Political Cartoons: Local and World Economy - 22 May 2010

From Denny: Our world economy lurches forward two steps and back one step, lurches forward again three steps and back two. Government leaders are forced to make tough decisions now for the leaders before them who refused to curb lavish spending like there was no tomorrow.

For years the demography folks have been advising businesses and governments that as the large Baby Boomer generation ages it will retire from regular or lavish spending into the economy. How could no one see this coming? The younger generations are not large enough to support the Baby Boomers.

Already, for the past few years, you see too much office space for lease - and that was before the world economy took a down turn. In a nutshell, if the Baby Boomers don't support a business niche then expect that niche to downsize or disappear.

Business has become spoiled from the Baby Boomer's support and expanded their businesses to feed the larger generation's appetite. Now that they have reached middle age - up to their eyeballs in debt with college expenses for their kids, medical and retirement home expenses for aging WW2 generation parents, mortgage debt and massive job lay-offs - the Boomers are tapped out.

Look at it this way, at least we are all in the same boat. :) There are worldwide recessions and financial issues. How we come out of this generational crisis is up to us.

The first smart thing is to get off credit cards and stay off them. The Big Banks and Big Business have been capricious and cavalier with their customers. They changed contracts on a whim and charge excessive usury.

The world has tilted to the favor of greedy excessive Big Business to the point that accounts in good standing can no longer afford to pay back their debts. This is where the role of good government comes in to balance the inequities and crooked business practices. Without government leaders acting as champions of the middle class, then expect more turmoil until someone grows the courage to right the wrongs.



From the state of Missouri's budget:

See Cartoons by Cartoon by R.J. Matson - Courtesy of Politicalcartoons.com - Email this Cartoon

From the state of California's budget:

See Cartoons by Cartoon by Monte Wolverton - Courtesy of Politicalcartoons.com - Email this Cartoon

The state of the American economy:

See Cartoons by Cartoon by Milt Priggee - Courtesy of Politicalcartoons.com - Email this Cartoon

See Cartoons by Cartoon by Joe Heller - Courtesy of Politicalcartoons.com - Email this Cartoon

See Cartoons by Cartoon by Brian Fairrington - Courtesy of Politicalcartoons.com - Email this Cartoon

College graduates jobs expectations:

See Cartoons by Cartoon by Bob Englehart - Courtesy of Politicalcartoons.com - Email this Cartoon

See Cartoons by Cartoon by John Darkow - Courtesy of Politicalcartoons.com - Email this Cartoon

See Cartoons by Cartoon by Larry Wright - Courtesy of Politicalcartoons.com - Email this Cartoon

How our "Socialist" government in America helps during national disasters:

See Cartoons by Cartoon by Jeff Parker - Courtesy of Politicalcartoons.com - Email this Cartoon

Europe's economy:

See Cartoons by Cartoon by Patrick Chappatte - Courtesy of Politicalcartoons.com - Email this Cartoon

See Cartoons by Cartoon by Adam Zyglis - Courtesy of Politicalcartoons.com - Email this Cartoon

See Cartoons by Cartoon by Christo Komarnitski - Courtesy of Politicalcartoons.com - Email this Cartoon

See Cartoons by Cartoon by Petar Pismestrovic - Courtesy of Politicalcartoons.com - Email this Cartoon

See Cartoons by Cartoon by Patrick Corrigan - Courtesy of Politicalcartoons.com - Email this Cartoon

*** ALSO check out the full post over at The Social Poets where there are more links to great cartoons of the week:

America This Week: World Politics Cartoons and Commentary - 22 May 2010


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1,000 Point Stock Market Plunge, Brits Still Tied After Election, Examining Obamas Humor - News Headlines 7 May 2010

From Denny: What a weird week this has been with the stock market plunging 1,000 points in only five minutes, supposedly due to a computer malfunction or human error. Who believes that lie? Come on; someone thought it would be cool to "short" a company, make some money really fast, and then right the ship in only five minutes. But it didn't turn out that way. Everyone is suspicious and the investigations have begun.

Speaking of weird, how about that crazy three way tie in the British elections? Now if Brown gets serious and decides to truly carry out a possible resignation then things might move ahead for his party. This has to be surreal for the British people, living in limbo like this for a national government - even after the votes were cast.

And to top off the weird category this week there is a story about President Obama's humor is examined. Apparently, some journalists decided it was noteworthy - it isn't in my opinion - to chastise Obama for no longer being quite so self-deprecating and poking fun at his friends and political enemies. Why is this newsworthy? I'll leave it to you to decide that weird one... :)






Greek Debt, Trader Error Eyed in Market Sell-Off (CBS)

Dow Plunged 1,000 Points Late in Day Before Recovering to Finish Down 347; Did Trader Type 'Billion' Instead of 'Million'?


