Monday, April 18, 2005

He Wants to Put Our Retirement Funds Where?

New York Times, April 18,2005:
"After last week's market plunge - when America's three main stock gauges fell more than 3 percent - Wall Street and unusually nervous individual investors are looking to the flood of earnings reports this week to see how optimistic corporate America is in its outlook for the economy.
Almost a third of the companies in the Standard & Poor's 500-stock index and almost half the 30 companies that make up the Dow Jones industrial average are to report earnings for the first three months of the year. But more importantly, many of them will comment on the financial quarters ahead and could either counter or reinforce the current pessimism about the economy.
Among the big names are Intel, a bellwether for the already struggling technology sector, whose shares fell 5 percent last week, and Caterpillar, a company whose earnings and stock price are hurt when economic growth slows. Its stock plunged nearly 8 percent.
But early earnings warnings from companies like General Motors and Ford have already discouraged investors, and I.B.M.'s surprise earnings shortfall last week was one reason that stocks dropped so sharply. And while earnings growth for the quarter is expected to be respectable, that growth is likely to be well below the pace of last year..."

Not only are Bush's "economic growth plans" slowing down and causing frightening volatility in the stock market (the Dow Jones plunged almost 200 points last week), Bush wants to invest a portion of the money we earmarked for Social Security retirement benefits in that same roller coaster stock market.

Bush is bad for the economy.
He's never run a successful business, and it shows.

-Crude oil prices recently hit $58 a barrel
-Home mortgage and credit card interest rates are on the rise
-Sweetheart deals like Bush's pet bankruptcy law benefit credit card companies, not consumers
-Job growth has been the weakest it's been since last summer
-America's trade gap is widening- imports cost more, exports earn less
-Bush is borrowing from Red China and Japan to finance his outrageous deficit spending

Forgive me if I don't get all excited about budding democracy in the middle east.
Our nation is falling apart and Bush has squandered billions of dollars and thousands of American souls trying to force his version of democracy on his enemies.
Bush is spread too thin.
He can't multitask.
He surrounds himself with sycophants.
He's withholding and secretive, as dry drunks tend to be.

I'm sick of our country being led by a dullard theologian with untreated alcoholism.

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