Home » Economics » September 22, 2008

September 22, 2008

What an amazing day in Congress and on Wall Street!! Who would ever have thought that we would have seen a president so thoroughly rejected by his own party and a vice-president, who at one time ruled like a dictator, so completely humiliated by his own people. The leadership at the top was abject with Bush popping in and out of a side door at the White House to give inane, substance-free, two minute sound bites. The first debate between the would-be presidents simply demonstrated that neither has any clue as to the state of the economy or what needs to be done about it. The Treasury Secretary apparently has a tin ear and an extraordinary level of arrogance, calling for the suspension of the Constitution, to handle a bailout, which his firm was party to creating. (Worse for me was that the head of Goldman Sachs was apparently in the meeting talking about how his firm would get tax payer money! Have they no sense of propriety?) The speaker of the House has an equal amount of non-sense. Why make a bitterly partisan attack when one needs all the votes that one can muster? So the market has its largest numerical fall, although by no means its largest percentage fall, in history. With the country so divided and no leadership on the horizon, one wonders where this will all end. Pity the poor man who takes over as president who will have to lead the American people to a diminished role in the world and a lowering of their standard of living. Unhappy times lie ahead, I’m afraid.

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