...even while some of you voted for people like B/Silly Sali.
Economist Jim Cramer appeared on Hardball on January 19, palpably disgusted with
the president’s “incentive” plan, noting that buying the kids new sneakers won’t
save our economy. Especially since mortgage insurance companies have only a
number of weeks before they admit they don’t have the resources to cover the $450
billion in mortgages they insure.
“You’ll not be able to open the stock market,” Cramer said, astounded that nobody
in Washington is talking about it.
Bushies had better start practicing their talking points right now.
Columbia professor Joseph Stiglitz wrote in December’s Vanity Fair: “The damage
done to the American economy does not make front-page headlines every day, but
the repercussions will be felt beyond the lifetime of anyone reading this page.”
He continued, “I can hear an irritated counterthrust already. The president has
not driven the United States into a recession during his almost seven years in
office. Unemployment stands at a respectable 4.6 percent. Well, fine. But the
other side of the ledger groans with distress: a tax code that has become
hideously biased in favor of the rich; a national debt that will have grown 70
percent by the time this president leaves Washington; a swelling cascade of
mortgage defaults; a record near-$850 billion trade deficit; oil prices that are
higher than they have ever been...In breathtaking disregard for the most basic
rules of fiscal propriety, the administration continued to cut taxes even as it
undertook expensive new spending programs and embarked on a financially ruinous
“war of choice.”
Media is pushing the idea that the economy has replaced the war in Iraq as the
number one concern of Americans. Seems to me they’re irrevocably connected.