$1.2 trillion was taken out of people’s pocket’s yesterday — not Wall Street Titans, but nurses, union laborers, teachers, carpenters — anyone who has a retirement account or an IRA. You lost money. You got screwed by Congress’ sheepish inability to see past the next election. To make matters worse, read the following story about how rates are soaring and banks aren’t lending money. In addition, the financial cancer is spreading globally and banks are now starting to fail in Europe. Meanwhile, in order to stay afloat and protect their own balance sheets, banks are calling loans. Not just mortgage loans, but business loans. I know. I’m seeing it happen in my own family. In order to meet those loans, businesses are starting to lay off people. Again, not just Wall Street Titans, but regular folks like you and me.
Congress had the opportunity to do something that was necessary but unpopular. Real leadership involves leading people — explaining to us what we need to hear, not just what we want to hear. This is unpopular because we have a Congress that talks of bipartisanship but doesn’t practice it, and we have Congressmen who are more willing to save their own backside than take a risk and really explain this. In addition, we have a President who is so unpopular and whose policies led us into this mess in the first place (Nancy Pelosi was right, just not right to say what she did when she did) that he can’t even convince his own party to do the right thing.
This reminds me of another moment in time: the abolition of slavery. What if Lincoln thought it was just too hard, too politically risky to confront a crisis facing our nation? Where is the political will? Where is the outrage? Where are those who will stand up and lead us? Where is the President? What if Lincoln gave a couple speeches in the rose garden and just kind of mailed the rest in? Why isn’t the President out there fighting for this — visiting the districts of the two thirds of Republicans who voted against him complaining of this. This is his legacy. The Dow is now lower than it was when he took office. This is primarily a failure of Republican philosophy and Republican deregulatory infatuation. So now that we’re in this mess, they have a responsibility to help get us out of it. They, and everyone else who holds a vote in Congress. — Jeff