Friday, January 9, 2009

The dumbass and the damage done


"So I analyzed that and decided I didn't want to be the president during a depression greater than the Great Depression, or the beginning of a depression greater than the Great Depression." --George W. Bush, Washington D.C., Dec. 18, 2008

Read W. and the damage done, By Vincent Rossmeier and Gabriel Winant at Salon.

"After a couple of presidential terms, mismanagement in every area of policy -- foreign, domestic, even extraterrestrial -- starts to add up. When George W. Bush entered the White House in January 2001, he inherited peace and prosperity. The military, the Constitution and New Orleans were intact and the country had a budget surplus of $128 billion. Now he's about to dash out the door, leaving a large, unpaid bill for his successors to pay."

"How bad is it? "An average recession is one in which we lose about 3 percent of GDP. Three percent of GDP is about $500 billion," UCLA economist Lee Ohanian told Salon. "It's not inconceivable that this could be twice as worse, which would be close to a trillion."

10 days and counting.

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