When Pres. George Bush aired the dire warnings of US Treasury Sec. Henry Paulson and Chairman of the Federal Reserves Ben Shalom Bernanke that the $700 billion bailout plan must be carried out quickly because the financial crisis can ruin the economy of the nation, America was in panic. Many reflexively agreed to pass a fast legislation for an economic rescue, when the initial shock of the experts’ warning dissipated. The men in the main street started asking what would be the implications if government, at the expense of taxpayers’ money, bails out the ailing privately-run Wall Street. They worried about the future of their homes, savings, credit lines, investments, businesses, and retirement portfolios.
There is urgency in the passing the bail-out package. It looks like the Democrats who control the Congress saw this and Nancy Pelosi (D,) the majority speaker of the House of Representatives and her cohorts announced that a deal was about to be reached. Psyching the people, they made it appear that a bipartisan consensus was in the offing only to reveal later the legislation didn’t pass for lack of votes. This caused the sharp drop in the Dow Jones industrials and huge losses in the market reverberated all over the globe.
Pelosi (D,) was quick to blame politics. In a very nasty statement characteristic of partisan politics, she alleged the Republicans killed the legislation. But in truth a third of her party (95 Democrats) didn’t support the bill she wanted to pass. The new bill had to be rewritten for another vote probably on or earlier than Thursday, October 2, 2008.
The bail-out package bill was killed partly due to apparent rush and lack of deliberation. Many legislators in both political parties needed clarification of the nature of the bail-out. There were lots of questions to be answered before a decision could be made. That was what the American people demanded for the bill they barely could understand.
Democrats and Republicans alike in the meantime called on to stop blaming those who were responsible for this financial meltdown. Speaking in the name of “patriotism” to focus on problem-solving, they were successful in keeping the angered public silent as they were warned of dire consequences if nothing was done quickly.
But as disgusted Americans pondered on their future, many demanded to know who were responsible for this mess. They realized knowing these people was as important as coming up with the solution and deciding whom to vote in the November presidential election. They asked why they, the taxpayers, had to answer for the indiscretion, greed, recklessness, and lack of oversight of Wall Street.
There have been talks that Sen. Barack Obama (D) is somehow involved in the fall of Fannie Mae and Freddie Mac which triggered the financial market crisis which doesn’t have easy solution to date. Few Democrat supporters including the liberal media are interested to talk about culpability lest they stymie the gains their candidate over McCain (R) in the campaign trail. On the other hand, the Republicans who were in the administration failed to prevent the financial catastrophe that they knew was coming.
The genesis of the money problem dates back longer than the Carter years, but majority of the biased media expediently pinned blame almost solely on Pres. Bush. Moreover, the media had been mum of past attempts of Pres. Bush and Sen. John McCain to make changes in the mortgage lending system, long before the meltdown, but their attempts were foiled by the Democrats, many of whom had been emboldened by interest groups which supported them as politicians. Some of them are the most vociferous in trying to bail-out a failed system that they helped create.
As the Americans try to put together the broken pieces, there is a picture that emerges. If they miss the correct interpretation, they may end up choosing the less qualified president who has to deal with the serious repercussions of this financial mess which is expected to persist. Whichever political party the public looks up to, there is just too much blame and accountability that must be bravely and honestly confronted. The time to do this is now. Isn’t this what the Democrats refer to as “multi-tasking,” the ability to do more than one thing at a time? (Photo Credits: SilveryLily; MacRonin47; Winnie0917) =0=