Bushonomics 0
One more time:
It wasn’t the fast-and-loose bankers, the shady mortgage sellers, the throw-caution-to-the-winds investment banks, the deal-from-the-bottom-of-the-deck hedge funds, or any of the other the miscreants who made it happen.
It was Republican Economic Theory that did it.
It was the Republican policies–the ones that allowed bankers to be fast and loose, mortgage sellers to be shady, the investment banks to throw caution to the winds, the hedge fund managers to deal from the bottom of the deck, the policies that worship wealth as a sign of virtue–that did it (emphasis added below).
The nation has been hemorrhaging jobs all year, and consumers already had cut back on their shopping sprees. Housing prices were well into a downward spiral, and consumer confidence started dropping in January.
Perhaps all that’s left is for an official declaration that the U.S. economy is in a recession. The first step in that pronouncement could come next Thursday, when the government is to release its initial estimate of third-quarter gross domestic product, the broadest measure of the economy.
