I Feel So Much Better Now
Jul 15th, 2008 at 1:10 pm by Susie
Now that the Moron In Chief has reassured us:
WASHINGTON - President Bush urged lawmakers on Tuesday to move quickly to help prop up mortgage giants Fannie Mae and Freddie Mac, while declaring the nation’s financial system to be “basically sound.”
“We must ensure that they can continue providing access to mortgage credit during this time of financial stress,” Bush said of the two mortgage giants.
He also called on the Democratic-run Congress to follow his example and lift a ban on offshore drilling to help increase domestic oil production.
“Basically sound”. Heh.
So why did Big Ben have to initiate emergency orders to keep the Wall Street sharks from shorting Fannie & Freddy? Banks are failing, (or on the verge) at the greatest rate since the Depression, but everything is fine, the economy is basically sound, pay no attention to that man behind the curtain, the great and powerful decider has spoken.
Heck-of-a-job, W.
Correction: SEC Chairman Cox issued the emergency order.
“basically sound”
yeah right!
“The fundamental business of the country, that is production and distribution of commodities, is on a sound and prosperous basis.”
Herbert Hoover, statement to the press, Oct. 25, 1929.