Talk about a week long roller coaster ride! This has been it. Quite honestly, I doubt anyone has ever seen anything like it… and let’s hope none of us will take this ride again, although it isn’t over for Main Street by a long shot.
So… we woke up on Monday morning, still trying to savor the victory of Barack Obama over John McCain in the Friday night debate. The sweet taste of victory didn’t last long. Reality set in early in the week. And, most of us were pissed.
We got a good glimpse of the first version of the Emergency Economic Stabilization Act of 2008. Americans voted by phone, fax, and email, telling the men and women in the House of Representatives that we were opposed to the Washington bailout of Wall Street. The first go at the Act didn’t succeed.
George Bush showed up at odd hours on our television screens begging the American people to support Congress in passing the bailout. Oh, my God! I can say from where I sit that there is absolutely nothing worse than waking up, turning on the television and seeing George Bush groveling (with an attitude) for his “No Banker Left Behind” program… before my first cup of coffee.
Good morning. Yesterday, the House of Representatives voted on a financial rescue plan that had been negotiated by congressional leaders of both parties and my administration. Unfortunately, the measure was defeated by a narrow margin. I’m disappointed by the outcome, but I assure our citizens and citizens around the world that this is not the end of the legislative process.
Producing legislation is complicated, and it can be contentious. It matters little what path a bill takes to become law. What matters is that we get a law. We’re at a critical moment for our economy, and we need legislation that decisively address the troubled assets now clogging the financial system, helps lenders resume the flow of credit to consumers and businesses and allows the American economy to get moving again.
I recognize this is a difficult vote for members of Congress. Many of them don’t like the fact that our economy has reached this point, and I understand that. But the reality is that we are in an urgent situation, and the consequences will grow worse each day if we do not act. The dramatic drop in the stock market that we saw yesterday will have a direct impact on the retirement accounts, pension funds and personal savings of millions of our citizens. And if our nation continues on this course, the economic damage will be painful and lasting.
And I know many Americans are especially worried about the cost of the legislation. The bill the House considered yesterday commits up to 700 billion taxpayer dollars to purchase troubled assets from banks and other financial institutions. That _ no question _ is a large amount of money. We’re also dealing with a large problem. But to put that in perspective, the drop in the stock market yesterday represented more than a trillion dollars in losses.
Furthermore, both the nonpartisan Congressional Budget Office and the Office of Management and Budget expect that the legislation considered would ultimately cost the taxpayer far less than the $700 billion. Because the government would be purchasing troubled assets and selling them once the market recovers, it is likely that many of the assets would go up in value over time. Ultimately, we expect that much _ if not all _ of the tax dollars we invest will be paid back.
As much as we might wish the situation were different, our country is not facing a choice between government action and the smooth functioning of the free market. We’re facing a choice between action and the real prospect of economic hardship for millions of Americans. And for the financial security of every American, Congress must act.
My administration will continue to work closely with leaders of both parties on Capitol Hill. I appreciate their determined efforts. While Congress is out today for the Jewish holiday, my administration will be talking to congressional leaders today about how we can move legislation forward when members begin returning to the Capitol tomorrow. Our economy is depending on decisive action from the government. The sooner we address the problem, the sooner we can get back on the path of growth and job creation. This is what elected leaders owe the American people, and I am confident that we’ll deliver. Thank you.
So, what happened this week in the world of economic crisis? The American citizen found his voice. Collectively, we spoke as one and scared the hell out of the House of Representatives. The House vote on the Emergency Economic Stablilization Act of 2008, having reached some 100 pages from the original three crashed and burned on the floor of the House of Representatives. Then the finger pointing started. The Republicans blamed Nancy Pelosi for calling a dog a dog. The Democrats laughed in the face of John McCain’s campaign suspension, although nothing had been suspended and it became obvious that McCain had little leverage with the House Republicans.
Then, Capitol Hill closed down for the Jewish holiday. By the time the senators found their ways down the halls of Congress to the Senate, each seemed to bring a little pork. What a contrast! A Jewish holiday was observed and pork was added to the Emergency Economic Stabilization Act of 2008. The Act was passed by four to one in the Senate.
