Bush as clueless on looming disaster as he was about WMDs in Iraq - Mercedes-Benz Forum

 
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post #1 of 7 (permalink) Old 09-25-2008, 12:59 PM Thread Starter
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Bush as clueless on looming disaster as he was about WMDs in Iraq


Commentary: White House caught napping on financial crisis


By Campbell Brown

NEW YORK (CNN) -- "I have great, great confidence in our capital markets and in our financial institutions. Our financial institutions, banks and investment banks, are strong. Our capital markets are resilient. They're efficient. They're flexible."

-- Treasury Secretary Henry Paulson, March 16, 2008

"Our policy in this administration -- laws shouldn't bail out lenders, laws shouldn't help speculators."

-- President Bush, May 19, 2008

"Our economy has continued growing, consumers are spending, business are investing, exports continue increasing and American productivity remains strong. We can have confidence in the long-term foundation of our economy...I think the system basically is sound. I truly do."

-- President Bush, July 15, 2008

Those were the words of Treasury Secretary Henry Paulson and President George W. Bush just a few months ago.

Today, of course, they have been proven completely wrong.

They are now telling us we are in a dire crisis, and that we must hand over hundreds of billions of dollars so they can lead us out of this mess.

What's amazing to me is that the administration seems a little surprised that Congress and the American people are not marching in lockstep with them on this and not fully appreciating the urgency.
"No bias, no bull"

Well here's why, in one word: accountability.

This administration missed the boat on this crisis. They didn't see it coming. That's why when Bush goes on TV in a few minutes, he will face a very wary audience.

And Secretary Paulson, frankly, you didn't help the situation with your initial, imperious request to Congress that you be handed this money and that your decisions "may not be reviewed by any court of law or administrative agency." Seriously, what were you thinking?

And Democrats, you are by no means blameless in all of this.

At the center of this crisis are Fannie Mae and Freddie Mac. Although they didn't intend to encourage this spiraling chain reaction, it was leading Democrats in Congress -- Senate banking chairman Chris Dodd and his long-time counterpart in the House, Barney Frank -- who supported legislation that ultimately led to more and more of these bad loans we are all stuck with.

The people you thought you were trying to help are in even worse shape financially.

I know everyone is screaming about how urgent this crisis is and that action must be taken immediately.

But I love and live by former Supreme Court Justice Brandeis' great quote: "Sunshine is the best disinfectant."

What we need is scrutiny and debate. If it has to happen quickly, then do it fast, but without grandstanding or political posturing.
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We need serious scrutiny and debate, and that should happen whether we are talking about a giant piece of legislation that is going to affect us all, or whether we are talking about presidential and vice presidential candidates.

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address
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post #2 of 7 (permalink) Old 09-25-2008, 01:06 PM
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Originally Posted by FeelTheLove View Post

Commentary: White House caught napping on financial crisis


By Campbell Brown

NEW YORK (CNN) -- "I have great, great confidence in our capital markets and in our financial institutions. Our financial institutions, banks and investment banks, are strong. Our capital markets are resilient. They're efficient. They're flexible."

-- Treasury Secretary Henry Paulson, March 16, 2008

"Our policy in this administration -- laws shouldn't bail out lenders, laws shouldn't help speculators."

-- President Bush, May 19, 2008

"Our economy has continued growing, consumers are spending, business are investing, exports continue increasing and American productivity remains strong. We can have confidence in the long-term foundation of our economy...I think the system basically is sound. I truly do."

-- President Bush, July 15, 2008

Those were the words of Treasury Secretary Henry Paulson and President George W. Bush just a few months ago.

Today, of course, they have been proven completely wrong.

They are now telling us we are in a dire crisis, and that we must hand over hundreds of billions of dollars so they can lead us out of this mess.

What's amazing to me is that the administration seems a little surprised that Congress and the American people are not marching in lockstep with them on this and not fully appreciating the urgency.
"No bias, no bull"

Well here's why, in one word: accountability.

This administration missed the boat on this crisis. They didn't see it coming. That's why when Bush goes on TV in a few minutes, he will face a very wary audience.

And Secretary Paulson, frankly, you didn't help the situation with your initial, imperious request to Congress that you be handed this money and that your decisions "may not be reviewed by any court of law or administrative agency." Seriously, what were you thinking?

And Democrats, you are by no means blameless in all of this.

At the center of this crisis are Fannie Mae and Freddie Mac. Although they didn't intend to encourage this spiraling chain reaction, it was leading Democrats in Congress -- Senate banking chairman Chris Dodd and his long-time counterpart in the House, Barney Frank -- who supported legislation that ultimately led to more and more of these bad loans we are all stuck with.
The people you thought you were trying to help are in even worse shape financially.

I know everyone is screaming about how urgent this crisis is and that action must be taken immediately.

But I love and live by former Supreme Court Justice Brandeis' great quote: "Sunshine is the best disinfectant."

What we need is scrutiny and debate. If it has to happen quickly, then do it fast, but without grandstanding or political posturing.
advertisement

We need serious scrutiny and debate, and that should happen whether we are talking about a giant piece of legislation that is going to affect us all, or whether we are talking about presidential and vice presidential candidates.
A fair and balanced article, when Dodd and Frank, both Dems are included. Thanks for putting that up.

Charter member of the Vast Rightwing Conspiracy and proud of it.

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--Hillary Rodham Clinton
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post #3 of 7 (permalink) Old 09-25-2008, 01:09 PM
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Wait! Is Bush running for a third term? Crap I didn't get that memo from the NRA. Four more years! Four more years! Four more years!

Who's John Galt.

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post #4 of 7 (permalink) Old 09-25-2008, 01:27 PM
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Hey Ron, I think I'm getting better at spotting doppelgangers!
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post #5 of 7 (permalink) Old 09-25-2008, 03:06 PM
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Wait! Is Bush running for a third term? Crap I didn't get that memo from the NRA. Four more years! Four more years! Four more years!
You would wish that, wouldn't you? So you can haul your ass back to Iraq and play GI Joe again. Guess what? No war = no hero =no place for an old grunt.

Keep supporting McGrannie as he is a carbon copy of Bush and he will definitely keep you employed. The civilian world is a cold hard place for a used up soldier. Maybe he will even give you another tour to the ME.

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post #6 of 7 (permalink) Old 09-25-2008, 03:09 PM
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^ I think a change of avatar is in order for ol' boy.

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post #7 of 7 (permalink) Old 09-25-2008, 03:11 PM
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Wait! Is Bush running for a third term? Crap I didn't get that memo from the NRA. Four more years! Four more years! Four more years!
Sorry, there was a culling. oops.

Does this help?

McBear,
Kentucky

Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
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