Today, President Bush gave yet another Rose Garden speech on the financial crisis. He began the speech as follows:
Good morning. Over the past few days, we have witnessed a startling drop in the stock market - much of it driven by uncertainty and fear. This has been a deeply unsettling period for the American people.I pulled the following from Bush's September 24th address to the nation on the financial crisis:
Interesting strategy. Scare the Jiminy Cricket out of everybody and then come back and blame the problem on everyone being so darn fearful! He would have been better off blaming the whole mess on Iran...or the Democrats...or Jiminy Cricket.The government's top economic experts warn that, without immediate action by Congress, America could slip into a financial panic and a distressing scenario would unfold.
More banks could fail, including some in your community. The stock market would drop even more, which would reduce the value of your retirement account. The value of your home could plummet. Foreclosures would rise dramatically.
And if you own a business or a farm, you would find it harder and more expensive to get credit. More businesses would close their doors, and millions of Americans could lose their jobs.
Even if you have good credit history, it would be more difficult for you to get the loans you need to buy a car or send your children to college. And, ultimately, our country could experience a long and painful recession.
Disclosure: The Market Rubbernecker is long Disney characters and short "reassuring" statements from the least popular President ever.
The Market Rubbernecker is affiliated with Aspera Financial, LLC, a registered investment advisor. Please read the disclaimer on the home page of the Market Rubbernecker site.
