While Bush strummed people drowned. While Bush ate cake
people had fearful waits on their roofs while as the flood waters rose.

Bush’s inactions in the wake of Katrina’s devastating
landfall will be remembered for a life time. His other inactions and the
inactions of the Republican run Congress will be felt for a life time.

Today after the closing bell struck on Wall Street, two
major airlines filed for chapter 11 bankruptcy protection. Once again Delta and
Northwestern are finding themselves in a financial crisis mostly caused by
skyrocketing fuel prices and lack of customers.

This was not the only bad economic news to surface today.

Retail sales plunged 2.1% in August, the largest decline in nearly four
years. The decline is not a victim of Katrina but a victim of a suffering auto
industry. The actual decrease would have been worse if it was not for a 3.3%
increase in spending at the pump. Sadly that is money that doesn’t make its way
back into our economy as companies like Exxon are expecting a record breaking
profit this quarter (in excess of $10 billion).

Industrial output was pretty much stagnate with only a 0.1% growth, giving
us further signs that the economic growth bubble Bush has enjoyed over the past
few months is gone.

One of the largest contributors to the failing economy is
skyrocketing fuel prices.

Oil prices rose almost $2.00 a barrel today to close at $65.09 a barrel.
Part of the rising cost is being contributed to the cut back at the pump as more
American drivers are fueling up less.

Bush and Congress could help curtail the economic crunch
being felt by Americans by enacting taxes on excess profits by oil companies or
limiting mark ups. Immediately following the landfall of Katrina, President Bush
had the power to declare a price freeze on gas prices, but instead just asked
American’s to cut back.  

This all comes a little over a month after the energy bill
was passed. That bill, which Bush declared as a major victory, gives the oil and
energy sectors numerous tax breaks.

Sadly, the White House did try something in order to help
ease fuel prices. After Katrina knocked out power to a key pipeline that
delivers fuel to the northeast, the

White House ordered power restored to it immediately. The order pulled power
workers off restoring power to two rural hospitals.

The next few weeks are going to be scary in the economic
world as reports of the actual impact of Katrina do come out. We will now know
exactly what cause Katrina has on consumer confidence or spending for another
month.