I am afraid that while Rome was burning, the emperor was fiddling. I’m referring to the current state of the economy and the stewardship of it by President Bush. I cannot say he’s done a good job lately. I do believe that he inherited an economy that had peaked and was headed down, and eventually managed to right that. We enjoyed a number of years of low unemployment and modest stock market gains. And then we had the housing bubble. The warning signs were there, why didn’t he and his administration take heed (too busy worrying about the war in Iraq? Methinks so, tunnel vision)? It was unreasonable to expect that housing could continue it’s amazing streak of wild appreciation. And then when it collapsed, he fiddled, he did nothing. Now they’re bailing out Fannie Mae and Freddie Mac. The latest is a bailout of AIG.
Investors take risks. The people responsible took a risk–and lost. And now I am going to have to pay to bail them out. Unconscionable. That’s just plain wrong. Why should my sensibleness in investing be punished when stupid investing is being rewarded? Bush no longer gets any sort of vote of confidence from me. I support the war in Iraq, but overall, Bush is getting an F from me. He fiddled while Rome burned. Shame!