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08/05/2011

Stop the Bush Bashing and Step Up

Stock markets around the world took a huge plunge yesterday. As of this morning, the DJIA is down again. The economy did add a bit over 100,000 jobs last month but not enough to dent the unemployment rate. All very bad news. 

The reaction of the White House was typical. Blame Bush. Bash him. I was not big fan of President Bush but as far as I know he has been gone for more than 2 1/2 years. Stop it! Take some responsibility. It is Obama's economy. It is his watch. He must bear the good and the bad. It was his plan for the stimulus and more regulation. It is his fiscal policies that are in place. His deficits. It really makes the President look silly, petty and small to continue with this tactic. I think the public is smarter than to believe that nonsense except for the real zealots. 

The jolt to the markets undermines confidence. It makes people feel poorer. They will cut back which will have a vibrating effect. I do not know if the much-talked about double dip recession will occur or not. If It does, then more people will be in for a very very rough time.  It will also mean the President will not survive re-election.  Wonder if he will blame Bush for that? 

Posted at 11:44 AM in Budget and the Economy, Current Affairs, Politics |

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