According to Friday's Wall Street Journal:
In rich countries and poor countries alike, markets are plunging, companies are scrambling for credit and cutting their growth plans and consumers are keeping cash in their pockets. The U.S. and some governments in Europe and Asia are spending heavily to stanch the problems in markets and Main Streets globally, but the attempts have not halted the damage.
Who says the US doesn't export anything anymore? We export recession!
And then, just to make us feel better, the article continues:
While markets have been tumbling for some time, Friday seemed to be a day when many people around the world became convinced the economy is in for a long recession.
It makes sense - as the US cuts back spending on goods imported from Asia, Asia will feel a squeeze too.
I know that the list of things that President Bush has done right is short...but I do think he has done a good job with China (economically....I'm not going to get pulled into the Olympics controversy...) The SED (Strategic Economic Dialogue) has made steps in the right direction. (again, economically.) But that can only go so far.
So, what I'd like is for each of the candidates to stand up and say, "Hey! you know all these promises I've been making over the last year? lowering taxes? improving services? ha! ha! ha! - I'm not going to be able to do a bit of it! But I'll promise not to screw anything up any worse than it was the day I got it."
I'd vote for that guy.