The quality of life for the average American will decline, but the trend towards more and more capital dependence on other nations is probably going to begin to reverse itself — or at least significantly slow.
And ironically, this financial disaster will end the war in Iraq and limit significantly the choices that both Obama and McCain might have before them as President.
It also means that all of the other great 21st century challenges out there — from global poverty assistance to an imposed carbon tax on fossil fuel energy consumption — will get less action and less “national investment” than those advocating federal action hoped for.
America will have no choice but to add to its cumulative debt — and to invest in itself, particularly national infrastructure — as a way to keep Americans working and to stimulate important parts of the near and long term real economy.
George W. Bush’s demands early in his administration for unprecedented powers and budgetary authority amidst unprecedented secrecy and non-transparent government was never effectively challenged by the Congress that should have fought for its own constitutional prerogatives nor knocked back in any real way by the full force of the Democratic Party.
But now the marketplace of power in the world and of the global financial order has brought this administration to a devastating conclusion to its influence — and Americans are going to pay a long-term price for the reckless stewardship of America’s economic and security portfolios by this administration.
Indeed. George Bush should have been impeached long ago. But we still have to deal with him for several more months. The problem is that he is too used to bringing up to Americans at the last minute something to be voted on, a rush that is meant to get action without thought. But because he cried wolf far too many times in the past, this time, when it is serious, and real, he is just simply not trusted enough—even by those in his own party!—for the right action to be taken.
George Bush will be reviled as the worst president America has ever had. This last event, the collapse of our economy will finally seal that sad deal. What an awful administration. How awful it has been run. They have failed America. They have failed the world. From here on, others will take charge, like the Chinese. Our ability to act around the world will be severely curtailed thanks to this collapse. Ironically, bin Laden promised to work hard at bankrupting America.
“We are continuing this policy in bleeding America to the point of bankruptcy. Allah willing, and nothing is too great for Allah,” bin Laden said in the transcript.
Looks like he didn’t have to do much. He had a man inside to do the job for him, George W. Bush.
This article makes a great point. When arguing over a bill worth $700 billion, it should be noted that because of failure to pass that bill, $1.2 TRILLION was lost in market value. That means that the United States of America’s economy lost $500 billion MORE just because of this vote than they would have if Congress had voted for the bill.
Silly, stupid Republicans.
As an Internet company, Google is an active participant in policy debates surrounding information access, technology and energy. Because our company has a great diversity of people and opinions — Democrats and Republicans, conservatives and liberals, all religions and no religion, straight and gay — we do not generally take a position on issues outside of our field, especially not social issues. So when Proposition 8 appeared on the California ballot, it was an unlikely question for Google to take an official company position on.
However, while there are many objections to this proposition — further government encroachment on personal lives, ambiguously written text — it is the chilling and discriminatory effect of the proposition on many of our employees that brings Google to publicly oppose Proposition 8. While we respect the strongly-held beliefs that people have on both sides of this argument, we see this fundamentally as an issue of equality. We hope that California voters will vote no on Proposition 8 — we should not eliminate anyone’s fundamental rights, whatever their sexuality, to marry the person they love.
Posted by Sergey Brin, Co-founder & President, Technology
Because clearly, John McCain cannot trust Sarah Palin to come bat for him after his own debate in the post-debate spin zone. Where is Sarah Palin? Why is she hiding out on one of the most important days of the campaign?
Meanwhile, Joe Biden is doing exactly what a Vice Presidential nominee should do. Throw spittle at the other guy. He was brilliant last night at doing that. Where was Sarah Palin? Holed up in some hotel practicing her lines for next week’s debate? Based on her Couric interview, she better practice hard, because I get the feeling her answers are going to be just as bad, if not worse, in a rather hostile environment that she will experience on Thursday. She has participated in debates before, but not about national issues. Her responses to very mild interviews with Gibson and Couric (and the propaganda infomercial with Hannity) were simply not up to the standard for the office of Vice President.
Now, Joe Biden will be a respectful debater and won’t be hostile to Mrs. Palin, but Mrs. Palin should not be treated with kid’s gloves. She’s running for the second highest office in the land. She should be able to take some punches. If she can’t, she should respectfully resign.
