The George Bush Economy – Looks Like a Bailout for the Investment Class

September 18, 2008 by Pelikan
Filed under: U.S. Economy 

The total silence on the economy and markets this week from the White House was finally broken today when President George W. Bush took to the podium – and said absolutely nothing of real substance.

Bush ran through the bullet points of what his administration has done to calm markets:

  • Fannie/Freddie Bailout
  • AIG Bailout
  • Federal Reserve “adds liquidity” to the market
  • Minor moves by SEC to step up “enforcement actions”

This is what he ended with – the reason he cancelled his travel today:

These actions are necessary, and they’re important. And the markets are adjusting to them. Our financial markets continue to deal with serious challenges. As our recent actions demonstrate, my administration is focused on meeting these challenges. The American people can be sure we will continue to act to strengthen and stabilize our financial markets and improve investor confidence.

Bush said, “Our financial markets continue to deal with serious challenges.” Yep, so serious it took you four days this week to speak up. “Challenges,” you say. A challenge is something one encounters that is unexpected, most often meant to be a difficulty not of one’s own making. People – or organizations – which overcome challenges are highly thought of; they’re the folks Americans love. The markets aren’t dealing with challenges. The markets are dealing with karma. Bad behavior, poor choices, and greed put “the markets” in the shape they’re in today. Bush also says his administration is “meeting these challenges.” After more than seven years, Bush is still full of it. The Bush administration is rewarding bad behavior and the entire country is paying for it, bailout by bailout.

The financial markets are no longer the playground of just the investment class. The financial markets add to or detract from the bottom line of nearly every American who has anything socked away for retirement. While nearly a trillion dollars of wealth was wiped out this week on Wall Street, Main Street suffered too. If you have money in a 401k or IRA or other investment vehicle, there is less in that account than there was a week ago. You paid for the unregulated free market. Every time the Bush Administration bails out another one of these pigs, or “adds liquidity” (borrows more money from China) you pay again.

It will be interesting to see what Bush, Paulson, Bernanke, Franks, Cox, and all the other politicians come up with on Friday and through the weekend to save the skins of a few more of their campaign contributors. Just remember, you’ll pay while the folks that got greedy wipe the sweat from their brows, say “Phew,” and enjoy another weekend in the Hamptons.

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Comments

One Comment on The George Bush Economy – Looks Like a Bailout for the Investment Class

  1. Jessica Conkey on Thu, 25th Sep 2008 12:30 am

    2. Thanks George, I’m glad that you took the time out of your golf game to talk about the financial crisis that YOUR COUNTRY is facing. THANKS. THANKS for putting our coutnry into massive amounts of debt because of the Iraq war and a lack of regulation on big business. I’m really glad that you and DICK and all your scummy friends got a chance to get really rich off of the tax payers. THANKS for taking the billion dollar surpluses that we had when you took office and turning them into trillioin dollar deficits….THANKS FOR THAT. I’m gonna have a great time paying that off for the rest of my life…as a 25 year old woman who will probably never make the same amount of money as men…thanks to you and Senator McCain who keep voting against equal pay.
    You have done a really wonderful job in the White House. Basically, I don’t have time to bitch about what you have done to our country and how you have ruined our economy and made every other country hate us because of our ( your) arrogance….I need to spend my time finding a job that will pay my bills….I can’t help but wonder…as you speak to our country tonight about the pertinance of the “crisis” tonight, I cant help but ask myself how we came to be in this situation…as you fake empathy or symapthy…or even giving a FLYING FUCK…I can’t help but wonder why we are in this situation and how we got here….I can’t help but wonder how we got in this situation and how a president would let something like this happen… but then I remember….oh yeah………George Bush DOESNT GIVE A FUCK because no matter what happens, your sitting pretty because your money is in the oil that I buy everyday…you fixed it so that you make money off of your country. GOOD JOB W…….in a couple months, your outta here and it’s not your problem anymore so why the eff do you care? I know I know, you don’t. Thanks for being the worst President in the history of America, I can’t be that mad because it’s the stupid American’s who voted for you twice (which blows my mind) so I guess they get what they deserve ( and I say they because I never EVER voted for George Bush and I have to say that If John Mccain gets elected (which I highly doubt will happen) then America deserves WHATEVER happens to them…and I promise it will not be good (it will probably onvolve more war and more economic hardiship ( not for rich people but for working people). I have gotten way ahead of myself and not even in a good way. The piont of this blog is that George Bush is a JOKE and John Mccain is not far behind and the Republican party will be the end of this country……..and by the way Mr. President….I know what you did on September 11, 2001.

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