[Post Summary]His left hand is under my head...
—Song of Solomon
* * * * *
There's a big difference between President Obama and House Speaker Pelosi on the issue of the financial crisis bearing down upon us.
The President has been upfront and honest about the seriousness of our problem. Contrarily, Speaker Pelosi has consistently played the part of a buffoon.
Indeed, not that long ago Ms. Pelosi could be counted on to mimic the standard line about our economy's great strength and resiliency. Yet if this were true, then we would not be facing a grave crisis threatening economic breakdown and consequent chaos the likes of which none of us have ever known.
Even to this day the Speaker insists the stimulus package be "timely, targeted, and temporary." It is the latter point demonstrating her complete lack of sensitivity toward the reality we face.
One could also look at the $700 billion Emergency Economic Stabilization Act of 2008 (the hated Wall Street bailout) as reflecting Ms. Pelosi's incompetence. Surely, without the Speaker's backing this bill never would have seen the light of day. Likewise, the fact a disturbing lack of accountability was written into the bill similarly demonstrates Ms. Pelosi's glaring inability to lead at this dangerous moment.
It is quite evident Speaker Pelosi looks at our nation's dilemma as but a technical difficulty — a speed bump on the road to endless prosperity — requiring but measures that buy some time so things can naturally work themselves out.
And so, this thought arrives at the vote this week in the House of Representatives, where the "American Recovery and Reinvestment Act of 2009" (H.R. 1) — the so-called stimulus bill — was voted along party lines with a handful of Democrats opposed and not one Republican voting aye.
Most commentators are viewing this as demonstrating a continuing partisan divide in the Congress. They say this is all the more troublesome given the fact President Obama met with Republican leaders prior to the vote on H.R. 1.
Yet no one thinks to wonder if the President was purposely acting to insure the vote would split along party lines, this to drum up support within the Democratic party for Ms. Pelosi's removal as Speaker of the House.
The President must remain. His supporters in Congress, having helped him get elected, now have their bone in a stimulus package whose vote, in fact, does not need Republican support (at least not in the House). Now it is time to get down to business.
If President Obama is to have any hope effectively addressing the severe crisis we face, then those not on the same page must be pushed aside. Considered in this context, then, one begins to fathom the purpose behind remarks made recently by Senators Corker (R-TN) and Kerry (D-MA) regarding the banking system's insolvency. This forthright honesty stands in stark contrast to Speaker Pelosi's position calling for temporary measures to address the present danger.
The Congress could soon find itself on the verge of a political showdown in which Nancy Pelosi's power is weakened (if not altogether muted by some effort to remove her as Speaker of the House). Should this occur, Wall Street probably will find itself on the verge of cratering, because it will have lost one of its greatest allies in the Democratic Party. And at that point Barney Frank — another bailout advocate — might not be far behind.
—Tom Chechatka
0 comments:
Post a Comment