George W Bush is completely oblivious of the havoc he has wrought on the debt ridden American economy referring to the recent housing declines as normal market corrections ~ while the stock market finally realizes that the great ship of state has no rudder and a blind captain: Allen L Roland
A move by the European Central Bank to provide more cash to money markets intensified Wall Street's turmoil yesterday. The ECB's injection of money into the system is an unprecedented move, said Joseph V. Battipaglia, chief investment officer at Ryan Beck & Co., adding that it shows that problems in subprime lending are, in fact, spreading into the general economy."This is a mini-panic," he said. "All the things that had been denied up until this point are unraveling. On top of this, retail sales were mediocre, which shows that indeed, the housing collapse is affecting the consumer."
http://www.huffingtonpost.com/huff-wires/20070809/wall-street/
Bush is destined to take the country and the economy down with him in the next few months as the great ship of state careens out of control toward the rocky shoals of a major recession ~ with no rudder and a blind captain.
Remember the stock market is a leading indicator and its indicating rough times ahead. Just yesterday, the Fed pumped a whopping $24 billion into the U.S. banking system to counter a quarter-point surge in short-term interest rates but the market saw through it ~ funny money won't put a lid on rising interest rates and commodity prices.
Instead of dealing with this harsh reality, Bush plays cheerleader, like he has with Iraq, and his stay the course hypocrisy is truly appalling.
Fortunately, the American Progress Report takes note of this and lowers the boom on his failed presidency.
Allen L Roland http://blogs.salon.com/0002255/2007/08/10.html
BUSH'S 'DRUNKEN SAILOR' HYPOCRISY
by Faiz Shakir, Amanda Terkel, Satyam Khanna, and Matt Corley
American Progress Report 8/09/07 UNDER THE RADAR
"Receiving a lecture on fiscal responsibility from President Bush is a little bit like getting a lecture on the Freedom of Information Act from the Vice President," said House Majority Leader Steny Hoyer (D-MD) yesterday. "That is, it strains credulity." As Hoyer points out, for Bush to all of a sudden preach strict fiscal discipline is the height of hypocrisy, considering he "has presided over the largest overall increase in inflation-adjusted federal spending since Lyndon B. Johnson."
In six years, the administration turned the "projected 10-year budget surplus of $5.6 trillion when it took office" into "more than $3 trillion in additional debt."
During this time, Bush allowed Congress to "spend money like a drunken sailor," as Sen. John McCain (R-AZ) recently described it, by failing to veto a single spending bill sent to him when members of his own party controlled Congress.
Despite his call for spending restraint in the current budget fight, Bush is seeking a fresh round of tax cuts for corporations that would further deprive revenue for important programs. Bush has no credibility when it comes to fiscal responsibility ~ only a penchant for irresponsibility and political gamesmanship.
