Friday, October 10, 2008
I've previously argued that the economy won't improve until the liars who got us into this mess are gone.
Seems like even mainstream news sources are starting to agree:
- CNBC is running a clip called The 'Paulson' Effect—Markets Slide When He Speaks
- The Washington Post's Dan Froomkin writes:
"When it comes to the current financial crisis, it's become pretty clear that an appearance by President Bush doesn't calm nerves. It rubs them raw.
The president seems checked out. His approval ratings are in the toilet. His credibility is shot. He's arguably responsible for this mess in the first place. And his presence and his words have led to more fear and panic, not less."
- CNN is running an article with the following quote:
"Analyst Anne Mathias with the Stanford Group said for Bush, trying to reassure Americans and the markets is problematic on several levels.
'The first part is that he's really not very popular right now. ... The second part is that he is not very fluent in discussing these kinds of issues,' Mathias said, adding, 'it's a really dicey question because the markets are so reactive that if you say the wrong thing it's easy to make the problem much worse.'
Mathias says the third difficulty for Bush is credibility. 'There are many who oppose him or are upset with the White House who put the blame for us being in this position at his feet,' she said. 'It's difficult to be a credible part of the solution when many people think you are part of the problem.'
- ABC news noted that during Bush's speech today trying to convey reassurance about the economy, the Dow went down 107 points
- Bloomberg ran an article noting:
"Comments by Bush and members of his administration haven't calmed markets since the Senate cleared the legislation on Oct. 1. Since then, Bush has spoken publicly or issued statements about the rescue plan seven times, and the Dow Jones Industrial Average declined by 20.8 percent. Stocks sank again this morning, capping the worst week ever for the Standard & Poor's 500 Index"