Bush: Bailout Address
I was for the bailouts until Bush opened his countrified mouth. In his address he squarely laid profound blame upon home owners for our nation’s current financial crisis. Bush all but absolved Wall Street for their culpability and shady practices that also played a significant role in damaging our financial infrastructure. Bush’s message carried a burdensome tone of fear that demanded immediate action or face an impending “Great Depression” once again. Mr. President for once since your unfortunate rise to POTUS Congress got it right and told you NO a blank check will not do. Congrats to the democrats for standing strong on this issue for fighting and demanding accountability, and instituting clauses that will not allow corporate execs to profit off of vulnerable tax-payers.
I wasn't for it before, and I'm not willing to abide it because of anything he said. (I'm willing to abide it because it turns out that the last three times we did this -- Savings and Loan, Mexico, and Chrysler -- we actually made money in the end.)
I didn't catch him blaming consumers, though. I was actually a little peeved that he didn't seem to blame anyone. It was kind of a, "honey, the car got wrecked, and this is how I want to handle it."
Phelps go back and review his address within the first mmm 7 minutes is where he talks about consumers.
As far as the savings and loan, Mexico, and Chrysler bailouts I think at least with those there was some kind of foresight into what we could expect if the bailout was to fail. I don't see any such foresight with this bailout and I am not all that sure that this one will be as effective.
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