European Pessimism Over U.S. Economic Outlook Just Proves They "Get It" When Bush Just Makes It Much Worse

Perhaps Bill O'Reilly can declare war on France again while Bush, our brain trust, changes the name of French fries again. Won't matter though: Europeans are RIGHT.

So what do the Europeans know that Bush doesn't? (Besides American and world history, how to speak English, that tax cuts to billionaires don't cure everything, etc.)

Just as about every intelligent voice in the U.S. already says, Europe knows that Bush's latest round of tax cuts for the wealthiest, which did nothing to spur the economy after 9-11 and beyond, Bush wants will NOT do anything to stop the Bush economy's record-breaking race to yet crippling economic recession. European economic pessimism today, in fact, is hurting investors and futures markets, to name but a few. At the same time, Fed chief Ben Bernanke is expected to cut interest rates yet again which sounds great until you listen to a number of other analysts that predict unchecked inflation and other issues arising from the Bush Administration always-does-the-wrong-thing handling of the economy will bring far more DIRE times rather than relief.

Consider, too, that Bush's latest horrible plan comes right on the heels of introducing "owner foreclosure help" that would allow Countrywide (the nation's largest mortgage bank) to keep from filing bankruptcy and give its buyer (Bank of America), a quarter billion in additional tax write-offs every year for a long time while (magically) doing just about NOTHING for middle class (and lesser) homeowners about to lose their homes.

As Bush has said a number of times, he doesn't understand poor people.

Or:

* smart people
* reasonable people
* people who tell the truth (Bush has never been in the same zip code with the truth in his life)
* people who really ARE patriotic vs. just his lackeys

The list could go on forever, y'know.

What A Surprise: Mortgage Companies Are Padding Fees On Struggling Homeowners

I note that this Times article about how mortgage companies are playing fast and loose by tacking on extra fees and pretending to lose (to the point of destroying more than a half million dollars in checks to pay mortgages) payments. Countrywide, my former lender, is noted here and indicates it makes about $300 million a year just in late fees.

Ah, if you haven't heard, people in other countries are rushing their dollars over here to buy up foreclosed properties (including many homes and defunct subdivisions-in-the-building) what with the American dollar taking a hit all over the place. Even Canada is here buying up things since, for the first time ever, the Canadian dollar is worth a good chunk more than its U.S. counterpart.