Centerblue.org

US markets were closed today, but in overnight futures trading the Dow Jones Industrial Average is down 528 points. That comes on the heels of markets world-wide falling hard.

It is going to be a very ugly day tomorrow. The economic chickens are finally coming home to roost.

The news from the Middle East just gets worse and worse.

Israel is bombing Lebanon for the third straight day, marking the worst attacks in Lebanon in 24 years. After bombing the airport recently re-constructed in the 90’s as well as the main highway out of the country, frightened civilians are trying to leave the country by remote mountain roads. Hezbollah’s headquarters was destroyed, as was the residence of its leader.

Not to be outdone, Hezbollah’s leader has promised open war, and bragged about attacking an Israeli warship. Missiles have rained down on Haifa.

The typically hapless Bush refuses to pressure Israel for a cease-fire. He really should, because you don’t bomb an entire country to smithereens over two captured shoulders. I understand Israel’s need to ensure its national security and its need to appear tough, but let’s maintain a sense of proportionality. Dozens of people have died, the Lebanese infrastructure built in good part by international funds lays in ruins, and that country’s fragile democracy is threatened. Bush should use his clout with Israel to cool things down before things get really ugly.

This is especially true in light of rumors that Iran is harboring the kidnapped soldiers, which it denies. This news has sent the price of oil soaring to record-breaking prices and the stock market tanking to the tune of over 400 points for the week.

Of course let’s not forget the violence against Baghdad mosques in the past week that has claimed more than 250 lives. I wonder, are these 250 men, women and children better off now as a result of the US’s invasion than they were under Saddam Hussein?

It has been a sad, sad week.