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Friday, September 26, 2003

Talking Points Memo: "For quite some time this White House has functioned like a heavily leveraged business, an overextended investor that suddenly gets a margin call. To extend the business metaphor, the White House has been surviving not on profits but expectations of future profits or, in other words, credibility. The White House has been able to get the public to sit tight with a lot of objectively poor news (a poor economy, big deficits, bad news from abroad) on the basis of trust. But a combination of the manifest incompetence of the planning for post-war Iraq and the dishonesty of the build-up for the war have become increasingly difficult to defend or deny. And that's struck a grave blow against the president's credibility."

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