Friday, September 26, 2008

Presidential/Financial Follies

McCain Grandstands

That’s the only thing I can think of to call what McCain did Wednesday by cancelling his campaigning and returning to Washington to help with the economic crisis. Gee all of a sudden this is a huge crisis which is been going on for almost a week. Now is McCain a member of any of the committees that have any impact on the legislation being considered. Well no. So I’m not exactly sure how he is helping along the process. It seems his presence rather than helping matters along has hindered the possibility of a deal.

I guess we have to wait and see.

Bush’s Speech

Bush seemed in a complete daze when he gave the speech on Wednesday night. He really needed to sell the plan. He didn’t hurt his case but he didn’t sell it either. Also the speech should have come earlier in the week.

The administration needed to be out front and explain on a big stage what the plan was for. Paulson and Bernanke did a fairly good job in Congress but most people saw these statements filtered through the news media. By the time Bush spoke all sorts of concerns had been made and McCain had pulled his stunt.

Also of interest was the fact a whole lot of blame was assigned except to the Bush administration and the Republican controlled Congress that sat by and did nothing while this crisis gathered steam. Yes, it was those foreigners who helped contribute to the problem. Not an administration that didn’t believe in any regulation of the financial industry at all. Or a compliant roll over play dead Republican controlled Congress. Nor, might I add blame for the head of the Fed or the Treasury who both said that the subprime market mess would never leak into the overall economy.

At least the debate is on.

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