Sunday, July 13, 2008

Bush Administration Snoozed, Country Suffered Repeatedly

Can January 20, 2009 somehow come more quickly so that the Bush administration can be relegated to the Department of Bad Memories?

Bush's signature image will the detached observer, flying high above flooded New Orleans, having sat paralyzed at his ranch on vacation, wondering what to do?

Asleep at the switch there, like he was when he ignored the intelligence that warned of an imminent Al Qaeda attack, then followed the Neocons into Iraq and spent a trillion dollars there, and is now going to spend and lend more to stave off massive bank and lender failures in the deregulated financial world that his thin grasp of ideology and philosophy suggested was a nifty idea.

The government is now going to lend money to two huge companies that together hold about $5.3 trillion in mortgages, many of them suspect because they were made to people who should never have been given the loans.

And the Federal Deposit Insurance Corporation, FDIC, stepped in this weekend to takeover a giant failed California institution, IndyMac Bank, which wasn't even on the list of 90 troubled US banks, according to the New York Times.

Who is minding the store?

The more dollars printed and loaned out by the Federal Reserve, the weaker our currency becomes, and the higher the price of oil will rise, since it's calculated in these value-losing greenbacks.

Pretty dangerous territory for the US of A right now, and the buck, devalued as it is, stops at the President's desk.

George W. Bush: Worst president in our history, and we will be paying for his laziness and detachment for generations.

No comments: