Good Signs for the Market
Last night, George W. Bush gave a speech in prime time on the state of the economy and the proposed bailout. He used some words that I think are unprecedented:
The government’s top economic experts warn that, without immediate action by Congress, America could slip into a financial panic and a distressing scenario would unfold.
More banks could fail, including some in your community. The stock market would drop even more, which would reduce the value of your retirement account. The value of your home could plummet. Foreclosures would rise dramatically.
This is some serious impending doom. You would think that we would have people lining up at the banks this morning to withdraw their cash and head for the hills.
Instead, he made almost no impression. Almost none of the shows after the speech or this morning even showed excerpts. He barely got a mention. I think that we finally get it. The guy has no credibility at all with the electorate, the media, the market or the world. This makes me happy.
Comment by anon on 25 September 2008 at 11:00 am:
Too late though.
I am looking forward to those post-election months when the press is dissecting Bush’s legacy in story after story.
Comment by edisonkitty on 25 September 2008 at 11:08 am:
I agree. If the electorate, or even the media, perceived this to be legit, this speech would have been right up there with “We have nothing to fear but Fear itself!” in historical terms. Instead it came off as “Wolf! Wolf, I tell you!”.
Comment by Unstable Isotope on 25 September 2008 at 11:27 am:
Yep, he is pretty much a footnote now. In fact, after Bush’s speech last night, Tweety and Rachel talked about McCain/Obama and barely mentioned Bush. No one cares about him anymore.
Comment by Truth Teller on 25 September 2008 at 12:03 pm:
It now appears that we must invade Wall Street before they wreck our way of life. Bush has told us last night that they have WMD’S and there is a mushroom cloud on the horizon. Where have i heard these words before??????
Comment by nemski on 25 September 2008 at 12:17 pm:
BTW, I was sampled for this one . . . and it hurt.
Comment by delawaredem on 25 September 2008 at 12:29 pm:
Indeed, U.I.
In fact, Matthews said “Is he still President? Bush makes the parliamentary system appealing. For at least in that system, when a government fails, you get rid of it no matter whether the term of office has ended or not.”
Comment by DavidV on 25 September 2008 at 12:32 pm:
Funny that the only people excited by the impending legislation is Wall Street.
Comment by delawaredem on 25 September 2008 at 12:34 pm:
Yeah, funny that.
Comment by Arthur Downs on 25 September 2008 at 2:04 pm:
Remember who were the major recipients of the top money-changers.
Just why was Gorelick in a top job in the subprime mortgage racket?
It looks as if a lot of top Dems had their hand in the cookie jar big time.