BBC News: Reports that the US Congress has agreed to bail out Wall Street. The Congress as it did over Iraq has fallen in to line, they did not have the bottle to say no, the American Tax Payer is going to pick up the tab for the poor management of Wall Street.
Thursday, September 25, 2008
Obama BACK IN D.C
Fox News: Reports that President George W. Bush has requested that Senators McCain and Obama come to the White House tomorrow to discuss the Wall Street bail out. This does bring to mind a similar event in the last season of the West Wing, the show was very much on the ball about this election cycle. It has to be noted that McCain has won this election cycle, Obama had no plans to come back to Washington D.C but a Presidential request is an order in many respects. Obama could not allow McCain to have all the limelight. I have my doubts about this debate on Friday.
The Bush Speech
The White House: The Speech by President Bush on the Wall Street Bail Out. The main line is the following, " As a result, our entire economy is in danger. So I've proposed that the federal government reduce the risk posed by these troubled assets, and supply urgently-needed money so banks and other financial institutions can avoid collapse and resume lending. " The Bush Administration was right about its reaction to 9/11, the Wars in Afghanistan and Iraq, the use of extreme methods to get information from terrorists and many other good policies but this move to protect Wall Street is wrong, its not conservative, in fact in makes the Great Society programme of President Johnson look moderate and conservative. The Congress should oppose this plan.
Bush and Wall Street Part Two
BBC News: Reports on the appeal by President George W. Bush for Congress to pass his bail out of Wall Street. This policy is a mistake, if Obama or McCain opposed this move it would show leadership. The Wall Street types will get all the money, while the folks will be lucky to hold on to their houses and pensions.
Bush and Wall Street
The Times: Reports that President George Bush will address the nation tonight to appeal for his Wall Street bail out. I think if this was Ronald Reagan and he asked the American People to send in money to pay for this bail out, they would, but Bush is not the Great Communicator. Bush has to tell the whole truth, he has to tell the people why they should bail out the greedy Wall Street types. I still oppose this plan, if it was Reagan and his request that would be different, but this is Bush and that is the truth.
Palin, American on ROAD TO GREAT DEPRESSION
The New York Times: Reports that the Republican Vice - President Nominee, Governor Palin has stated that the USA could be on the road to another Great Depression if the Congress does not come together to pass a bail out of Wall Street. The 7000 billion bail out of Wall Street should not be passed by Congress, bad banks and companies should be allowed to fail, those parts that make money will be taken over, the market will reform itself. The day the Government bails out Wall Street, a backbone of Western Capitalism will be taken away, better to have tough times now and a better future, than a Market that never takes risks, never creates jobs, the market is the final judge of the economy not the government. I wonder what Ronald Reagan would make of this mess, would he support Bush or oppose such a move, he was a fan of FDR but also believed in limited government.
The Debate
The New York Times: Reports on the chronology of the McCain statement that he would suspend his Campaign as to return to Washington D.C to solve the threat of an economic tsunami. Also that Senator Obama thinks that the Presidential Debate on Friday should go ahead. On this I agree with Senator Obama, in 1980 President Jimmy Carter has a better reason not to debate, he had hostages in Iran. The President turned up to debate then Governor Ronald Reagan. On the whole I would suspect he would have wished to avoid such a debate, but he had the guts to turn up, it was a mistake but he did turn up, Reagan won the debate and the Presidency.
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