7.28.2008

Crystal Ball Gazing: Visualize the Dow at 6,000

by Mike Whitney

Last Wednesday, at an improvised press conference, George Bush gave what may have been the most comical performance of his eight year presidency. Looking like the skipper on the flight-deck of the Hindenburg, Bush tried his best to reassure the public that "all's well" with the economy and that everyone's deposits were perfectly safe in the rapidly disintegrating US banking system. Leaning lazily on the presidential podium, Bush shrugged his shoulders and said,

“My hope is that people take a deep breath and realize that their deposits are protected by our government. We're not seeing the growth we’d like to see, but the financial system is basically sound."

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