Financial Crisis and Presidential Politics
Update 9/26/08: Friday morning republican presidential hopeful John McCain ended speculation over whether he will attend the presidential debate at Ole Miss and will be there for what will be a major event.
McCain's announcement Wednesday that he was putting his presidential campaign and his participation in the debate on hold to go back to the Senate to deal with the financial crisis put the entire national news media in a tailspin. The result so far is that the public is growing rapidly alarmed at what they are seeing unfold before them.
While a decision on what to do about the financial crisis has yet to be resolved, republicans were growing concerned that McCain was needed at the debate even while the work on legislation regarding the financial crisis was being dealt with.
For months, there has been a steady drumbeat of alarm regarding the unfolding financial crisis that is affecting the entire banking and finance business worldwide. The focus has come to the point that a proposed federal bailout of significant portions of the nation's largest investment and mortgage banks is straining the understanding of people in both the U.S. and around the world. But now a crisis that was just one among a steady stream of such dilemmas has reached a level of concern that few to want to face.
The central question is of such a dire nature that the future of the U.S. as we know it is truly at stake. Whether or not you can believe what is going on, this nation will not be same from this time forward, regardless of the outcome.
The reality is this, a sizeable portion of our national and corporate leadership, the directors of major financial, business and political institutions, have failed to see the risks facing the United States and now we are facing that reality.
But this does not mean it cannot be solved.
It does mean that in solving the problems that have been created will result in decisions that will change this nation and our lives.
The issues are more than whether or not it is right for American citizens to bailout the struggling financial system. The bailout will likely only stall an evitable more fundamental adjustment that will result in a change in how the world does business and even how government functions. The U.S. has been the engine for world commerce and finance since the end of World War II. The systems that were created shortly after WWII, such as the Bretton Woods Agreements, that have run the world's trade are ending. This change has been foreseen by many, but what is being seeing now, are only the beginnings of this change.
The most pressing issue is can such fundamental change be accomplished without severe hardships and war? The historical answer to such a question is no.
While many of the hardships that we and the world face cannot be defined at this point, nor the conflicts that will arise from the changes that are now beginning to take place, what is clear in this confusing moment in history is that national unity is truly needed. It would help if our national leaders and corporate media come clean with what is actually happening. To that end, our leaders should provide some real understanding of what is at stake and implement policies that will give the nation, and world time to mitigate the hardships now unfolding on the nation and the world. Political pooh-poohing the president by either republicans or democrats is not in order, nor should be tolerated.
How does all of this translate to regular folks? It is a time to support the existing leadership and those who most-well understand what is happening. It is also a time to evaluate your own life and what it costs you to live and redirect your personal resources into saving for an uncertain future.
From the experience borne from Hurricane Katrina over these last three years, we can see that we are facing a hurricane for the nation and world. Steps to preserve what you have need to be taken.
GCN feels that both President Bush and republican presidential candidate John McCain have responded well to the initial crisis in their recent actions. The rest of the nation's leadership need to set politics aside and dig into the work ahead them for the best of all of us.
Threat Assessment –
Is The End Nigh?
Economy in Turmoil - MSNBC Interactive Graphic