Now watch the Wednesday night (09-24-2008) Presidential Address and note how Bush blinks. And people wonder how we knew 9/11 was a lie and there were no weapons in Iraq.
He starts out with the usual pleasantries and a brief slanted history of the issue. He identifies: Financial assets related to home mortgages have lost value during the housing decline… forcing banks to reduce credit, as being the root cause of the problem. He is in denial about actual people that lived in those empty homes. It’s the banks that matter!
He says: 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.
We are going to give or loan money to bankers that sunk their companies into oblivion, paid themselves obscene bonuses and salaries, encouraged off-shoring jobs to pad corporate profits, and lobbied Congress directly to allow them to do it instead of helping grandma and grandpa hold onto their home.
Couldn’t the government just loan the money directly to grandma and grandpa at a fixed 30-year fair rate and cut out the bankers profit? That should allow you to shave a few points off their rate and help them save money. Let’s allow the toxic debt to die with the banks.
This rescue effort is not aimed at preserving any individual company or industry (blink blink) — it is aimed at preserving America’s overall economy. (blink blink) It will help American consumers and businesses get credit (blink) to meet their daily needs (blink) and create jobs. (blink) And it will help send a signal to markets around the world (blink) that America’s financial system (blink) is back on track. (blink)
He goes on to read an economics 101 level discussion on the current market correction. I’m not covering that here. I suggest the market oracle. Ah, we continue,
I’m a strong (blink) believer in free enterprise. (blink) So my natural instinct is to oppose (blink) government intervention. (blink blink) I believe companies (blink) that make bad decisions should be allowed (blink) to go out of business. (blink) Under normal (blink) circumstances, I would have followed (blink) this course. (blink) But these are not (blink) normal circumstances. (blink) The market is not functioning (blink) properly. There’s been a widespread loss (blink) of confidence. (blink) And major sectors of America’s financial system are at risk (blink) of shutting down. (blink)
The booga’s here are mine, replacing the non-essential words.
booga top economic experts warn booga immediate action by Congress, America could slip booga financial panic, booga distressing scenario booga:
booga banks booga fail, booga booga in your community. booga stock market would drop booga, booga reduce the value of your retirement account. booga value of your home could plummet. Foreclosures booga rise dramatically. booga find it harder and more expensive to get credit. booga businesses would close their doors, and millions of Americans booga lose their jobs. booga you have good credit history, booga more difficult for you to get the loans you need to buy a car booga send your children to college. booga country could experience a long and painful recession.
Hard to believe just 20 days ago America’s economy was resilient. Or were you asleep at the wheel again Mr. Bush? Like on 9/11?
He continues, praising Congress?!?
Something is terribly wrong when Bush publicly praises a Democrat lead Congress.
Fellow citizens: We must not let this happen. I appreciate the work of leaders from both parties in both (blink) houses of Congress to address this (blink) problem — and to make improvements to the proposal my administration (blink) sent to them. (blink) There is a spirit of cooperation between Democrats and Republicans, and between (blink) Congress and this administration. (blink) In that spirit, I’ve invited Senators McCain (blink) and Obama to join congressional leaders of both (blink) parties at the White House tomorrow to help speed (blink) our discussions toward a (blink) bipartisan bill. (blink)
Let’s get the whole gang together and figure out how to pull this off and make it sound like Main Street is the real winner here while still getting everything we asked for. Sounds like a Bush Administration plan!
Let’s speed it up here, I’m getting tired…1 AM.
…not passing a bill now would cost these Americans (blink) much more (blink) later. (blink)
…It should make certain that failed executives (blink) do not receive a windfall (blink) from your tax dollars. (blink blink)
…it should be enacted (blink blink) as soon as possible. (blink)
…up to $700 (blink) billion…this will help our economy grow. (blink)
…the value of many of these assets will likely be higher than their current price (blink), because the vast majority of Americans will ultimately pay off (blink) their mortgages.
…The government is the one institution (blink)
…safeguard the financial security of American (blink) workers and families (blink) and small (blink) businesses. The federal government also continues to enforce (blink) laws and regulations (blink) protecting your (blink) money.
Here is a special point.
Earlier this year, Secretary Paulson proposed a blueprint that would modernize our financial regulations. For example, the Federal Reserve would be authorized to take a closer look at the operations of companies across the financial spectrum and ensure that their practices do not threaten overall financial stability.
In other words, let us allow our private banker friends to have a look at your books so we can make sure they don’t interfere with our plans. Oh and if you have any good ideas well we’ll steal them. Just like border agents now stealing your laptops, PDA’s, and data cards. Man if they had taken Indy Jones laptop he would have never made it onto that dirigible!
Well he might have punched, whipped, and shot his way off the dirigible. Back to Bush:
In the long run, Americans have good reason (blink) to be confident in (blink) our economic strength. (blink) …democratic capitalism is the best (blink) system ever devised. (blink)
booga economy is facing a moment of great challenge. la la la we’ve overcome tough challenges before — and we will overcome this one. la la la Americans sometimes get discouraged by the tone in Washington, and the seemingly endless partisan struggles. Yet history has shown that in times of real trial, elected officials rise to the occasion. la la la la la la la , we will show the world once again what kind of country America is — a nation that tackles problems head on, where leaders come together to meet great tests, and where people of every background can work hard, develop their talents, and realize their dreams.
Thank you for listening. May God bless you.
And there you have it. Lovely ending. Hmmm, elected officials rise to the occasion?
Tackles problems head on?
Is that we did in New Orleans?
Is that what Bernanke, Paulson, and yes you Mr. Bush were doing while you denied this particular problem even existed?
I hope God does bless us. We are going to need all the help we can get.