Wrote the other day that I didn't like the way the $700billion+ bailout was being forced and rushed by the Bush Administration.
The 'rush' and Bush bullying has done one unexpected thing.
That would be a unifying us in a way we haven't been in quite some time.
That unity is between Congressional Democrats and Republicans who are both outraged at this proposal of the Bush Administration.
One of the things I learned since writing the other day was that the proposal from Secretary Paulson for the $700billion,,, was a whopping 3 pages long.
I've written more about The Biggest Loser on this blog than three pages.
Yet, Bush and Paulson expect Congress and the American people to give them access to $700billion to bail out corrupt and irresponsible companies, based on a 3 page document that makes the Treasury Secretary a Kingmaker.
The irresponsibility and arrogance of Bush and Paulson to propose this bailout plan with no oversight or accountability derailed the quick action we needed.
Why would Bush and Paulson not propose a comprehensive plan that included oversight, transparency, safeguards, and equity for taxpayers?
There is no reasonable answer to this question.
They should have acted in the best interest of the American people and demanded accountability but instead tried to bully the Congress and scare the American people. This time it doesn't appear as though it will work and the result is that the Congress is having to write the bill from scratch.
Had they made a serious and comprehensive proposal, we would be much closer to a resolution than we are right now.
Every time I think that this administration can't be any worse, they find a way to prove me wrong.
Bush has had an incredible chance to finish his lost Presidency by acting with responsibility and leadership. He could have reassured and demonstrated to people that despite the election to replace him being 6 weeks away,, that he is the leader of the country.
Instead he is hiding behind his Treasury Secretary who is now taking a beating.
Here's the problem with the whole thing.
The Congress needs to act. This isn't a faux economic threat, it's for real.
Thanks to this being an election year and a lack of leadership in the White House,, this financial crisis is being used for political gain. By Democrats to blame Bush and by Republicans to separate from Bush.
They can't afford to act like him they need to come up with a solution that will begin to solve the problem.
The result of 'no action' could be disastrous for all of us.
Yet the result of 'wrong action' could be even worse.
It's time for the legislative branch who has been far too minimized in recent years to reassert itself. This is their chance to show that the representatives of the people can work for the people.
Let's see real bipartisan work on the hill from both parties where they come up with a bill that holds Wall St's feet to the fire, makes the taxpayers equity holders in the companies they bail out, and doesn't include unneccessary earmarks and pork.
The President has decided not to step up, the Congress of the United States needs to.