But once the doors closed, the smooth-talking House Republican leader, John A. Boehner of Ohio, surprised many in the room by declaring that his caucus could not support the plan to allow the government to buy distressed mortgage assets from ailing financial companies.
Mr. Boehner pressed an alternative that involved a smaller role for the government, and Mr. McCain, whose support of the deal is critical if fellow Republicans are to sign on, declined to take a stand.
He declined to take a stand. Even though he has been claiming all week that Treasury Secretary Paulson’s plan should be adhered to. When it came down to it McCain “declined to take a stand.”
And look at the Bush administration trying to cover its butt:
It was the very outcome the White House had said it intended to avoid, with partisan presidential politics appearing to trample what had been exceedingly delicate Congressional negotiations.
Sure you did, that’s why you made this meeting happen at McCain’s behest. You knew fully well that it would be politicized to the EXTREME.
Once again, it is a shame and a travesty that hardcore extremist Republican House members hold this nation by the balls, and once again a shame and a travesty that mainstream Republicans and all Democrats don’t stand up to these idiots and just simply say, “no more.”
Note particularly as she looks down at her notes. She really has NO CLUE what the hell she is talking about.
That’s basically what George Bush just said. Except of course he didn’t own up to that point, that in these past EIGHT YEARS he and the Republicans did NOTHING to ensure this collapse would not happen. Thank you Republicans. May your party now die an ignominious death. You have shamed this fine country of ours.
Not a good idea.
That’s the Kieth Olberman part
Isn’t this who you would want in a crisis?
No brash decisions, calm and reasonable. That’s who I want to lead our country.
They also deny that there is a political calculation in this and say without action the country could slide into a Depression by Monday and added “we’ll see 12 percent unemployment” if action is not completed. GOP sources say they believe the current deal is dead on the Hill and reject suggestions that without McCain’s vote Democrats would not support a package.
Really? 12 percent unemployment by Monday? Why exactly? And why now and not say, earlier this week when McCain’s numbers weren’t collapsing around him? Why not when Paulson first revealed how much money he wants control over?
I’m more curious about where McCain gets this “Depression by Monday” bullshit from. Because that is what it is. Bullshit. Is anyone here really going to fall for this crap?
McCain pretends to look presidential by unilaterally “suspending” his campaign, but alas, the situation really is not as dire as the Paulsons and McCains of the world claim it is. Thus McCain looks foolish instead, as his numbers are tanking and his campaign manager is caught in a damning lie regarding connections to Fannie Mae. It’s turning more into a—WOAH, LOOK what’s that over there!!!
They are so afraid of Sarah Palin speaking for herself in an uncontrolled environment. Take it away Campbell Brown:
Well said, but sadly, few will listen to such wisdom. Sadly, those rich boys of Wall Street have already corrupted enough Congressmen that such brilliant reasoning will be discarded and those rich boys will indeed privatize their gains and socialize their losses.
The fruits of capitalism, my friends.
They are going to let the offshore drilling ban expire. Where is your spine, you yellow chickens?
Just like this. You are getting bamboozled once again America. Don’t let them do this to you. You are smarter than this.
Is this really who Republicans want representing them? Are you guys not going to look back at this election in shame?
Thank the Republicans, America.
Because after messing up Iraq with little accountability, messing up New Orleans after Katrina with little accountability, they expect America to trust them with a blank check of $700 BILLION dollars! This demand that Congress give the US Treasury $700 billion dollars to give away to Wall Street is irresponsible governing. Worse, lobbyists from banks don’t want Congress to do anything with where the REAL problem lies in this financial mess right now. That problem lies in the foreclosing of millions of homes around the nation. Those foreclosed homes turn into the very same bad mortgages that are killing banks! And these banks don’t want to change that!
This will end up being simply theft, a stealing of $700 billion of America’s hard earned money. Shame on Mr. Paulson. Shame on Mr. Bush. Shame on anyone who backs this plan, as it is the most irresponsible plan you could possibly design to fix the current problem.