Market Crashed 20 Years Ago This Month

by Steve

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It wasn’t too long ago that the Fed and the Bush Administration downplayed the impact of the housing and subprime credit meltdown upon the overall economy.

Those days are suddenly over. Are the Fed and the Treasury Department legitimately worried that things are about to tank (with $90 per barrel oil in our immediate future thanks to a possible Turkish attack into Kurdish Iraq), or is the Treasury Department setting this up as a PR justification for the bank bailout they just arranged?

And can Democrats turn Karl Rove’s prediction that the 2008 election won’t be about Iraq on its head to make the election a referendum on eight years of a GOP borrow and spend economy and how the middle class has been squeezed?