The LA Times set the stage.
His speech today came on the heels of an unlucky trifecta on Thursday: Gold prices hit $1,000 an ounce for the first time in history, oil prices hit a record $110 a barrel, and the dollar fell below 100 Japanese yen for the first time since 1995. Also Thursday, a report showed that home prices in Southern California had plunged nearly 18% in February from the year-earlier level, for another unwelcome record.That was just Thursday. Today we saw the sudden Bear Stearns meltdown, another Fed rescue, and an unenthusiastic stock market responding by pretty much pissing away the gains posted during Wall Street's brief bout of euphoria after the Fed announced its $200-billion bank bailout earlier in the week. How did Bush respond in his speech? He said the country "obviously is going through a tough time," but that the tax rebates would kick in soon. He counseled caution.
"The challenge is not to do anything foolish."He should know . . . January 20, 2009 can't come soon enough.