Bail Out!
The price tag on impotent investments: 700 billion dollars.
Earlier this week, President Bush proposed a 700 billion dollar bailout of financial institutions for their default loans. Said proposal would allocate the purchasing of 700 billion dollars worth of mortgages or mortgage-backed securities from failing financial institutions, like Freddy Mac and Fanny May, in an attempt to stabilize the housing/financial markets. The President’s plan requires immediate and intelligent analysis in order to quickly remedy this crisis. Presidential candidates Barack Obama and John McCain have exhibited drastically different approaches to the crisis at hand; these approaches are an excellent indicator of how they will perform if elected.
When this bailout bill was first proposed (earlier this week), Sen. McCain immediately halted his campaign and raced off to Washington to solve this crisis. He effectively cancelled Friday’s debate stating that he needed to be in Washington to “help build a bipartisan consensus for a proposal that would protect the American taxpayer.”
Sen. Obama’s campaign labeled Sen. McCain’s decision as politically motivated; having nothing to do with resolving the financial crisis. However, it seems Sen. Obama is the one playing politics. In comparison, Sen. Obama believed the financial crisis did not warrant his full or immediate attention. As the symbolic leader of the Democrat Party, Sen. Obama refused to take a stance on the Administration’s “bailout bill” merely stating “call me if you need me.” He was called, and he came to White House to help resolve the issue. But should a Presidential candidate have to be told when action is needed? Couple Sen. Obama’s reaction to this week’s financial crisis with his reaction to the Georgia-Russia conflict and you see an emerging pattern of indecision. It appears Sen. Obama is incapable of making on the spot decisions with confidence; decisions that every President has to make. If what we have seen this week is any indication, Sen. Obama appears to be inept at recognizing and solving America’s problems.
