In our judgment, we view this storm as a temporary disruption that is being addressed by the government and by the private sector.
OK, I have to admit that I ignore most everything Bush says. It's easier to deal with him that way. I figure every time he opens his mouth something fairly stupid will come out. If something is especially egregious, someone will note it so I can laugh.
In theory, Bush has an MBA. I am guessing Yale gave Bush his degree for a reason other than his academic rigor. Still, the Republicans love to say that Bush is a CEO president who has a firm grasp of the economy.
This statement defies reason. I admit I can stretch reality pretty far. I grew-up watching Bugs Bunny cartoons. I still think reality is mercurial, able to bend and shift with the right stimulus. It takes a great deal for me to say "what is he talking about?"
Let's lay out the facts.
10% of US oil production is down. Reports from the energy sector and the Department of Energy have said it will take months to repair a few refineries. Oil companies haven't started to assess damages because of unrest, poor communications and lack of transportation.
European countries are concerned about Katrina's international impact.
Gasoline futures have increased 15% this week.
Gas stands at over $3/gallon in many locations.
There are panic lines forming at gas stations in the Central Atlantic States.
Despite releasing oil from the Strategic Petroleum Reserve, oil prices are sill near record highs.
The major shipping gateway to the Midwest is out of commission in the month before harvest.
The bond market has rallied the 10-year to near 4%, speculating the Fed will halt it's rate hike policy due to the hurricane.
I hope that I present information is a non-alarmist way. I don't want to start panics or concern where it is not necessary. But this has all the makings of a big damn problem that could hurt the US economy in a big way.
Out-of-touch does not even begin to describe the cluelessness of the man.
When I was in college, I got into a long conversation with a friend about whether or not someone we knew was clueless. He made an observation the person was not clueless, but cluefree. This describes Bush perfectly.