Thanks, Mr. Bush! Can we officially declare that deregulation and tax cuts for the super rich are disasters for the economy? There’s not even a budget surplus to boast here.
If this is your first stop on the blogotubes, good morning and the white people on CNBC are saying things like “runs on the bank.” More details involving President Bush’s awesome economy here.
UPDATE: Think Progress:
In 1930, as the U.S economy was sinking into deep recession, President Herbert Hoover said this to Congress:
Economic depression cannot be cured by legislative action or executive pronouncement. Economic wounds must be healed by the action of the cells of the economic body – the producers and consumers themselves.
In his speech this week, Bush echoed Hoover: “The temptation of Washington is to say that anything short of a massive government intervention in the housing market amounts to inaction. I strongly disagree with that sentiment. … Government actions are — have far-reaching and unintended consequences.”