In order to secure the Republican presidential nomination, John McCain has reversed course on almost every issue he once held near and dear. Now with the general election contest underway, McCain is starting his predictable walk-back from the hard right abyss. Just days after proclaiming his adamant opposition to federal intervention in the housing market […]

Once in a rare while, a single image tells you everything to know about the American economy. On Wednesday, the New York Times featured a simple chart showing that President Bush has presided over the first post-World War II economic expansion in which Americans' median family income declined. If the American Dream is defined in […]

The American economy is in recession and according to Larry Kudlow, that is a cause for celebration. On Friday, the National Review regular and CNBC host praised three months of job losses as "an economic cleansing" and beamed that "recessions are therapeutic." And by all indications, Kudlow's prescription of an economic enema for the American […]

In the wake of the near-meltdown of the American financial system this week, economists are finally pointing the finger of blame at Alan Greenspan. As the Washington Post details, the former Fed Chairman once lauded as the "Maestro" is now facing withering criticism for helpful fuel the twin crises of the housing market and the […]

What a difference a week makes, especially when it comes to the rollercoaster American economy. No where is the impact of looming recession and the near-meltdown on Wall Street clearer than on the White House web site. Just days ago, the site boasted about President Bush's glorious stewardship of the U.S. economy. Now, the White […]

Timing, as they say, is everything. By that measure, John McCain is having a very bad day. First, just one day after his own visit to Baghdad, Vice President Dick Cheney showed up in Iraq to remind Americans that McCain is inextricably linked to President Bush. Then just as the Federal Reserve rushed into to […]

Just one week after his latest dismal failure to "jawbone" OPEC into boosting oil production, President Bush yesterday tried his hand at talking up the plummeting U.S. dollar. Sadly, just 24 hours later, the greenback plunged to record lows against the euro and the Japanese yen. Bush's Reverse Midas Touch, it seems, has now infected […]

In a stunning announcement Friday, the Pentagon skipped over Boeing and awarded a massive $40 billion contract for a new fleet of refueling tankers to a Northrop Grumman and European Aeronautics Defense and Space (EADS). While Air Force officials claimed the choice of the KC-45 tankers jointly developed by Grumman and Airbus' parent company was […]

In case panicked financial markets, rising unemployment, surging inflation and a credit crunch weren't enough cause for worry, Congressional Budget Office director Peter Orzag today added the mushrooming federal budget deficit to the mix. Coming as President Bush and Congressional leaders are conferring on a massive new economic stimulus package, the CBO estimated a $250 […]

While George W. Bush may be a recovering drinker, he apparently has now developed a gambling problem. Just 10 days into 2008, the Bush White House has placed big bets on everything from a Middle East peace treaty to the prospects for a U.S. recession, even his own popularity and legacy. Unfortunately, the odds are […]