When I started this blog in 2005, I posted articles and offered opinions on the state of the economy and the inevitable collapse of the Housing Bubble. As the blog progressed, I predicted the inevitable failure and potential collapse of the entire financial system. Three years later, we are finally here. I have been posting less over the past year as my predictions have been proven correct. I will leave this blog up as a testament to the predictability of events and to show the power of the blogosphere. As the mainstream media had their heads buried in the sand and the supposed "Financial Experts" claimed that all was well, it was the bloggers that uncovered the true problems in the financial system and hopefully we helped millions of investors make the right decisions to avoid the economic pain that is likely to follow. Good Luck to Us all!
Bush wants OK to spend $700B
NEW YORK (CNNMoney.com) -- President Bush has asked Congress for the authority to spend as much as $700 billion to purchase troubled mortgage assets and contain the financial crisis.
The legislative proposal - the centerpiece of what would be the most sweeping economic intervention by the government since the Great Depression - was sent by the White House overnight to lawmakers. (Read the text here.)
President Bush said Saturday that the plan matches the scope of the problem.
"It is a big package because it's a big problem," he told reporters at a joint news conference with Alvaro Uribe, the president of Colombia.
"The risk of doing nothing far outweighs the risk of the package," Bush said.
The legacy of Bush is now cemented.
