its large corporate political supporters with unnecessary tax cuts which add to the unmanageable deflicit.
Remember, with this administration , it is all about perception versus reality ~ and we are all about to come face to face with the economic consequences of this corrupt and irresponsible band of crooks.
Dr Stephen Jonas, Political Junkies, will fill you in with the mind boggling details of the looming financial collapse..
Allen L Roland
THE PHOTO OP PRESIDENT
Dr Stephen Jonas / www.thepoliticaljunkies.net
One headline yesterday encapsulates the story:
Inflation concerns hammer Wall Street
Dow drops 214 points, sees worst one-day drop in three years
Republican economic policy is coming home to roost Investors were disappointed by a Labor Department report that showed its consumer price index swelled 0.6 percent in April, topping forecasts of 0.5 percent.
But “core” CPI — which excludes food and energy — also gained 0.3 percent, surpassing economists’ expectations and adding to worries that soaring oil prices have begun to lift prices elsewhere, potentially leading to widespread inflation.
“The CPI data really kicked the market in the teeth today,” said Ken Tower, chief market strategist for Schwab’s CyberTrader. . . .
Wall Street has been anxious about economic news after the Federal Reserve last week said more rate hikes could be needed to battle inflationary pressures from record-high commodities prices. . . .
The Fed boosted rates to 5 percent and left flexibility to pause its rate tightening. However, the Fed cautioned that soaring oil and gold prices threaten to drive inflation and could warrant higher interest rates to stifle demand and keep prices from escalating. The CPI report and Tuesday’s PPI reading reinforced the Fed’s warning. . . .
Allen L Roland is a practicing psychotherapist, author and lecturer who also shares a daily political and social commentary on his weblog and website allenroland.com He also guest hosts a monthly national radio show TRUTHTALK on Conscious talk radio www.conscioustalk.net
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