Dangerous cracks in the economy and Bush is smoking crack again

c'mon, house of cards, TOPPLE, WILL YA...?

Dangerous cracks appearing in job market

Dangerous cracks in the nation's job market are deepening. Employers slashed jobs by the largest amount in five years and hundreds of thousands of people dropped out of the labor force — ominous signs that the country is falling toward a recession or has already toppled into one.

For the second straight month, nervous employers got rid of jobs nationwide. In February, they sliced payrolls by 63,000, even deeper than the 22,000 cut in January, the Labor Department reported Friday.

The grim snapshot of the country's employment climate underscored the heavy toll the housing and credit debacles are taking on companies, jobseekers and the economy as a whole.

"It sounds like the recession bell is ringing for the U.S. economy, although it is still faint," said Stuart Hoffman, chief economist at PNC Financial Services Group.

On Wall Street, stocks tumbled. The Dow Jones lost 146.70 points, a little more than 1 percent to close at 11,893.69. The Dow was down 370 for the last two days of the week.

The worsening situation will prompt the Federal Reserve to cut a key interest rate deeply — perhaps by as much as three-quarters of a percentage point — at its next meeting March 18, or possibly sooner, to help brace the teetering economy, analysts predicted.

The shower of pink slips was widespread. Factories, construction companies, mortgage brokers, real-estate firms, retailers, temporary-help firms, child day-care providers, hotels, educational services, accounting firms and computer designers were among those shedding jobs. All those cuts swamped job gains at hospitals and other health care sites, bars and restaurants, legal services and the government.

"Losing a job is painful, and I know Americans are concerned about our economy; so am I," said President Bush. "It's clear our economy has slowed."

ah, it's good to know the boy-king with the silver spoon in his mouth feels our pain...

and speaking of dangerous cracks...

Bush to veto waterboarding bill

President Bush is poised to veto legislation that would bar the CIA from using waterboarding — a technique that simulates drowning — and other harsh interrogation methods on terror suspects.

The president planned to talk about the veto in his Saturday radio address.

Bush has said the bill would harm the government's ability to prevent future attacks. Supporters of the legislation argue that it preserves the United States' right to collect critical intelligence while boosting the country's moral standing abroad.

"The bill would take away one of the most valuable tools on the war on terror, the CIA program to detain and question key terrorist leaders and operatives," deputy White House press secretary Tony Fratto said Friday.

The bill would restrict the CIA to using only the 19 interrogation techniques listed in the Army field manual.

The legislation would bar the CIA from using waterboarding, sensory deprivation or other coercive methods to break a prisoner who refuses to answer questions. Those practices were banned by the military in 2006, but the president wants the harsh interrogation methods to be a part of the CIA's toolbox.

it's also comforting to know that our president, the one who is tasked with stewarding our country's fundamental principles, is firmly going on the record in support of torture...

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