The stock market had one of its most turbulent days in history as the Dow Jones industrials fell to a loss of almost 1,000 points in less than half an hour.

The sell-off was first thought to have been driven by fears that Greece's debt problems could halt the global economic recovery. But reports suggest that a trader error may have been the primary catalyst or that both factors contributed to the massive drop.

CNBC first reported that "According to multiple sources, a trader entered a 'b' for billion instead of an 'm' for million in a trade possibly involving Procter & Gamble, a component in the Dow."

Because so much U.S. trading is now done electronically based on programmed scenarios, such an error could have triggered its own domino effect of "sell" orders across the market.

The market's plunge came less than 90 minutes before the end of trading. The Dow's drop was its largest loss ever during the course of a trading day, but it recovered to a loss of 347 at the close. All the major indexes lost more than 3 percent...

Computer trading intensified the losses as programs designed to sell stocks at a specified level kicked in. Traders use those programs to try to limit their losses when the market is falling. And the selling only led to more selling as prices fell.

The selling was furious:

At 2:20 p.m. 6 May 2010 EDT, the Dow was at 10,460, a loss of 400 points.

It then tumbled 600 points in seven minutes to its low of the day of 9,869, a drop of 9.2 percent.






U.K. in Deadlock, Parties Jockey for Power (CBS)

Prime Minster Brown, Conservatives' Cameron Each Court 3rd-Place Liberal Democrats to Form Ruling Coalition


The leaders of Britain's leading political parties each made bids for the keys to 10 Downing Street, after Thursday's election failed to produce a majority winner.

Conservative leader David Cameron, ahead but shy of a majority, seized the initiative with a "comprehensive offer" to the ideologically dissimilar but possibly willing Liberal Democrats.

"We have to accept that we fell short of an overall majority," said Cameron, 43, as results showed his party 20 seats short in the House of Commons.

"Britain needs strong, stable decisive government and it is in the national interest that we get that on a secure basis. ... I want to make a big, open and comprehensive offer to the Liberal Democrats," he said.

But Cameron promised only a "committee of inquiry" to look into the Liberal Democrats' major goal, reform of Britain's electoral system so that the number of seats gained is based on the percentage of vote a party achieves. They say that is fairer than the current system, in which a party can win a parliamentary majority by getting only a third of votes.

In Thursday's election, the Conservatives won 36 percent of votes cast, Labour 29 percent and the Liberal Democrats 23 percent.

Final results in Thursday's election gave the Conservatives 306 seats it the 650 seat House of Commons. Labour won 258 seats, the Liberal Democrats 57, and smaller parties 28. Voting in one constituency was postponed until later this month because of the death of a candidate.

"The country has spoken - but we don't know what they've said," former Liberal Democrat leader Paddy Ashdown said, summing up confusion.

The uncertainty sent markets slumping.

British Prime Minister Gordon Brown said Friday he is prepared to speak to any other party about forming an alliance.

"We find ourselves in a position unknown to this generation of political leaders," Brown said outside 10 Downing Street this morning. "What we have seen are no ordinary election results. People have been talking for some time inside and outside of government about the possibility of a hung Parliament. That possibility has now become very real and very pressing.

"The question for all the political parties now is whether a parliamentary majority can be established that reflects what you, the electorate, have told us," Brown said.

As sitting prime minister, Brown would traditionally be given the first chance to put together a government. His left-of-center Labour Party is seen as a more natural coalition fit with the Liberal Democrats, the third-place party now thrust into the role of potential kingmaker...





Oil Leak Container Touches Down on Seafloor (CBS)

Robot Submarines Used to Position 100-Ton Structure; Contraption Needs 12 Hours Minimum to Settle


A BP-chartered vessel lowered a 100-ton concrete-and-steel vault onto a ruptured well in the Gulf of Mexico on Friday, an important step in a delicate and unprecedented attempt to stop most of the gushing crude fouling the sea.

Underwater robots guided the 40-foot-tall box into place. Now that the contraption is on the seafloor, workers will need at least 12 hours to let it settle and make sure it's stable before the robots can hook up a pipe and hose that will funnel the oil up to a tanker.

"It appears to be going exactly as we hoped," BP spokesman Bill Salvin told The Associated Press on Friday afternoon, shortly after the four-story device hit the seafloor. "Still lots of challenges ahead, but this is very good progress."

