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– Mugsy

It’s been more than six years since September the 11th. Ever since, “9/11” has been President Bush’s “Get out of jail free” card. Everything bad that has happened in our economy, every crime he has committed in the name of “protecting us from terrorism”, Bush defenders have pointed to “9/11!” as their ultimate defense. You say: “The economy is in the toilet.” They say: “We’re still recovering from 9/11.” Gas prices too high? Blame that too on a Middle East that declared war on us on 9/11.

Not once when the Administration was bragging about “Record home ownership” leading up to and immediately after his re-election in 2004, did I hear anyone claim “9/11 was still hurting our economy”. The “Record home ownership” they bragged of really only existed on paper. A rapid series of interest rate cuts by the Fed to rescue an already floundering economy rocked by 9/11, spawned a flurry of shady sub-prime mortgage lending.

When the Dow Jones Industrial Average broke the 14,000 mark for the first time last July, the Bush Administration was quick to take credit, claiming the new record was “evidence” that President Bush’s economic policies were working. So then, what does it say when the markets are on the verge of wiping out eight years of gains since the Bill Clinton high of 11,722.98 on January 14, 2000?

Tuesday, the DOW closed at 11,971.19… that’s just 248 points in EIGHT YEARS!

And if you adjust for the devaluing of our currency under President Bush… printing money like wallpaper… which it is quickly gaining parity with:

Value of a dollar
(Click to enlarge)

…our economic collapse under President Bush has been even more devastating. Consider that when Bill Clinton left office, the new Euro was worth $0.98 to the strong American dollar. The Euro is now worth approximately $1.44. So, adjusted for inflation, the DOW closed today at “8,313” in “year 2000 dollars”.

The thought of “$75 a barrel oil” five years ago would of been unthinkable, with $100 a barrel oil the stuff of science fiction… the price of oil in a post-apocalyptic America. This is our reality under George W. Bush.

After markets crashed the world over the same day U.S. markets were (mercifully) closed for MLK Day, the Federal Reserve met overnight for an emergency meeting and took the unprecedented step of cutting interest rates before the markets even opened Tuesday morning, cutting “a key interest rate” 3/4 of a percent… the largest one day cut in 23 years… to prevent the worst market crash since the markets reopened after 9/11.

My report last March about a “one day loss of 242 points, more than 650 points in a week” almost seems quaint by todays standards, and proof that the “Astounding growth” of the Bush economy is a Right Wing Fantasy that never was and never will be.

I think that after 6 years of BRAGGING about the anemic growth, and now near total implosion, of The Bush Economy, I think Bush’s defenders have lost their “9/11 trump card” when it comes to defending George Bush’s absolutely horrendous and disastrous stewardship of the U.S. economy for eight years.

Postscript: And just as they declared “economic” victory too soon only to have the consequences of their policies blow up in their face years later, so will the success of “the Surge” in Iraq… which was instituted as a way to give the Iraqi government the breathing room it needed to start making progress. Only half that equation has come to pass: a decrease in violence. Yet, they are already declaring “success”.

Want to know what the Iraq government did today with the added “breathing room” our soldiers are literally dying to provide for them? They agreed to adopt a new flag:

Old and new Iraqi flags

I figure by November, the bubble will have burst on Bush’s “Surge” as well, exposing it for the policy disaster we already know it will be.