Bush’s words of wisdom on the American economy - {sarcasm}
President George W. Bush, with his very reassuring (or not) tone, today said he believe the recent turbulence on Wall Street will soon be over, and we will reach a “soft landing”. Maybe he was talking about war planes in Iraq, Katrina rescue planes, or social security? I don’t think he even knows himself. Sorry to be political on this one guys; I just couldn’t help it.
After hearing of no assurance from Fed Chairman Bernanke about lowering interest rates anytime soon, I guess investors were looking for Bush’s help - the one he’s been providing during his term? President Bush said he expects investors to reassess their risk and begin to focus more on the economy’s fundamentals, which he said are solid and sound. Unsurprisingly, based on market stupidity, investors reacted to his comments; because stocks are climbing as I write this.
If you’re one of the investors hitting buy orders now, I think it’s best you reassess the credibility of your American president - the same one who took a healthy vibrant economy to one on its death bed in less than 7 years.
Enough said. I’ll let you be the judge on Bush’s vote of confidence:
- “I’m not an economist, but my hope is that the market, if it functions normally, will be able to yield a soft landing,†Mr. Bush said. “That’s kind of what it looks like so far.â€
- “So the conditions for a — you know — for the marketplace working through these issues are good, and that’s how I look at it, “ Mr. Bush said.
- “It’s the nature of the markets,†he said.
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