Tuesday, February 27, 2007

Perfect Storm

We could very easily be in line for a perfect economic storm if the global response to the plunge in the Chinese stock market today is any indicator. Our boy Bush has been doling out tax cuts for corporations and the wealthiest Americans ever since he stumbled into office. Meanwhile he has been waging two horrifically expensive wars on the Chinese MasterCard. They own us.

The Dow dropped 416 points today and for a time had lost 500 points all in response to the large drop in the Chinese market. When these two economies stumble we are going to be in for some serious trouble. Don't forget that a major part of the engine that drives our economy is hanging on by it's fingernails as well and that is housing. Stand by if that market collapses.

So much for the GOP line of "party of fiscal responsibility". Even Greenspan is saying we could see a recession this year.

In case you might be wondering... this is the largest single day fall in the market since 9/11 just so you can put it into perspective.

No comments: