When the Canadian dollar is worth more than the American dollar, Bernanke is whistling in the dark here. Or smoking greenbacks in his bong.
The subprime scandal is breaking, a reminder of the earlier S&L bailout of the late Eighties under another president named Bush. This will be laid at the GOP’s door because we held all three elective branches when this situation developed.
Democrats simply refused to be embarrassed by ANY scandal whatsoever, but Republicans can ALWAYS be counted upon to almost eagerly absorb the full frontal blow of anything dirty the DB Media pitches into the circulatory system of America's conversations.
These currencies ebb an flow... wax and wane over time in an almost cyclical manner like 11 year sun cycles. While Ronald Reagan was in office, the dollar dropped like a rock and began one of the biggest periods of magnificent growth and prosperity this nation has ever seen. So big in fact it flowed through the earlier Bush regime you mentioned and even eight more years of one of the ditziest, dirtiest democrat regimes in history!!!
As someone pointed out to me today, it’s because once again we’re trying to have guns AND butter. We did it in the eighties, and we did it before that back in Vietnam. Shared sacrifice in wartime turns out to be a critical success factor on many, many levels.