Political Cortex: Brain Food for the Body Politic

Others questioned if this report could consider White House resident Bush culpable for being a war criminal that should be tried for launching the Iraq War and all of the death, destruction, deceit and debt that followed.

But two days later on June 8, the Seattle Times told of Bush's whirlwind trip to Europe.

Deb Riechman of the Associated Press wrote the following from Washington that was also reported in the Seattle Times:

"President Bush's motorcade will speed through European capitals this week, but for many Europeans, the Bush presidency already is in rear-view mirrors.

"Like many Americans, Europeans have Bush fatigue."

Riechman added, "I'm sure there will be some protests."

Perhaps that is exactly why she began the article on Bush's European jaunt saying, "President Bush's motorcade will speed through European capitals.  Bush's week long farewell trip to Slovenia, Germany, Italy, France and the United Kingdom is not Bush's final goodbye to his European counterparts.  He sees them again at a summit in Japan."

This occurs within the framework of Bush's "popularity" nose diving to 25 percent, demonstrating that 75 percent of Americans can't wait for his reign of error to be over at long last!

It was on Friday, July 6 when the Financial Times headlined an article with this bold statement:

EUROPEAN BANKS HARDER SQUEEZED BY CREDIT CRUNCH THAN US RIVALS

The article by Gillian Tett from London contained the subhead, "Sub prime mortgage risk has widely spread" and begins with two sharply revealing paragraphs concerning the international economic scene:

"European banks have now suffered considerably more losses because of the credit crunch than their US rivals, even though the turmoil was first triggered by problems in the US sub prime mortgage market.

"Of the $387bn in credit loses that global banks have reported since the start of 2007, $200bn was suffered by European groups and $166bn by US banks, according to data from the Institute of International Finance, a Washington-based banking group."

Perhaps Bush should apologize to European bankers for what lack of supervision and integrity at U.S. banks has done to European banks.

A major bank CEO in Seattle admitted that loan officers were given bonuses for making loans to high risk borrowers.

These risky loans were sold to European banks as mortgage "securities."  This is why sub-prime loans are high risk.

In California one-third of homeowner loans were interest only.  When the interest and principal both had to be paid homeowners could not afford to pay more than just the interest obligation alone.

Approximately 2 ½ million U.S. homeowner mortgagees faced foreclosure as a result of a drastic policy that should never have been invoked.

Bush can dart off to Europe right after the U.S. stock market nosedived nearly 400 points on Friday, June 6.  The June 7 Seattle Times business page headlined:

WAVE OF ANXIETY SWEEPS WALL STREET

The subhead read:  "Shares of Washington Mutual hit lowest level since '95."

Washington Mutual was one of the biggest U.S. banks making risky loans.

Airlines are shrinking.  United Airlines is laying off 5,000 people as gas prices soar along with corresponding rising oil prices, which now stand at almost $140 a barrel amid slashed airline profits.

Ford and General Motors are both down 29 percent in sales, with GM laying off 50,000 employees.  Truckers are losing money with the speculation in oil making their lives a nightmare.

The Iraq War debacle drags on.  The Iraqis have so far refused to grant the 63 of 80 well long term leases to foreign investors.  

The U.S. unemployment rate is the highest in years.

When George Bush took up White House residence he inherited a budget surplus and a balanced budget.  After Bush's Iraq War and tax cuts for the wealthy, he will mercifully depart, but will leave a national debt burden that might by then have reached the $10 trillion mark.  It currently stands at more than $9.4 trillion.

With 2 ½ million mortgages in default, food prices skyrocketing, the aforementioned 50,000 job layoffs at GM and another 5,000 terminations at United Airlines and automotive sales down 29 percent, people are finally forced to recognize that the U.S. is in a deep recession any way that Republican media robots try to slice it.

Skyrocketing gas prices caused air fares to jump 385 percent as airlines cut hundreds of flights.

In Washington, D.C. newspapers reported groups praying for lower gas prices while taxi and truck drivers, as well as ordinary workers all struggle to survive economically.

Rocky Twyman, a Seven Day Adventist, had a plan to bring down gas prices.  He would ask God to help, explaining, "Our pockets are empty, but we're going to hold onto God!"

U.S. citizens have had to cut back significantly on their airline travel.  Meanwhile George Bush revs up Air Force One and his speeding motorcade for a whirlwind European trip.

All this occurs while the U.S. dollar dramatically and cataclysmically descends.  

Wall Street crashes, while even 2008 Republican presidential nominee John McCain fearfully seeks to distance himself from this pathetic international loser.

Does Bush really think anyone in Europe, seeing what his failed administration has done, wants to listen to the all-time loser with his current 25 percent U.S. "popularity" rating?

Bush's "popularity" ratings have been traditionally lower in Europe in the U.S.  Is he aware of this or is he, as so many suspect, truly delusional?