Under the pressure of the financial crisis, one presidential candidate is behaving like a flustered rookie playing in a league too high. It is not Barack Obama.
It is arguable that, because of his inexperience, Obama is not ready for the presidency. It is arguable that McCain, because of his boiling moralism and bottomless reservoir of certitudes, is not suited to the presidency. Unreadiness can be corrected, although perhaps at great cost, by experience. Can a dismaying temperament be fixed?
Tag Archives: housing crisis
BABY, IT’S COLD OUT THERE. So let’s toss another billion on the fire.
What’s that make it? Well, let’s see: $29 billion for Bear Stearns, somewhere between $1 billion and $100 billion each for Fannie and Freddie (a nice narrow range), $85 billion for AIG, a couple of hundred billion to keep stray banks, brokers and their errant kin from asphyxiating themselves by swallowing toxic paper. And then there’s the proposed reincarnation of the Resolution Trust Corp., which all by itself may mean shelling out $800 billion, perhaps even as much as $1 trillion.
While we’re at it, we might as well include the $400 billion with which the Paulson-Bernanke grand plan envisages endowing the Federal Deposit Insurance Corp. so it can insure money-market funds.
But, please, understand those mind-boggling sums in no way, shape or form are to be construed as designed to aid and abet a bailout. Instead, they are merely the essential ingredients of an “intervention,” or, if you prefer, a “rescue” — just about anything, in other words, that’s semantically sweeter than bailout, with its ugly connotation of a sinking ship.
And then we got a housing issue, not in Houston – evidently not in Dallas, because Laura’s over there trying to buy a house today. I like Crawford. Unfortunately, after eight years of asking her to sacrifice, I am no longer the decision-maker. She’ll be deciding.
WASHINGTON (Reuters) – As the U.S. economy slowed in 2007, President George W. Bush and Vice President Dick Cheney saw their assets stay stable, according to financial disclosure reports released by the White House on Thursday.
The reports showed little change for Bush and Cheney even as a collapse in the housing market caused a credit crunch and led the Federal Reserve to rapidly cut interest rates.