Once a hose is connected to siphon the box's contents to a ship on the water level, engineers have to separate the mix of oil, water and gas, a potentially explosive process, CBS News Correspondent Mark Strassmann reports from Venice, La.

By Sunday, the box the size of a house could be capturing up to 85 percent of the oil. So far about 3 million gallons have leaked in an environmental crisis that has been unfolding since a deepwater drilling platform exploded April 20, sending toxic oil toward a shoreline of marshes, shipping channels, fishing grounds and beaches. Eleven workers were killed in the accident.

The lowering of the containment device was a slow-moving drama playing out 50 miles from Louisiana's coast, requiring great precision and attention to detail. It took about two weeks to build the 40-foot box, and the effort to lower it by crane and cable to the seafloor began late Thursday night. After it hit bottom Friday afternoon, the crane gradually eased off to allow it to settle.

"We are essentially taking a four-story building and lowering it 5,000 feet and setting it on the head of a pin," Salvin said...





Obama's Humorous Shots at Opponents (CBS)

Bill Plante talks to Washington Post's Paul Farhi, author of an article about presidents and their funny bones.



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Goldman Sh--ty Deal Testifies Loud and Clear, Drug Company Pays $500 Billion Fine, How to Detect Liars - News Headlines 27 Apr 2010

From Denny: The Senate hearing today with Goldman Sachs squirming in front of grilling Senators sure was entertainment TV at its best: a rockin' reality show! The real question remains that is this only to remain a fond memory of great dramatic theater or will the Congress actually get serious about taking these financial scumbags to task and put them in prison?


Sen. Levin Calls Goldman Sachs Allegations 'Deeply Troubling' (ABC) Senator Demands to Know Why Goldman Sachs Pushed 'Sh**ty Deal' on Clients

In a testy exchange at today's Senate grilling of Goldman Sachs executives, Sen. Carl Levin, D-Mich., confronted a former Goldman trader with an e-mail in which another former Goldman executive described a mortgage-backed deal as "sh**ty."

The transaction in question was Timberwolf Ltd., a $1 billion collateralized debt obligation holding pieces of other CDOs. In an e-mail to Daniel Sparks, then head of Goldman's mortgage desk, Thomas Montag, Goldman's former head of sales and trading, called a set of mortgage-linked investments sold by the firm as "one shi**y deal," according to an e-mail that Sen. Levin quoted. Within five months, Timberwolf lost 80 percent of its value.

"Do you think it was a sh**ty deal?" Levin asked Sparks, one of seven Goldman executives appearing today. Sparks said he did not recall the e-mail, and did not directly answer the question.

"If you can't give a clear answer to that one Mr. Sparks then we're not going to get any clear answers from you today," Levin said.

In his opening remarks, Levin called the allegations against the Wall Street firm "deeply troubling."

"The evidence shows that Goldman repeatedly put its own interests and profits ahead of the interests of its clients and our communities," Levin said. "Its misuse of exotic and complex financial structures helped spread toxic mortgages throughout the financial system. And when the system finally collapsed under the weight of those toxic mortgages, Goldman profited from the collapse."



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It sure is amazing how the GOP thinks this idiot strategy will work FOR them in the November elections when poll after poll keeps reminding them the public and former Republicans have pulled away from them in favor of the Democrats. Now if the Democrats can just not step on their tongues, keep their spines strong and straight, get serious about all kinds of reform - then they might actually get to stay in office and run the country for a few decades before they get lazy again, forget to take care of the middle class and get thrown out in favor of lobbyist puppets Republicans. Yeah, that's choice in American politics...


Stance Against Financial Bill Risky For GOP (NPR)

Republican senators are offering a united front to block a Democratic bill that would revamp the rules for Wall Street. But the GOP's hard stand against the bill is not without political peril, party strategists warn -- and it has the potential to hurt the party with voters this fall.

"I think most people believe that Wall Street got away with something," says Reed Galen, a Republican consultant who was deputy campaign manager for Sen. John McCain's presidential bid.

Republicans blocked the financial overhaul bill from moving to the Senate floor for debate. The vote was 57-41, three short of the 60 needed for Democrats to advance their measure. A third test vote is expected on Wednesday.

On Monday night, all 41 Senate Republicans -- plus one Democrat -- blocked the bill . But no matter what they think about the details of the bill, Republicans have to be careful of appearing to be the party of the "wealthy, detached elite," Galen says.

