Here comes the cavalry

MANIFESTO

A few reactions to this item:

White House spokesman Tony Fratto said late Wednesday that the president will continue to work with his economic advisers on the serious challenges confronting U.S. financial markets. Fratto says the health of U.S. financial markets is critical to the nation's economy and the president remains focused on taking action to stabilize and strengthen the markets and to restore investor confidence.

As near as I can tell, the president remains focused only on getting his derrière out of Washington before the lynch mob assembles.

It's exactly these "economic advisers" who've created the terrible mess in the first place. As Treasury Secretaries go, Hank Paulson is a decent tight end.

The only thing the Bushies know regarding regaining "the health of U.S. financial markets" is cutting taxes, and we've seen how successful that strategy has turned out to be.

Meanwhile, Senator Septuagenarian continues to be befuddled by "the worst economic crisis since the Second World War," depending on, of all people, Phil Gramm, "the father of the [current] financial crisis," to assist him in coming up with some kind of sound financial policy. The whole notion is as demented as the rest of his ideas. (See Steve Benen's post for an update on the senator's economic cluelessness.)

Finally, while I certainly haven't experienced the crises of the people who are losing their houses left and right, I, like just about all holders of equities, have really been socked by the awful financial climate. Thank goodness I'm in the public employ and belong to a state retirement system.