On Friday the House was brought back into session and voted on a 456 page Emergency Economic Stabilization Act of 2008 that had been leveraged into the pork barrel by lobbyists. And, it passed. So, instead of voting to give Henry Paulson $700 Billion, the House voted to give Henry $700 Billion and to cough up another $150 Billion for special interests. And, now Capitol Hill wants to tell us that by adding $150 Billion to an already staggering bill, they have done us a really good job.
Additionally, it seems what started out as a bailout for Wall Street, morphed into a rescue for Wall Street was finally sold as a recovery for Main Street… all within a week! No one of any competence can say that sitting on our hands would be a good answer for the problem. But, it doesn’t take a mental giant to figure out that if the $700 Billion was a figure that was going to choke us to death, the $850 Billion Act that passed is going to be any easier to swallow.
For comic relief this week, and we certainly needed a little comedy, Katie Couric continued her clips of her Sarah Palin interview. Of note… Palin couldn’t name one newspaper or magazine when asked what she read.
Gotcha!
And, Palin could not name one Supreme Court case she disagreed with.
By Thursday most of us were looking forward to the Vice Presidential debate the same way we really look forward to NASCAR. We were all waiting for the crash. But, there was none. Palin looked confident and overloaded our senses with down home sweety chat that made most of us want to gag. The joke was on me. After the second wink at the camera and the cute little home girl quips, I was in the toilet throwing up.
Joe Biden did a good job, not playing into the Palin strategy. I know he was biting his lip wanting to correct her mistakes. But, Biden played to his own strengths and displayed none of his long winded weaknesses.
I wish someone would allow a real debate… both for the presidential candidates and the vice presidential candidates. These prime time parallel interviews don’t get to the part I want to see or the part we need to see. Gwen Ifill did an excellent job, following the rules set forth by the debate commission. But… and it’s a big BUT… these so-called debates don’t get down to the facts we need to hear. If you watch the debate, with no follow-up questions, versus the Katie Couric interviews with Palin, you will notice that all the first responses are generic and say nothing. It was the follow-ups and the demand for specificity that “stumped the candidate.”
Just as an aside, I have never been a big Katie Couric fan. However, I must say that I was impressed with the Palin interviews. Katie did the job of a real journalist. And, we saw the results… the exposure of Palin, the not ready for prime time player. Hats off to Ms. Couric for a job well done. Perhaps, she is the only one who could have done it the way she did. Otherwise, Carly Fiorina would have been screaming all across television land that we are all sexist.
And, speaking of sexism… I loved the way Joe Biden played the “sexist” card in the debate. Responding to the hockey mom, sitting around the table with Todd, worrying about insurance and raising a special needs child, Joe didn’t falter. Instead, he responded that he knew exactly what it was like to be a single father, not knowing if his young injured son would live following the automobile accident that killed his first wife. There was true feeling in Senator Biden’s statement.
As a woman, I was relieved to see that Joe Biden was not afraid to be human, to speak for men across America who are faced with being single fathers and doing one hell of a good job. Just as an aside, I understand women’s issues. But, let’s not forget that there are men in the world who change the diapers, cook the breakfasts, take the kids to school, attend PTA meetings, and go to work every day… without the aid of a wife. And, most of the men do it in silence, taking it in stride without expecting extra kudos for being a father.
If it seems that I am unsympathetic to women, I am not. But, I will say that women have played the vagina monologues long enough. When we make decisions, men or women, live with them and embrace them. But, don’t use them as an excuse for not succeeding or an example of how much you have to do to get to the top of the heap. It’s just life.
So, that was the week, mostly a game of rock, paper, scissors. Americans crushed the House on Monday with the rock. George Bush looked dumb as a rock. Katie Couric made Sarah Palin look as if she had crawled out from under one. The Senate came back with more paper. The House responded with a big rock. Sarah Palin brought her scissors to the debate. Joe Biden showed he is a rock. And, I still think Americans in small towns and on Main Street may be getting the shaft.
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