Posts Tagged ‘President Bush’
Bush Moves To Allay Fears
President Bush just got through addressing the nation in an attempt to ease anxiety about the economic situation.
The president is, of course, a lame duck with a low approval rating. Seemingly, no one wants to listen to him.
But this is a crisis. His administration is taking steps to alleviate its affects. And he should be listened to.
There were no new programs announced. No new strategies. Instead the president recapped previous announced steps, including the $700 billion Wall Street bailout, designed, he said, to make capital available to the economy.
Wall Street works on psychology. “Anxiety,” the president noted, “can feed anxiety.” Hopefully his calming words will have a positive affect.
He began by acknowledging that this is a “deeply unsettling time for the American people” and then went onto recap what’s being done.
Among the points he made in his brief address:
*The Federal Reserve has injected hundred of billions of dollars into the system.
*The prime rate decrease is designed to help banks borrow money.
*Money in insured banks and credit unions is safe.
*Programs have been established to prevent foreclosure and make it easier for “responsible homeowners” to refinance. “If you’re struggling to meet your mortgage,” the president said, “there are ways that you can get help.”
*The SEC is “focused on preventing abusive practices” by investors who might attempt to manipulate the market to take advantage of the crisis.
*Other nations are joining with the United States in initiating steps to help mitigate the worldwide economic downturn. “We’re in this together,” Bush declared, “and we’ll come through this together.”
*The housing market will eventually stabilize. “When supply and demand balances out our housing market will begin to recover,” he said.
Bush assured Americans that the plan his administration is “aggressive” and is “the right plan.”
Finally, he promised that his strategy is “big enough to work.”
“We know what the problems are,” he said. “We have the tools to fix them.”
Wall Street Not The Only Crisis Spot
Gen. McKiernan
While the nation is concentrated on the proposed bailout of Wall Street its attention is diverted from another crisis that has been brewing for some time. This one, on the battlegrounds of Afghanistan.
There has been a renewed insurgency in Afghanistan. The safe haven the Taliban and al Qaeda has found in northern Pakistan has proven problematic as well.
Many of us feel that the war in Iraq diverted the military’s attention from the real enemy, concentrated in Afghanistan. Now the top U.S. military commander there is, in essence, echoing those concerns.
Gen. David McKiernan is making an urgent public plea for more troops and resources in Afghanistan. His comments came during a briefing with Pentagon reporters.
How sad it is that the top U.S. commander in Afghanistan, responsible for the prosecution of the war against the true terrorists who attacked the United States on September 11, 2001, responsible for the safety and well being of U.S. and, by extension, NATO troops in country, has to resort to a public plea for help.
His commander-in-chief, President Bush, has, obviously, been asleep at the switch here. It’s increasingly clear that Bush has no vision of his own. That there are others in the administration, most likely led by the elusive Vice-President Dick Cheney, who are telling him what to do and what to say.
Apparently, Cheney and his cronies are far more concerned with Iraq than they are with the true battle ground – Afghanistan.
Here We Go Again, Bailout Round 2
It failed in the House, so now, they’re going to try tonight to pass a bailout package in the Senate.
The idea is, if the Senate OKs the revised version of the bill, it will put massive pressure on the House to follow suit.
Polling data indicates the public doesn’t know what Congress should do about the financial crisis gripping the country. Just that something should be done.
There are those who believe that waiting out the storm is the answer. They are like the people who ignore evacuation orders as a hurricane approaches. Despite the prediction of “certain death” some people elected to stay. And some of them survive. So too, many argue, will the economy survive.
Others say the bailout is necessary because it’s not just Wall Street that’s affected. We all are. Businesses, they say, may have to layoff people, or even close shop, if they can’t obtain credit.
The strong public reaction against a bailout of Wall Street caused President Bush to reformat the argument yesterday. Instead of describing it as a rescue of the financial industry, he’s trying to convince the public that it’s a rescue of their jobs, their homes and their communities.
But President Bush is a lame duck. His approval rating is low. His influence on the process is minimal. Despite strong administration arm twisting, the first bill failed, largely because Republicans, members of his own party, voted no.
The big political problem here, as I’ve previously suggested, is that proponents haven’t had the time to sell this package to the American people. And there are significant numbers who are so enraged about the proposal that voting in favor of it isn’t the most politically palatable thing to do.
Not The End Of The Legislative Process
President Bush has just pledged to the American people that the legislative process will continue in an attempt to find a plan to bail out Wall Street that is acceptable to a majority in Congress.
The president’s remarks were directed as much toward Congress as to the rest of the nation. Warning that the result of inaction is that the American people will suffer.
“The reality is that we are in an urgent situation,” he said.
“If our nation continues on this course the economic damage will be painful and lasting.”
Bush seems to be trying to redirect the focus of the bailout from Wall Street to the American people, many of whom feel resentment that the financial industry would be saved from ruin while they are left to struggle.
“We’re facing.” the president said, “a choice between action and the real aspect of economic hardship for many Americans.”
Congress is in recess today for Rosh Hashana. But the president says members of his administration will be working with congressional leaders today in an attempt to get the legislative process back on track tomorrow.
“Congress must act,” he declared.
“The sooner we address the problem the sooner we can get back on the path of growth and job creation.”
It’s clear that if a bailout plan stands any chance of succeeding, Americans must be convinced that it’s really a bill to protect them, not Wall Street fat cats.
Did Hurt Feelings Torpedo Bailout Plan?
“The crisis is still with us.”
So declared House Speaker Nancy Pelosi, whose scathing speech near the end of the debate on the bill, blaming Pres. Bush for the economic crisis facing the nation, apparently convinced a dozen Republican members of Congress to vote “no” on a compromise bailout plan that had bipartisan support.
House Financial Services Committee Chairman Barney Frank (D-MA) chided those who may have voted against the bill because of the Pelosi speech.
“Because somebody hurt their feelings they decided to punish the country,” he charged.
“Give me those 12 names and I will go talk uncharacteristically nice to them.”
