January 18, 2008

Fed Chief’s Reassurance Fails to Halt Stock Plunge - New York Times

The ratfuckers in the Bush administration are starting to realize their legacies are going to be just brilliant, (as the Yankee Bushies in Connecticut used to say before moving to Texas).

On top of incomplete-to-failed wars in Afghanistan and Iraq, and Osama bin Laden still freely goatfucking to his heart's content in Pakistan, the bubble economy nurtured so effectively is starting to reap its reward as the US seems to be sliding into full bore recession.

Bush is definitely going to trump the recession Poppy Bush oversaw (at least he had an artfully managed end to the Cold War to balance his inability to scan a pair of socks) or the Savings and Loan disaster that Reagan-Bush created. Clinton, slimy little shit that he was/is, managed to slide out of office before the tech bubble fully burst and before the Big Lie of the 90s exploded (think Enron). Lucky for W., the "War on Terror" kicked off and offered a clear means to foster a new bubble and a false prosperity just long enough...almost...

Recessions do funny things to the electorate of course. Get them angry enough and they might just turn to some third party candidate. Which means throwing the vote to whom exactly? The seer sees not, but fears all.

Bush is getting so desperate he is even going to flip flop on taxes:

Fed Chief’s Reassurance Fails to Halt Stock Plunge - New York Times: "In a rare sign of his willingness to cut a deal with Democrats in Congress, White House officials said Mr. Bush would not demand that the stimulus package include provisions that permanently extend his signature tax cuts from 2001 and 2003.

In a conference call with Democratic leaders on Thursday afternoon, Mr. Bush signaled his eagerness to reach agreement. “I think there was a collective sense that there was no reason why we can’t get something done quickly,” said Tony Fratto, the White House deputy press secretary. “I think that was a unanimous feeling on the call.”

Despite the rising prospect of a fiscal pump-priming effort from Washington, investors on Wall Street remained in a black mood as data showed that the housing debacle was getting worse and beginning to bring down the rest of the economy."

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