Worsening Bush Recession Drives DJIA Below 8000

Investor worries over the deepening recession of Republican President George W. Bush caused the Dow Jones Industrial Average to shed more than 400 points today. 

The bellwether market index ended the day below the 8,000 level for the first time in more than five years.

You're doing one heckuva job, Bushie!

Bush Recession Gets Much Worse In October

As reported by Bloomberg News, retail sales in the US declined 2.8% in October, the largest one-month drop on record. Even worse, the decline in consumer buying was broad-based, cutting across virtually all segments of the economy.  Coming on the heels of the September collapse of the financial industry and the sharp rise in the unemployment rate in October, today's bleak economic news leaves little doubt that the Bush Recession is very bad and getting worse by the minute.

The current Republican Administration's reckless spending, irresponsible tax cuts for super-wealthy individuals and big corporations and its gross lack of regulatory oversight have finally yielded the inevitable -- and totally predictable -- results. The American economy is in shambles and sinking ever closer to depression-level territory with each passing day. Very tough times lie ahead.

President-elect Obama will no doubt be facing an even more dire economic situation when he takes the oath of office in the third week January next year. There is no real hope that the lame-duck Congress and the lame-duck President can, or will, take the tough measures necessary to begin a recovery. With only a one-seat Democratic majority in the Senate (and that's counting Mr. Unreliable, Joe Lieberman) and a disengaged, unresponsive Republican President, nothing of any real substance is likely to be enacted into law before February or March of 2009. It is going to be a long, slow crawl back from the edge of the economic abyss.

As progressives, it is important that we keep the mainstream media honest in their reporting about how we got into this mess and who is responsible for it. The chattering classes will, I fear, be all too willing to parrot the right wing wackos' efforts to blame the Democrats and President-elect Obama. Rush Limbaugh and Sean Hannity have already started down that path. They will certainly soon be followed by other wingnuts. Many in the mainstream media will be sorely tempted to take the bait because it is easy (no work involved) and simplistic (requires no real understanding of the issues).  

We can't let that happen.

September Job Report: 159,000 Jobs Lost

From the Washington Post this morning:

"Employers slashed payrolls by 159,000 in September, the most in more than five years, a worrisome sign that the economy is hurtling toward a deep recession."

"The 159,000 jobs lost in September were the most since March 2003, when the labor market was still struggling to get back on its feet after being knocked down by the 2001 recession.

Job losses were widespread last month.

Manufacturers cut 51,000 jobs, construction companies axed 35,000 jobs, retailers got rid of 40,000 positions, business services shed 27,000 and financial services slashed 17,000 positions, with securities and investment firms accounting for 8,000 of those reductions. Leisure and hospitality companies also reduced employment by 17,000. That overwhelmed employment gains by the government, in education, health and elsewhere."

Total jobs lost in 2008:  760,000.