A Day in the Life of the Republican Party

Morgan Stanley predicts $150.00 a barrel oil by July 4th and the speculators oblige by pushing the price up $10.75 to almost $140.00 a barrel. Talk about a self serving prediction. Is $5.00 a gallon gas far behind? I don't think so. Oh, and by the way, don't I remember the Fed very recently started running the printing presses full blast to "rescue" the large investment firms like Morgan Stanley from their imprudent, to say the least, subprime lending debacle at the taxpayers expense? Hey, where else could they get more money to speculate on oil to make billions for themselves while shafting the American public?

And speaking of the Fed, Ben Bernanke calmly tells us that real estate related assets fell by $328.9 billion in the first quarter, the most since they began accumulating these statistics in 1952. What a surprise. The fact that the the Federal Reserve fed the housing boom for years with abnormally abundant paper money and low interest rates surely couldn't have anything to do with that. After all, it only allowed the Morgan Stanley's and Bear Sterns of the world to devise wonderous mortgage instruments whereby if you could sign your name you could purchase a vastly overvalued house even though there was absolutely no hope you could pay for it. Not to worry though, when the bottom drops out here comes the Fed with billions more of the taxpayers money to the rescue.

Another bit of news. Unemployment jumped 1/2 point to 5 1/2 percent in one month, the highest monthly rise since 1986. Employers are bailing out and paring back on jobs, but no big deal, that's just a statistic and not important anyway. And, to add icing to the cake, the dollar fell and gold rose.

Ah well, just another day in the life of the do nothing, let them eat cake, Republican Party.