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Four Color Politics

Mainly the Quotes of the Morning, with occasional Other Crap.

Thursday, February 01, 2007

Quotes of the Morning: My Great Depression

Jumping the gun a little posting this one.. I'm not in the office tomorrow, so I am magically going to send out tomorrow's Quotes today.. Oooo.. Spooky..

“People once again spent everything they made and then some last year, pushing the personal savings rate to the lowest level since the Great Depression more than seven decades ago.
The Commerce Department reported Thursday that the savings rate for all of 2006 was a negative 1 percent, meaning that not only did people spend all the money they earned but they also dipped into savings or increased borrowing to finance purchases. The 2006 figure was lower than a negative 0.4 percent in 2005 and was the poorest showing since a negative 1.5 percent savings rate in 1933 during the Great Depression.
For December, the savings rate edged down to a negative 1.2 percent, compared to a negative 1 percent in November. The savings rate has been in negative territory for 21 consecutive months.
The 0.7 percent rise in personal spending was the best showing since a similar gain in July. It followed increases of 0.5 percent in November and 0.3 percent in October and reflected solid spending by consumers during the Christmas shopping season.”
-Associated Press, February 1, 2007

“Hey.. I’d like to point something out here.. The Quote above reports that we Americans are saving less money than we have at any point since the Great Depression. It points out that we are actually spending more than we make. It goes on to say that the 0.7 percent rise in spending is the best showing since last summer. In other words, the Associated Press believes that the fact we are, as a nation, going into debt is a good thing. Whoo hoo! Go USA! Still, this actually must be a good thing, because our economy is strong..”

“When people across the world look at America's economy what they see is low inflation, low unemployment, and the fastest growth of any major industrialized nation. The entrepreneurial spirit is alive and well in the United States. There is one undisputed leader in the world in terms of economy, and that's the United States of America.”
-George ‘Dubya’ Bush, January 31, 2007

“Yep. The stock market is growing at a wonderful rate, and that benefits the corporations and everyone who can afford to own significant amounts of stock.”

“Royal Dutch Shell posted record annual profit on Thursday, beating forecasts…”
-Reuters, February 1, 2007

“Oil giant Exxon Mobil Corp. on Thursday posted the largest annual profit by a U.S. company — $39.5 billion — even as earnings for the last quarter of 2006 declined 4 percent. The 2006 profit topped the previous record of $36.13 billion which Exxon set in 2005.
Revenue at the world’s largest publicly traded oil company rose to $377.64 billion for the year, surpassing the record $370.68 billion that Exxon posted in 2005.”
-Associated Press, February 1, 2007

“A nine-figure fortune won’t get you much mention these days, at least not on these pages. This year, for the first time, everyone in The Forbes 400 has at least $1 billion. The collective net worth of the nation’s wealthiest climbed $120 billion, to $1.25 trillion. “
-Forbes Magazine, September 21, 2007

“Meanwhile you still won’t be able to live on a 40-hour a week minimum wage job.. even AFTER they finally raise it up a little. Fearless Leader will help some of these people though with their health insurance, so I’m sure that it all balances out.”

“Workplace health coverage costing more than $15,000 for a family or $7,500 for an individual would be subject to income and payroll taxes. Families that buy their own policies, meanwhile, could deduct $15,000 from taxable income. Individuals could take off $7,500. It doesn't matter if the actual cost of the insurance is less. The idea is being sold as a way to help the 47 million uninsured Americans buy coverage. Not many are buying.
‘It's totally unclear as to how these benefits would be reprogrammed to help the uninsured,’ Fitzhugh Mullan, a former U.S. assistant surgeon general, said over the phone.
The uninsured are mostly the working poor, who don't earn enough to use tax deductions.”
-Seattle Times, January 31, 2007

“Does anyone else remember reading about the French Revolution in history class? How about the Eloi and the Morlocks from H.G. Wells ‘The Time Machine’? When do you think that the last time Fearless Leader or any of our other politicians went without a meal was?”


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