Do Democrats still want to ask if Sarah Palin is ready to lead???
This Monday, the stock market lost a trillion dollars in market capitalization after the House of Representatives rejected bipartisan legislation to restore the flow of credit upon which American business depends. Republican and Democratic leaders had both worked to get what they expected to be enough votes from their respective parties to pass the legislation, even though many Representatives have valid misgivings about the expenditure of $700 billion to bail out private businesses. Many of their constituents do as well, and they told their Representatives. In other words, Republican and Democratic leaders had to work hard to overcome this constituent-side pressure.
Finally, all was ready. Democrats and Republicans had agreed on bipartisan legislation, and they thought they had enough votes to pass it. Then Speaker of the House Nancy Pelosi, the individual who is but two heartbeats away from the Presidency, said this:
- Madam Speaker, when was the last time someone asked you for $700bn?
It is a number that is staggering, but tells us only the costs of the Bush administration’s failed economic policies: policies built on budgetary recklessness, on an anything-goes mentality, with no regulation, no supervision, and no discipline in the system.
Speaker Pelosi, a woman in late middle age who supposedly has the character and maturity that come with a lifetime of experience in working with other people, began her speech by slapping the Republicans who had agreed to support the legislation despite their misgivings. She then brings “Democrats” into the picture at a time when both parties have to come together to solve a problem.
- Democrats believe in the free market, which can and does create jobs, wealth, and capital. But left to its own devices, it has created chaos.
That chaos is the dismal picture painted by Treasury Secretary [Henry)] Paulson and Federal Reserve Chairman [Ben] Bernanke a week and a half ago in the Capitol. As they pointed out, we confront a crisis of historic magnitude that has the ability to do serious injury not simply to our economy but to the American people; not just to Wall Street, but to everyday Americans on Main Street.
It is our responsibility today, to help avert that catastrophic outcome. Let us be clear: This is a crisis caused on Wall Street. But it is a crisis that reaches to Main Street in every city and town of the United States.
It is a crisis that freezes credit, causes families to lose their homes, cripples small businesses, and makes it harder to find jobs. It is a crisis that never had to happen. It is now the duty of every member of this body to recognise that the failure to act responsibly, with full protections for the American taxpayer, would compound the damage already done to the financial security of millions of American families.
Over the past several days, we have worked with our Republican colleagues to fashion an alternative to the original plan of the Bush administration.
The last two paragraphs are excellent, like a meal prepared by a chef in a five-star restaurant. Yes, “Over the past several days, we have worked with our Republican colleagues to fashion an alternative to the original plan of the Bush administration,” like champion gourmet cooks who put aside their differences to craft an outstanding meal–and then, at the moment of its presentation to the diners, Nancy Pelosi garnished it with the excrement of her opening statement. Pelosi continues, and we agree with her 100 percent,
- …The corporate CEOs whose companies will benefit from the public’s participation in this recovery must not benefit by exorbitant salaries and golden parachute retirement bonuses.
Our message to Wall Street is this: the party is over. The era of golden parachutes for high-flying Wall Street operators is over. No longer will the US taxpayer bail out the recklessness of Wall Street. The taxpayers who bear the risk in this recovery must share in the upside as the economy recovers.
Unfortunately, it does not matter how good a meal might have been once it has been garnished with excrement, dead flies, or similar items. Pelosi, who was apparently not content with the filth with which she garnished her speech up front, added more by again praising her own party (and by implication attacking the Republicans) at a time when unity was critical.
- And should this programme not pay for itself, the financial institutions that benefited, not the taxpayers, must bear responsibility for making up the difference.
These were the Democratic demands to safeguard the American taxpayer, to help the economy recover, and to impose tough accountability as a central component of this recovery effort.
Having said this, she has the actual nerve to talk about bipartisanship:
- Today we must act for those Americans, for Main Street, and we must act now, with the bipartisan spirit of cooperation which allowed us to fashion this legislation.
Right, Nancy, an opening statement like “the costs of the Bush administration’s failed economic policies: policies built on budgetary recklessness, on an anything-goes mentality, with no regulation, no supervision, and no discipline in the system” was sure bipartisan. Finally, having apparently decided that she has not garnished the five-star meal with enough excrement, she concludes by dumping yet another load:
- Today we will act to avert this crisis, but informed by our experience of the past eight years, with the failed economic leadership that has left us less capable of meeting the challenges of the future.
We choose a different path. In the new year, with a new Congress and a new president, we will break free with a failed past and take America in a new direction to a better future.
Perhaps that “new Congress” would be better off without Nancy Pelosi, who not only succeeded in blowing as much market capitalization in a single day as Al Qaida did on 9/11, but who cited “the failed economic leadership that has left us less capable of meeting the challenges of the future.” That failed economic leadership includes the most powerful member and purported leader of the House of Representatives, and this is one case in which we agree with Obama/Biden that “change” might really be a good idea.