Tuesday, September 30, 2008

The Decider is Denied

It turns out The Decider can't after all.... decide, that is.

The reason is glaringly clear, to everyone except those so blindly partisan they still think "trickle down" Reaganomics works.

In the face of a tanking dollar; monstrous and growing debt; historic loss of jobs; increase in poverty; trade deficits to the moon; obscene increases in entitlements and bureaucracy; corporate deregulation and tax benefits; and binge spending by a 6-year-GOP-majority Congress in the grip of corrupting lobbyists .... two men who both finished near the bottom of their class, The Decider and his sidekick McGoo McCain kept parroting their talking point. "The fundamentals of our economy are strong."

And, they kept saying it as bankruptcies and home foreclosures grew into the tsunami that finally engulfed Wall Street and threatened to drown the entire U.S. economy as credit dried up and large investment firms, banks and credit-reliant companies rolled over and sank.

Then, like the spoiled brat he is, Bush stamped his foot and demanded to be bailed out of his misjudgements.

He presented a 2-1/2 page bill to Congress, for 700 billion dollars. To be administered at the sole discretion, without oversight or accountability, by his appointed Secretary of the Treasury, Henry Paulson.... a former CEO of investment firm Goldman Sachs who finally understood the financial danger when it hit his street. Wall Street.

What followed was a balky negotiating process brought to a halt by McCain who thought he saw a chance for taking rescue credit.... rushing to D.C. to interject presidential politics, and the process ran into a wall.

No one in Congress wanted their fingerprints on this legislation to bail out the greedy raiders and failed policies. But the problem was presented as a choice between financial Armageddon and the possibility of a lifeline back from the edge of the abyss. After long negotiation, arm-twisting and compromise, legislation was finally presented to the House.... and failed.

There is a lot of finger pointing from all sides on why it failed... but the buck stops with The Decider. The Vote Underscores Bush's Loss of Influence. (WaPo)

"The plan had gone down to a stinging defeat in the House, in large part the result of opposition from more than 100 members of Bush's Republican Party.

"The vote marked the biggest legislative defeat of Bush's tenure and underscored the vanishing influence of a president who could once bend a pliant Congress to his will on wars, taxes, surveillance and a host of other high-profile initiatives.

"The defeat also brought into focus some of the key characteristics of Bush's troubled second term, including his weakened hold on his party, his tendency to delegate major responsibilities to aides and his continued reliance on alarmist rhetoric in an effort to get his way. Bush left much of the sales job for the rescue plan to Treasury Secretary Paulson., and his last-minute warnings that 'our entire economy is in danger' appeared to have little impact on the debate."

This entire mess is nothing short of a massive failure of Reaganomics. By voting for this gigantic economic-socialization bailout package, GOP conservatives would be admitting this.

And, many Democrats feel the very perpetrators of the crisis, the greedy Wall Street financiers and Bush administration enablers, would benefit more than the victimized taxpayers and resist the bailout.

So we're in the financial doldrums, drifting on the currents of panic. The ship of state is in uncharted territory without a captain.... just The Decider, thrown into the hold by his mutinous crew.

McGoo and his Fatuous First Mate are on deck, campaigning to take the helm to continue The Decider's destructive course....

November 4!

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