Bush's Tears

A battery of bad economic news today Friday:

-The number of people who lost their jobs in November hit 533,000 (most in 34 years).

-Retailers posted the worst decline in sales in thirty years.

- Late mortgage payments and the rate of home loans in foreclosure rose to record highs in the third quarter, and 2.2 million home mortgages are expected to start the foreclosure process this year, before the bailout effort takes effect.

-The Federal Reserve reported that consumer credit fell unexpectedly at an annual rate of 1.6 percent in October--the deepest cutback in borrowing since August.

Yet the US Stock Market went up, with the Dow gaining nearly 260 points-- a sign that Wall Street is growing numb to bad economic news. But unlike the oblivious Stock Market, Bush came out of his shell to finally say the country is in a recession! "I am concerned about the viability of the automobile companies," he told White House reporters. "I am concerned about those who work for the automobile companies and their families. And likewise, I am concerned about taxpayer money being provided to these companies that may not survive."

It's good to hear the President's concern about the country and the people. We are finally seeing the real Bush as his aides are busy helping him pack his personal belongings before he moves to his new $2 million mansion in Dallas, TX.

He said he'd miss Air Force One though! A week ago he told GMA Charlie Gibson he'd miss his Marine One Helicopter! Bush didn't say whether he feels any remorse for having led the country to the abyss.

This is the second recession under his watch. The first one took place in 2001 and ended after only 9 months. The current recession may continue much longer and may even turn into a depression.

Thanks to Bush's stubborn policies, we have here the perfect cause-and-effect case. The cause is summed up in this video that enumerates the 14 defining characteristics of a fascist regime (and guess who qualifies?).

As for the effect, we all know tidbits of the extent of the damage that was done to America in the last decade. But there is out there a lot more to be learned, and some of it is, to say the least, scary. I refer you to this article published by InflationData.com: "Is the US Bankrupt?"