Nothing Like A Bush Bounce

So the President came out this morning, touted the economy, did some sleight-of-hand with statistics (ever notice how Bush stats always start at the LOWEST possible point to make the rebound look that much bigger?), and called for even more tax cuts. He also said that the plunging real estate market and its effect on the credit industry was not a concern.

I beg to differ.

The Dow Jones industrial average dropped 387 points today and other stock prices tumbled around the world as the U.S. and European central banks pumped more than $100 billion of extra money into the financial system to counter tightening credit conditions in panicky markets.

The Dow plunged more than 200 points within minutes of the opening of trading this morning, after investors awoke to news that one of France's biggest banks had been shaken by the problems in the U.S. mortgage market, causing overnight bank lending rates to jump.

I guess in Bushworld, this didn't happen.

The economy is like a 10,000-pound block of steel being carried on stilts. The impending real estate crash could wipe out central banks when all of these subprime mortgage holders can't pay their creditors. Bushworld is a "you're on your own" world, so he won't use any federal monies for a bailout (not for the foreclosed homeowners; the bankers, maybe). And if businesses can't get credit as a result, well, that's when the global recession begins.

The only good news is that Bush is on vacation and so maybe he won't talk so much anymore...