"Most Americans know he's full of shit." (Robert Reich on "The Mess")

[swag]

http://robertreich.blogspot.com/2006/07/mess.html

. . .

The Middle East has become an even hotter tinderbox now. Bush and Rice want to let Israel continue its bombing for some time more, to soften up Hezbollah before any cease fire and peace talks. But that strategy is a miniature verson of the wrong-headedness of the administration's attack on Iraq. It has made it even less possible to be a moderate in the Arab world, pushing more Muslim Arabs into the radical camp, and under the sway of radical fundamentalist clergy who want to eliminate Israel, punish the infidel America, and abolish all remnants of modernity from their lands. Igniting radical Muslim rage is the necessary and inevitable result of the US-led strategy in the Middle East, and this rage seriously threatens the moderate Arab regimes across the region, including Saudi Arabia.

One sure-fire consequence is mounting fear and uncertainty about future oil supplies. (Iran itself controls about a quarter of the world's oil.) This, in turn, is pushing up oil futures and, inevitably, all energy prices. China and India are desperately short of their energy needs even now. Both are scrambling to establish more secure sources. China is being pushed closer and closer to Russia, its old nemisis, into a marriage of convenience between Russia's energy assets and China's needs. America's bungled foreign policy is also fomenting a new kind of anti-Americanism across Latin America, boosting Hugo Chavez (Venezuelia supplied 11.8 percent of US oil last year), who's now threatening that any American action against his country will result in a cut-off of oil to the US and talking up his friendship with Iran.

Oil is over $75 a barrel already. Expect further hikes. Even before Hezbollah, Lebanon, and Israel, higher energy prices were spreading throughout the US economy, causing prices to rise even though the real median wage is still stuck in the mud. US consumers are nervous about rising prices and a slowing economy. The Fed is nervous about inflation. It may well increase short-term rates again August 8th, which will slow the US economy further. We haven't seen this combination of inflation and slowing growth since the bad days of stagflation.

US foreign policy is a total mess. But so is the US economy. And the latter makes voters mad. Republican politicians up for reelection this November 7th (any House member facing any serious opposition at all, a third of the Senate) are trying to distance themselves from Bush. Bush is in Florida today trying to talk up the economy today but most Americans know he's full of shit. Unlike foreign policy, it's impossible to tell Americans lies when they can see for themselves the depth and breadth of the lie all around them in the economy they live inside.

. . . more

[ginnyinWI]

1. it's working out well for the Bush family, isn't it.

The more instability, the higher go the oil prices. And good for Bandar Bush too, I imagine. Got to help your friend out a little, too. See, W was always so good at breaking things--and this time the whole family profits from it. Except maybe Jeb's chances politically.
:yoiks:

[Nikki Stone 1]

2. Could all this insanity really be about raising the price of oil?

"This, in turn, is pushing up oil futures and, inevitably, all energy prices."

I can't wrap my head around that.

[GAPeace]

3. Why can't the Establishment liberal critics ever mouth any compassion?

It is so Anglo, US-centric, any criticism they make. Where's the moral ground here? And the pokes at Chavez are equally disturbing.