In the most recent of his many declarations of incoherence, our unfit leader said the economy is "basically sound."
Which is why banks are failing, automakers and the airlines are shedding jobs, bankruptcy and unemployment are on the rise, and bailouts are aplenty.
I know this guy (including his administration) is an asshole...but how much shit can one man produce?
Leave it to those know-it-all, ivory-tower liberals : Ben Bernanke, Federal Reserve chairman and former Princeton economics professor, testifying before the Senate Banking Committee, gave a more nuanced and reality-based assessment. He noted that consumer spending and exports were moving at a sluggish pace, the housing sector is continuing to weaken, inflation is inching upward, and commodity prices are rising.
Jon Stewart puts it into perspective nicely here.