Denial is Not An Economic Recovery Plan

Cross-posted from Huffington Post; by Speaker Nancy Pelosi

In the midst of a dire economic situation, President Bush this morning characterized recent market developments as an 'adjustment' that can be painful for investors and employees of the firms, while Senator McCain said the 'fundamentals of our economy are strong.' President Bush, Senator McCain, and their Republican Party are out of touch and apparently ill-equipped to get our economy back on track.

Under the leadership of President Bush, Senator McCain and the Republican Congress, Wall Street gamed the system and American families and businesses paid the price. This morning, as reports of major financial institutions faltering were piling up, Americans were left looking for answers.

Eight years of weakened regulation of our nation's financial system -- including a failure to regulate risky, and often predatory, lending practices -- by the Bush administration and Republicans in Congress have led us to this point, and could further erode our nation's economic health. America needs leadership going forward that understands the depth of the problem. Senator John McCain's public statements don't offer much confidence

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