MSNBC's Matthews Blames Higher Gold Prices on Ailing Bush Economy
MSNBCâs âHardballâ host Chris
The former speechwriter for President Jimmy Carter criticized Bushâs speech on MSNBCâs January 28 post-speech coverage, arguing Bush should have addressed the economy more.
âI think a lot of people expected the president to at least engage for a couple of minutes tonight on whatâs going on in the world economically and why we should worry and why we should have confidence that we do a couple things right,â Matthews said.
And what did
No, Matthews pointed toward the price of gold.
âSo, why are people buying gold right now?â
According to Benchmark Financial Network Chief Economist Jerry Bowyer, the pressures on the price of gold are not solely driven by a downturn in the American economy â which
Bowyer also contributed changes in technology to gold prices exceeding $900 an ounce.
âSeveral years ago, Wall Street firms started offering easier ways to purchase gold than before,â Bowyer said. âInstead of buying bullion and storing it in a safe deposit box, you can buy gold ETFs [Exchange Traded Funds] with the click of a mouse. How is that Bushâs fault?â
Bowyer said Matthews crossed some boundaries with his criticism of the Bush State of the Union address and suggested Matthewsâs revelations about the gold market came 30 years too late.
âThis is taking Bush bashing and blaming
Matthewsâs sudden desire for more economic rhetoric in the Bush speech is a bit curious. In October 2007, Matthews wasnât as interested in the U.S. economy when he co-moderated a GOP debate in Dearborn, Mich. that was advertised to be geared toward the economy. Out of his 49 questions, 28 were largely non-economic â ranging from the bin Laden question to concerns about whether the candidates would support the GOP nominee.