BUSHONOMICS SHOCK!
Enron, Scandals Stop Economy Cold
Look Out Below!!
Clinton Prosperity Killed By Bush and His Backers
The Washington Post is reporting that the mounting corporate scandals under the Bush regime are causing havoc among American investors, consumers, and workers, as well as large corporations.
"The economy and markets right now are in the midst of a full-blown corporate governance shock," said the chief economist and at Morgan Stanley. "To presume somehow that it's over or the worst is behind us is naive."
The fallout is having a brutal effect on the economy, according to the Post:
Desperate to reassure nervous investors about their balance sheets, corporate executives are slashing costs, selling divisions and using free cash to pay down debt. Although such strategies are helping to restore corporate profits, they tend to come at the expense of rebuilding inventories, hiring new workers and investing in new equipment - activities that contribute directly to economic growth.
And it's not just the scandals that are hurting America -- it's the insane Bush tax-cutting dogma on behalf of the rich that has begun, right on time, to begin wreaking its havoc.
Governments, too, are feeling the effects of the stock market decline as revenue from capital gains taxes falls precipitously. Facing big budget deficits, state and local governments are warning they may soon begin slashing payrolls and purchases. That's another significant drag on the economy.
In short, in eighteen months under the George W. Bush Administration, the near-decade of prosperity under Clinton and Gore has collapsed -- with no signs of improvement remotely in sight.
Fiasco after fiasco in American foreign policy.
Huge scandals, followed by stonewalling the American people.
A bruised and battered American economy.
What gives George W. Bush and his Administration the right to call themselves patriots?
We are a greater people than that. A much greater people than Bush and the other Republicans in charge will let us be.
Full story:
washingtonpost.com
Source: mediawhoresonline.com |
