Americans should be admired for their patience and fortitude. In a matter of less than eight years, the misguided policies and ineptitude of their not so great leader have damaged their country's reputation and their pockets, perhaps irreparably. Who could possibly have imagined that in such a short period a massive Federal budget surplus of $128 billion would be frittered away to be replaced with a $ 357 billion deficit? And who can blame Senator Kent Conrad of North Dakota for predicting Bush “will be remembered as the most fiscally irresponsible president in our nation's history”?
Who would have believed when Bush moved into the White House that, eight years later, the mighty dollar would be turned into funny money to the extent that Egyptian landlords are now demanding Euros instead?
Not so long ago, even the most reputed financial seer would have been ridiculed if he or she had divined the fire sale of Bear Stearns and Washington Mutual or the bankruptcy of Lehman Brothers.
Bear Stearns managed to survive the crash of 1929, Washington Mutual has been in business since 1889 and Lehman Brothers was founded even earlier in 1847. Is it mere coincidence that three “rock solid” institutions should collapse on Bush's watch?
Bush on the economic collapse:
No comments:
Post a Comment