"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."
Early on in his address to the nation last night, George Bush said he proposed the bail-out plan. I realize this is pretty standard--the work of his administration is "his" work.
But his almost complete absence from the round-the-clock frantic work during this economic crisis makes it glaringly obvious that he didn't propose the plan...hence my immediate thought that, wait, it's Paulson and Bernanke proposing that bailout.
It's been Paulson and Bernanke running the show these last few weeks, not Bush.
And when I heard him claim the bail-out as his proposal I couldn't help but wonder, who's really been running the show for the past 8 years?
Then as he droned on with his high schoolish economics lesson...as if the American public hadn't already done their homework for the past few weeks figuring it out on their own...I kept waiting for him to cop to the fact that he's leaving us in the hole.
A big financial hole due to not just this bailout, but to the outrageous sums he's spent on war-making, the degree to which he's let our foreign debt grow, and his inability to accept that taxation is necessary to run the government.
But he never did.
Thursday, September 25, 2008