World Economy Prove Bush Wrong

Today, Tuesday, July 15, 2008, President Bush gave his spin on how great the economy is. Today, Bernanke gave his testimony in front of the Senate Banking, Housing and Urban Affairs Committee on how good the economy is 'NOT!'

But there was a more pressing matter that occur today, which might have a lasting effect on the economy. One that can make the growing recession to last longer than expected. An irreversible downward spiral in the Stock Market effecting the world economy. The Dow Jones Industrial Average closed down more than 90 points, falling below 11,000 for the first time since July 21, 2006. By itself, it may not leave a lasting impression, but with the "economy continuing to face numerous difficulties, including ongoing strains in financial markets, declining house prices, a softening labor market, and rising prices of oil, food and some other commodities," the effects could last longer. Leaving this generation to deal with something far worse than a recession. Add to that the 'ever-ending-U.S.A.-shrinking-dollar' that sank to a new low against the Euro.

Although Bush and his administration keep painting a rosy economic picture, they just cannot hide the 'Ferocious-Fanged-Recession-Monster' from showing it's ugly head.

Even with the Feds financing Fannie and Freddie with a Billion, confidence in the U.S.A. economy declining causing the stock markets in Asia and Europe to drop. The repercussions were felt in Britain, Germany, France, Hong Kong, Taiwan, Japan, South Korea, India, and Australia. It is also believed that China felt it's effects in some of their stocks. It has been rumored that China holds stocks of Fannie and Freddie.