News and views from the award-winning author of the novels The Skinny Years, America Libre, House Divided and Pancho Land

Saturday, October 18, 2008

There you go again, George

On Friday morning, before Wall Street trading opened, President Bush adressed the nation about the measures being taken by his administration to put stability back into the world's troubled financial markets. As I have observed in earlier blogs, the president's typically stilted delivery (backed by a track record of colossal failure) once again had the opposite effect.

The stock market immediately tanked, finishing down over one hundred points.

OK, maybe news that housing starts in September hit a seventeen-year low was the catalyst for the stock market drop. In fact, it was probably this very news that prompted Mr. Bush to address the nation. All the same, by now it should be clear that the president's words are not very reassuring. Quite the contrary. Reacting like Pavlov's dog, every time Mr. Bush appears in public, investors immediately call their brokers with sell orders.

So get a clue, George. You are not helping.  Investors will not gain any confidence from someone who represents abject failure. Next time, why not invite Warren Buffet to speak from the White House?  Or simply keep quiet.    

Raul Ramos y Sanchez

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