The coming Bushenomic crash

By Libby

Even our new Fed chief has to admit we're in trouble.

Bernanke warned that the economy was about to “slow noticeably” as the housing market continues to spiral downward and financial institutions tighten up on lending.

He's ruling out an interest rate drop for the moment despite pleas from the committee. Brownback wants a cut for Christmas and this quote is just precious.

“It seems to me that now is the time,” Mr. Brownback said. “When those gas prices get up to $3 a gallon, it seems to hit some sort of psychological point in consumer’s mind that ‘I have less to spend,’ and that’s a reality for them.”

I got news for the Senator, that's not a just a psychological point for us working stiffs, it actually is the reality. Not all of us have pals on KStreet who create comfy little slush funds to help us through the tough times. That kind of cluelessness kind of makes you glad he dropped out of the race, doesn't it?