WHY WE EXPECT ANOTHER TERROR ATTACK

If there is one consistent theme we have expressed in these pages it is the view that rising commodity prices and falling financial assets tend to make people pissed off. So it is no wonder that President Bush's job approval ratings are at their lowest point of his presidency as oil heads into a Wave III top which we predicted last year to top around $60. Obviously, we underestimated it.
Longtime readers will recall that in September 2002 we accurately called the White House out on their propaganda offensive as they lied the world into Iraq. The news media on the left and right fed Americans a diet of “panem et circenses” and the countdown to war was as eagerly anticipated as the dropping of the ball in Times Square.
What we suspected two years ago was only recently corroborated by the Downing Street memos and even though there has been a virtual media blackout on this news the collective opinion has shifted from positive to negative with 58% of U.S. adults now expressing a negative opinion of the President. The war in Iraq and the economy are the top two issues Americans say are most important for the U.S. to address - not terrorism, mind you.
Below is the a graph of the President's disapproval rating which climbed to a record high of 58% last week.