Running on empty – What a difference an election makes
November 23, 2008 by Kevin Dayhoff
By the end of last week the prospect of an auto bailout was running on four flat tires.
However, with the backdrop of the economy continuing to remain at the forefront of the media spotlight, the “Detroit Three,” General Motors, Ford and Chrysler, continue their tours de force beg-a-thon performance in the media with a great deal of support coming from the Democrat Party.
What a difference an election makes. If you will remember, during the election campaign, the Democrats railed about the increase in the national debt, increased spending, and failed economic policies.
And of course, earlier in the 2008 presidential campaign, when the price of oil and gasoline spiked, it was President George W. Bush’s fault. After the price of gas fell precipitously, the Democrats and their media sycophants fell strangely silent.
Moreover, on Election Day, when the Wall Street rallied, the media credited the prospects of the election of presidential candidate Illinois Sen. Barack Obama with the reasons for the uptick in the stock market.
The day after the election the stock market had the largest percentage drop in history on the day after an election. The media was silent – as in crickets chirping…
Many credited the election victory of Senator Obama on the chaos in the economy. Of course, the great paradox is that the very same foxes, House Speaker Nancy Pelosi, D-Calif., Senate Majority Leader Harry Reid, D-Nev., House Financial Services Committee chair Barney Frank, D-Mass., and Senate Banking Committee chair Sen. Chris Dodd, D-Conn., who caused the chaos in the financial henhouse have now been rewarded and are now in charge of protecting and fixing it. (See It’s the Congress, Stupid!, Congress and the Rattlesnake – Part 1, Congress and The Rattlesnake – Part 2, Congress and The Rattlesnake – Part 3.)
Now these very same folks want to work their magic on the automobile industry in the United States – with taxpayer money, of course. They want to further raise the national debt by bailing out the Detroit Three – which is the focus of my “The Tentacle” column this week: Rewarding Bad Behavior
As an aside, speaking of changing his tune, you will notice that President-elect Obama has been eerily silent about Iraq, Guantanamo Bay Naval Base, and other aspects of his war on the Bush Administration’s national security polices now that he has been given a number of national security briefings.
Nevertheless, there remains a nagging concern that international terrorists are still plotting to kill Americans and we are still fighting two interminable ground wars overseas. The Iranians and North Koreans are still playing with their nuclear erector sets. Somali pirates are seizing ships in one of the world’s busiest shipping lanes outside of the Gulf of Aden.
And in spite of the predicted outbreak of the Age of Aquarius as a result of the recent election, we find ourselves in economic chaos which continues to escape appropriate hyperbole and reactionary rhetoric.
Congress and our critical financial conglomerates have behaved so badly that their behavior raised the specter that the United States and the world would revisit the joys and riches of the Medieval Ages if something was not done.
Yet last week, the financial bailout had the look and feel of a circular firing squad as Treasury Secretary Henry Paulson stood before the nation, and said something to the affect: “You know, about that initial bailout strategy… Well nevermind, the facts have changed and we now have a new and improved pyramid scheme to sell you.”
His performance had all the reassuring aspects of a snake oil salesman from the 1890s as he sketched-out a new approach to encourage consumer confidence, borrowing, and get American families back in the mood for opening their pocketbooks.
No word as to how many Google searches occurred for “economic feudalism” last week as Americans started to feel like feudal serfs being sacrificed as a result of the lack of leadership of the overlords.
If this were not enough of a witches brew, many Americans – and the stock market – continue to feel morning sickness in a pregnant pause of anxiety over president-elect Obama’s election rhetoric to revisit free trade agreements, raise taxes, and unleash a new social-welfare system upon the nation that would make President Franklin D. Roosevelt green with envy.
Intellectual, morally and economically, a glance at Washington these days indicates that it not only the Detroit Three that is in trouble these days, the American taxpayer is more at risk than ever as a result of Congress running on empty.
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20081119 Running on empty (752 words)
