President Bush spent the weekend in Lima, Peru, at a meeting of the Asia-Pacific Economic Cooperation forum, conferring with Pacific Rim leaders who had no reason to pay attention to anything he said. Bush did, however, cut a dashing figure in a traditional Peruvian poncho. On Monday morning, minus the poncho, he was back home lending his imprimatur to Treasury Secretary Henry Paulson's latest diving catch to save the global economy from utter ruin—this time, the massive bailout of Citigroup.
A couple of hours later, the other president, Barack Obama, presented his new high-powered economic team. Obama made a point of saying that the prospective officials—led by Timothy Geithner, his pick to head Treasury—would start working immediately. Obama also made clear that there's very little they can do except monitor the situation, study possible solutions and develop a plan to be enacted after Jan. 20. We can't afford another month or more of drift, Obama said. But I'm afraid that's just what we're going to get.
The problem, and it's becoming serious, is that no one is prepared to orchestrate a comprehensive program to stabilize the financial system, put a floor under housing prices and keep the economy from sinking into a long, punishing recession.
Bush could and should do it—he is still president, and avoiding economic collapse is part of the job description. But he won't. It's ironic that after being so aggressive and proactive in other areas, the Decider is so indecisive and passive about the economy. He has limited his role to signing off on whatever Paulson says is necessary—most recently, $20 billion in cash and $306 billion in guarantees for Citigroup, which Bush apparently approved during his flight home from Peru.
http://www.truthdig.com/report/item/20081124_no_one_in_charge/?ln
No comments:
Post a Comment