Dan Froomkin: "Bush's 'strong dollar policy' is driving the greenback into the ground."

[DeepModem Mom]

WP: Bush's Disastrous Dollar Policy
By Dan Froomkin
Special to washingtonpost.com
Thursday, November 8, 2007

President Bush doesn't talk about the dollar much, but when he does, he's got exactly one thing to say about it: "We have a strong dollar policy." It's becoming increasingly clear, however, that Bush's "strong dollar policy" is driving the greenback into the ground.

The dollar is hitting record lows this week amidst fears that the mortgage-market meltdown will spread to other parts of the economy and as the Chinese make noise about moving more of their investments into euros. But it is the underlying dynamics of the American economy -- continued massive trade deficits and a whopping national debt -- that have put the dollar in such a precarious position.

A true strong dollar policy, aimed at increasing the confidence of international investors, would require Bush to do a bunch of things he doesn't want to do. For instance, he would have to stop borrowing so much money to fund his tax cuts and his wars. He would need to encourage the Federal Reserve to raise interest rates, rather than depend on it to keep propping up the domestic economy by decreasing them. That sort of thing.

Instead, Bush just offers the strong-dollar line, without specifics, and moves on....

http://www.washingtonpost.com/wp-dyn/content/blog/2007/11/08/BL2007110801247.html?hpid=topnews

[aquart]

1. Oh, he lied about the dollar policy, too.

George never casually or deliberately tells the truth about anything.

[rAVES]

9. Hahaha, and how is he expected to get away with all this shit telling the truth, huh?

C'mon!

[Elidor]

2. Let's call it "the Bush Recession"

Frame early, frame often.

[Turbineguy]

3. Wasn't there a Professor

who said he would most likely bankrupt a small company?

Hell, why stop there? Bankrupt the USA! That'll show them!

[sakabatou]

4. Another reason why he's a FAILURE

[Up2Late]

5. Has he seriously said that? That he has a "Strong Dollar Policy"???

Because everything he's done since he November 7, 2000 has been the exact opposite of a "Strong Dollar Policy.":banghead: :wtf:

[sinkingfeeling]

6. Wow, someone who actually is telling the truth! Too bad all the TV news anchors can't

understand these facts. They were all crying about the $100 barrel oil and dive of the stock markets last night, but there's never a mention of how weak the US dollar is and that 35% of that $100 oil is due to the dollar's decline.

[CTyankee]

7. Last year I went to Europe and it was bad enough. The euro was $1.35!

And it's only gotten worse since then! I am cringing at what I will do when I go to Northern Italy in May. Prolly NOT spend lots of money over there on presents!

[ixion]

8. One thing was clear from chimpenfurher's resume: everything he touches turns to sh*t

everything.

He is a failure. The only reason he hold a position of power is because of the BFEE. :grr:

[sendero]

10. Up is down, war is peace..

... and now we find that Bush has a "strong dollar policy". I must live in opposite world.