Thursday, November 13, 2008

I Second the Motion!!

TW: I would so like to tape our current POTUS' mouth shut for the next two months.

From Jim Surowiecki at New Yorker:
"Shut Up. No, Really, Shut Up.
The Bush Administration’s refusal to face reality is, at this point, becoming almost comical in its badness. It’s pretty clear that the markets don’t want to hear anything more from the Administration, in the sense that whenever they do hear something, they tend to react badly. Yet the members of the Administration continue to insist on making speeches and public statements on the economic crisis. The latest is President Bush himself, who—as Felix Salmon aptly points out—is delivering a peculiar paean to the glories of the free market this afternoon. Bush’s prepared remarks were released a little before 10:30 A.M. If you look at the S. & P. 500’s movement today, you’ll see it peaked at just about, yes, 10:30 A.M., before heading downhill.
Now, this very well could be a coincidence. But I wouldn’t be surprised if it wasn’t. Bush is in office for another two months or so. One of the best things he could do for the country is to say not another word about the financial markets before Obama is inaugurated."

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