I haven’t had the time to pay attention to recent goings on in the stock market but this just doesn’t sound good:
The declines in the US markets came despite attempts by President George W Bush to calm market fears.
Speaking after a meeting with his top economic advisers, President Bush acknowledged there had been “disquiet” on Wall Street over the housing slump.
But President Bush said he believed the markets were set for a “soft landing”.
President Bush said he expected the markets to focus increasingly on the underlying health of the global economy and robust US prospects.
“The underpinnings of our economy are strong,” he said, adding that second-quarter growth had been strong, while both inflation and unemployment remained low.
“So the conditions for the marketplace working through these issues are good. My hope is that the market, if it functions normally, will be able to yield a soft landing.”
GW’s record of predictions (and those of his administration) just hasn’t been very good. I think of the big ones, the ones that at the time got a lot of play (and have since been mostly forgotten): paying down the debt, smooth sailing in Iraq, improvements in Iraq (versions 1 through 94b and counting), job creation, boosting the economy with tax cuts, etc., and off the top of my head they’ve been wrong all along.
So two thoughts:
1. Can anyone think of an important one he got right?
2. I’m not a religious person, but I suspect its time to start praying that this time, for once, GW is right.