Stocks dropped sharply on Thursday as a plunge in regional factory activity and a hefty loss at Merrill Lynch further clouded an increasingly dire view of the economy. The Dow Jones industrial average (DJI) was down 307.03 points, or 2.46 percent, to end unofficially at 12,159.13.Yesterday, we learned that food prices had their largest rise since 1990 (back when the other Bush was President):
Inflation truly hit home in 2007 with food prices rising 4.9 percent, the most since 1990, as energy costs for farmers surged and the production of crops, livestock and dairy products failed to keep pace with increased global demand.
Aren't you comforted to know that Bush is finally admitted the economy is in trouble -- and that he's going to fix it? We're so screwed.
This happened on Bush's watch. He'll try, but he can't blame anyone else.
Chris in Paris, AmericaBlog.com: Tim-ber! Has he ever *not* made a mess with his plans? The reverse Midas touch strikes again. Maybe Cheney could update us all on the economy instead of looking as though he's at a funeral in the background. Bush patsy Paulson isn't looking much better though I suspect his years at Goldman taught him enough to know how badly they ruined everything. Where's the big talk about the US economy being so "resilient" now? Wrong once again.