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PANIC ON WALL STREET AND WORLD MARKETS / BLAME BUSH !
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While the Government fakes inflation numbers, George Bush relies on Treasury Secretary Hank Paulson to keep printing the illusion of prosperity.
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George W Bush's ineptitude, arrogance and greed is not only bringing down the American economy, like every business he has been associated with, but the global economy which bought into and financed Bush's economic pipe dreams: Allen L Roland
The Dow crashed 400 points in electronic trading Monday, pointing to a disastrous opening today which happened in spades as the Dow tumbled again but partially recovered.
Dave Lindorff writes in Counterpunch today that Hard times are a coming and properly blames the Cheney/ Bush administration.
Excerpt: " The Bush chickens ~ endless deficits as far as the eye can see, and a $2-trillion military debacle that has no end in sight and that is sucking money out of the country like a giant industrial vacuum cleaner ~ are coming home to roost. The President and Vice President clearly hoped that they could pass the wreckage of their eight years in office on to the next president and run off to retirement and senior stateeman status before it all blew up, but their luck ran out. The economic shit has hit the fan. Chances are that the war that they have tried to tuck away in the closet with a "surge" in troops and a brutal campaign of aerial bombardment, will also blow up on them before the year is out." http://www.informationclearinghouse.info/article19133.htm
Mike Whitney has been right all along on this growing economic crisis and properly associates it with a total loss of confidence in the Cheney/Bush administration.
Allen L Roland
Is This The Big One?
By Mike Whitney
Excerpt: " The huge sell-off is a sign that global investors do not believe that the Fed's rate cuts or President Bush's $150 billion “stimulus package” can revive the flagging economy or breathe new life into the over-extended US consumer. After Monday's sharp downturn, the prospects for averting a deep and protracted recession are slim to none..... Deregulation has annihilated the credibility of US markets. There is no oversight; it's the Wild West. The assets are falsely represented, the ratings are meaningless, and there's a clear intention to deceive. That means that the stewardship of the global economic system is no longer in good hands. There needs to be a fundamental change. As the “nightmare scenario” of global recession continues to unfold; we need new leaders in Europe and Asia to step up and fill the void."
And there it is, George W Bush's ineptitude, arrogance and greed is not only bringing down the American economy, like every business he has been associated with, but also the global economy which bought into and financed Bush's economic pipe dreams.
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