There has been surprisingly little talk
of inept management of the ongoing economic meltdown by Henry Paulson, Ben
Bernanke, and the Bush Administration. Given Bush’s record of ill-conceived,
unilateral, knee-jerk policies, it is no wonder that this administration developed
a 700 billion dollar scheme in an attempt to quickly pickup a badly bungled
financial policy ball. It is obvious that they were desperately trying to
bolster the struggling McCain campaign—another causality of the meltdown. It
never occurred to the administration that this ill-conceived plan would draw
opposition from large numbers of Republican members of congress and that, once
passed, the plan would have no effect on worldwide stock markets spiraling downward
leading to record losses. And there is no end in sight.
genius to recognize that a prudent approach to crisis management is to
development legislative consensus instead of presenting a campaign of fear
mongering with threats of dire consequences if the administration’s plan is not
passed immediately. Does this sound familiar? Is there any doubt that well
publicized political talk of economic crisis is anything but self-fulfilling?
So, here we are on Sunday, October, 12,
looking forward to yet another week of anticipated government market
intervention and people bailing out of the stock market. Where is the bottom? I
cannot help but remember my past personal insanity of repeated sick behavior
expecting different results. A new healthy approach is required to make
positive changes. Has Paulson, Bernanke and Bush gotten there yet? We’ll see,
and hope they get it right for a change.
Copyright © 2008 Mark Holmberg. All rights reserved.