[Rhodes22-list] Bush Speech

[Lowe, Rob]

Hank,
Oh, agreed, Bush is not solely responsible.  Congress is in this just as
much.  But it was Bush giving the speech and asking the American people
to bail out Wall Street.  And administration set the agenda.  Think if
Congress had passed laws that would have restricted the abuses that led
this to this mess that Bush would have signed them?  Think not, so in
reality the administration is squarely at fault here.  If we are facing
the dire consequences that the Federal Reserve and the Secretary of
Commerce say we are, isn't it reasonable to ask for an explanation of
what when wrong and why and what are you going to do so that it doesn't
happen again?  But I don't believe that was covered.  Just we're in a
heap of crap and we need you taxpayers to bail our ass out, even though
you don't get anything out of the deal.  Yeah, I know, a functioning
economy and all that.  But there is no guarantee or even a hint that
this will save the economy.  Just keep us from sliding down hill even
further. - rob


-----Original Message-----
From: rhodes22-list-bounces at rhodes22.org
[mailto:rhodes22-list-bounces at rhodes22.org] On Behalf Of Hank
Sent: Thursday, September 25, 2008 9:28 AM
To: The Rhodes 22 Email List
Subject: Re: [Rhodes22-list] Bush Speech

Rob,

What I fail to understand is why everyone wants to paint Bush as SOLELY
responsible for everything that happens in this country.  Last time I
checked we weren't living in a dictatorship.  Congress has to pass the
laws
before the President can sign them.  Congress shares just as much
responsibility in this as Bush.  Let's give credit, and blame, where it
is
due and not just dump it on a convenient scapegoat.

Hank


On 9/25/08, Lowe, Rob <rlowe at vt.edu> wrote:
>
> Brad,
> That pretty much sums it up.  What he failed to say was that he was
> apologizing for 7 years of failed policies that created this mess in
the
> first place and that he was trying to save his legacy by having the
> taxpayers bail his ass out of trouble.  Now if he had said that, I'd
> probably consider going along with his plan.  But wait, $700B spread
> among 300M citizens is only around $2300 a person, why not just ask
> everyone to pony up their share?
>
>
> -----Original Message-----
> From: rhodes22-list-bounces at rhodes22.org
> [mailto:rhodes22-list-bounces at rhodes22.org] On Behalf Of Brad Haslett
> Sent: Wednesday, September 24, 2008 9:46 PM
> To: The Rhodes 22 Email List
> Subject: [Rhodes22-list] Bush Speech
>
> I truly hope SOMETHING gets passed so the loan on the house I'm
> selling closes on schedule next week (Tip O'neil said it best - all
> politics is local).  Here's one summary of the Presidents speech.
> Brad
>
> ---------------
>
> Bush: Congress Must Act to Save Stupid People
>
> Posted By Scott Ott On September 24, 2008 @ 10:41 am In Business, U.S.
> News |
>
> (2008-09-24) - The foundation of the U.S. economy could crumble,
> President George Bush said today, if Congress fails to approve a U.S.
> Treasury plan to take over foundering financial firms, a proposal
> which the president called "a much-needed 21st-century civil rights
> act for stupid people."
>
> "To sustain this shining city on a hill," Mr. Bush said, "we need to
> rescue the ignorant, irresponsible folks - from Wall Street to Capitol
> Hill to Main Street - who got us to where we are today. We must
> guarantee that no American suffers the soft bigotry of being forced to
> live with the consequences of his bad decisions."
>
> The president, in remarks to the news media clearly aimed at reluctant
> Republicans in Congress, said, "Our financial system rests on a
> foundation of huge banks, brokerage houses and quasi-governmental
> agencies that followed Washington's lead by gambling on long-shot,
> poorly-collateralized investments. Now this glorious way of life is
> threatened, and we must act to preserve it."
>
> "We need to guarantee that the structures, systems, people and
> products that got us to this point won't be tossed on the ash heap of
> history," said Mr. Bush. "If these giant companies fail, then America
> will be left with nothing but thousands of small to mid-sized
> financial firms that made prudent investment decisions during the past
> 15 years."
>
> The president added that, "Americans value the liberty they have to
> buy homes they can't afford, to invest in securities backed by nothing
> but hope, and to draw six- and seven-figure salaries based on the
> courage to risk taxpayer dollars on deals that even the dealmakers
> don't understand."
>
> "It is a moral imperative that we guard the civil rights of these
> idiots," he said. "If we fail, then we face the specter of free market
> capitalism run amok, and millions of Americans will feel the painful
> lash of personal responsibility across their backs."
>
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