via Dow Dips Below 7,000.
NEW YORK — The Dow Jones industrial average plunged below 7,000 Monday for the first time in more than 11 years as investors grow even more pessimistic about the health of banks, and in turn the economy.
A staggering $61.7 billion in quarterly losses at insurer American International Group Inc. touched off fresh fears about the health of the nation’s financial system.
All credit and kudos for dropping this bomb goes directly to George W. Bush. Thanks for shaking the baby. Was economic meltdown actually part of his plan? Bush’s front men, the echo chamber, did all they could to beat back the growing consensus last year that the we were even in a recession let alone a full scale meltdown. Dana Perino went into the “anti-recession” mode early last year. So I wonder when it was that Bush knew or economy was about to tank? One thing is for sure, they denied the recession with everything they had.
President Bush and his administration have long resisted admitting that the economy is in trouble by quibbling about the technical definition of “recession.” In April, when most economists were saying that the U.S. economy was in a recession, Bush was insisting that it wasn’t. In March, he inexplicably claimed that “when people take a look back at this moment in our economic history, they’ll recognize tax cuts work.”
From the October 7, 2008 press conference:
Q Do you think the U.S. economy is in a recession?
MS. PERINO: You know I don’t think that we know. … So I couldn’t say. The classic definition of a recession is not something that we could determine now, or forecast. It’s something that people look back on. […]
I don’t know — look, April, I don’t know if there’s — if we are in a recession right now. And in fact, there’s no one who could actually tell you if we precisely are in a recession right now. […]
But I don’t think anybody could tell you right now if we’re in a recession or not. Those are just — those are determinations that come later.
Watch it:
Sometimes it makes me wonder about just when they knew because if they covered up the economic collapse, they hurt many of our own people intentionally. So okay. Everybody break out your tin foil hats. Does anyone remember the NATIONAL SECURITY PRESIDENTIAL DIRECTIVE/NSPD 51?
May 9, 2007. The directive states that in case of national emergency the President can take over the whole government, with comity towards the other two branches.
The link takes you to the website of the Federation of American Scientists. The copy of NSPD 51 is there in its entirety. I searched whitehouse.gov for it but they apparently have taken down all the stuff from the Bush administration. Couldn’t find the archives, but the above link will do fine.
Good cartoon:
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