July 27 (LPAC) -- EIR's White House correspondent Bill Jones posed a picture of economic reality to White House press spokesman Tony Snow today, and warned the President he must deal with the onrushing financial collapse:

QUESTION: But, Tony, there are chain-reaction effects to what's happening on the subprime marketing. You've got some of the biggest companies, like Bear Stearns and others, that are really facing a potential blowout. And these are firms that are too big to fail, as they used to say. And if something happened to them -- and now people are talking about a credit crunch, talking about a blowout in the markets, as a chain reaction of the inflation of the loans in the housing market can affect the entire system.

Now, the president didn't cause that problem, but it's going to be on his plate -- and it's going to be on his plate soon. And I'm sure there's some discussions going on with regard to that. And the question is, what is he prepared to do? There are some things he can do. The value of the dollar, in particular, is probably the most important item that he would have responsibility for. So if the bottom falls out of that - believe me, all hell breaks loose.

SNOW: ...You have laid out a scenario that has dominoes toppling hither and yon at some point in the future. Whether they do or not, I am not competent to tell, and therefore not competent to answer about consequences.... And despite the, sort of, cataclysmic scenario you've just laid out, we've just gotten a report that indicates that there's in fact extraordinary strength in the American economy, something that would be the envy of the rest of the industrialized world.

But perhaps Mr. Snow realizes if it weren't him taking the punches for the Administration, it would simply be the next guy. If this is the case, is it possible he only acts this foolishly to use his unfortunate insider position as diaper-nanny to Bush, for the good, to send clear-as-possible messages that the White House is a sinking ship?

.....Naw!!