Here's the New York Times this morning with the latest news on the economy:
"Stock markets plummeted and the dollar sank to a record low against the euro yesterday as investors worldwide grew skittish over rising oil prices and the prospect of a substantial economic slowdown in the United States.
"The Dow Jones industrial average fell 360 points and the broader stock market dropped nearly 3 percent, driven down by fear that the troubles in housing are likely to continue well into next year, contributing to further losses in credit markets and spreading pain to the rest of the economy. After a relatively strong summer, consumer spending is expected to tighten and business profits slow in the months ahead, analysts said.
"''We are experiencing among our clients an awakening that the United States is in big trouble,' said Erik Nielsen, chief Europe economist at Goldman Sachs."
And here's George W. Bush yesterday on why he thinks that a Republican will win the White House in 2008: "The economy is in pretty good shape, and we've got some issues, but the economy is pretty strong, which -- and the other side does want to raise taxes."
In other news, Bush said yesterday that, "If you lived in Iraq and had lived under a tyranny, you'd be saying, 'God, I love freedom!' -- because that's what's happened." And asked what message he has delivered to Pakistan's President Gen. Pervez Musharraf, Bush said: "You can't be the president and the head of the military at the same time."
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