Friday, January 18, 2008

Bush's Legacy: Recession

He did tell us to go shopping though, didn't he? Don't we have confidence in his leadership?

NEW YORK (AP) -- Wall Street gave up early gains to trade mixed Friday as skittish investors, unable to hold on to much optimism about the economy, drew little comfort from President Bush's stimulus plan.

Investors pulled back from a big early advance, with the major indexes trading mixed as Bush began to speak. By the time the president finished announcing a plan for about $145 billion worth of tax relief, the indexes were well into negative territory.

But he cut taxes for the rich. What could possibly go wrong?

While Bush focused solely on taxes, Democratic and Republican leaders in Congress have been working on a broader package that also would include a temporary increase in food stamps and an extension of and perhaps increase in unemployment benefits.

The president and Congress are scrambling to take action as fears mount that a severe housing slump and painful credit crisis could cause people to close their wallets and businesses to put a lid on hiring, throwing the nation into its first recession since 2001.

I think I'll stop spending so much and stuff a bit of my money in my mattress until this is over....

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