The GOP also should be wary of playing into the hands of Democrats, who are privately pleased that they have been handed much-needed fodder -- and a simple message -- for the fall midterm elections. Republicans expect to make significant
gains on Capitol Hill...





Yes, Mr. Vice President, this IS a "Big F--king Deal!" :)


Biden 'Absolutely Confident' On Economic Recovery (NPR)

Vice President Joe Biden is bullish on the Obama administration's efforts to mend the U.S. economy after the worst economic crisis since the Great Depression.

"I'm absolutely confident that the policies that we put in place are sending the economy and the American public in the right direction," Biden told NPR's Robert Siegel on Tuesday.

Last week, Biden told a political fundraiser in Pittsburgh that the economy would create 100,000 to 200,000 jobs a month, adding that there will be some months in which as many as 250,000 to 500,000 jobs would be created. The comments prompted White House spokesman Robert Gibbs to quip: "He's an optimistic man, and that's why we like him."

Biden acknowledged Tuesday that those predictions were "a long way [from erasing] an 8-million-job deficit."

"What has to happen is there has to be continued forward progress," Biden said. "There's going to be ebbs and flows ... but it has to constantly be moving in the direction of job creation..."





And yet another huge Scumbag Alert...


AstraZeneca Paying $520 Million To Settle Seroquel Charges (NPR)


AstraZeneca became the latest drug giant to pay up for marketing an anti-psychotic medicine for uses the Food and Drug Administration had not approved.

Federal officials announced a $520 million settlement of civil charges stemming from the drug maker's promotion of Seroquel, an antipsychotic with sales of $4.9 billion worldwide last year.

AstraZeneca pushed doctors to write Seroquel prescriptions for a host of unapproved uses, including anger management, post-traumatic stress disorder and sleeplessness, the settlement alleges. The drug was improperly promoted for use in children and also the elderly.

In addition, the government claims the company curried doctors' favor with money. "AstraZeneca paid kickback to doctors as part of an illegal scheme to market the drug for unapproved uses," Health And Human Services Secretary Kathleen Sebelius said at a news conference about the settlement.





I like the way Wall Street says this is no big deal because they were expecting it. Yeah, I guess not when they are making billions every quarter off the derivatives market to this day going unregulated! No wonder they are not sweating the small stuff.


Stocks Plunge on Europe's Deepening Debt Woes (CBS/AP) Dow Jones Plummets 213 Points as Debt Problems in Greece and Portugal Threaten Global Economy

Investors are once again worried that debt problems in Greece and Portugal could threaten the global economic recovery.

Stocks plunged in the U.S. and Europe Tuesday after Standard & Poor's downgraded the debt of the two European countries. The Dow Jones industrial average fell 213 points, its worst loss in almost three months. All the major market indexes were down about 2 percent.

The ratings downgrades also sent the dollar up more than 1.1 percent against the euro, hitting its highest level in about a year. At the same time, gold and Treasury prices also rose as investors sought safer investments. The three often do not trade in the same direction.

"It was a knee-jerk reaction," said Brian Peardon, a wealth adviser at Harrison Financial Group in Citrus Heights, Calif. Peardon said the small size of Greece and Portugal's economies mean their debt struggles are not yet a major problem. But if they were to default on their debt, other countries that hold their bonds would also suffer...





Hmmm... if you want to learn how to spot a liar just hike on over to Liars News aka Fox News. Just watch their lips move and you will automatically know on the spot that they are lying about everything - even what they had for breakfast. Yes, it's that bad over there. Definitely Liars News has only two kinds of audience draw: weak minds that believe lies easily and those who enjoy mocking them. Yep, that about sums it up!


Dr. Phil: How to Sniff Out a Liar in Your Midst (CBS) Famed Talk Show Host Tells of Common Indicators that Someone is Lying to You

Can you spot a cheater?

Dr. Phil can.

Famed talk show host Dr. Phil McGraw, better known simply as Dr. Phil, appeared on "The Early Show" Tuesday to tell you how you know someone's lying...



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And for the laughing bizarre story of the day...


Police Say Man Wrapped In Toilet Paper Robs Store (CBS) Nebraska Police Say Man Who Concealed His Face With Toilet Paper Robbed A Convenience Store


LINCOLN, Neb. (AP) - A man who concealed his face by wrapping his head with toilet paper robbed a Lincoln convenience store. Police said the man was armed with a knife when he robbed the store around 10:30 on Saturday night. He escaped on foot with an undisclosed amount of money from the safe.

Capt. David Beggs said Sunday that no one was injured.


And that's all she wrote...




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