Where is Obama's Leadership?

As the markets plummet and the value of my house and investments disappear where is my
candidate? Like everyone else, my anger is mounting with plenty of blame to go around. But where is Obama's leadership?

Fine, he should keep his calm and collected demeanor, but nonethless work furiously to bring the Democratic rebels in Congress in line and pass the compromise rescue plan without the need
for those fringe Republican ideologues. Why doesn't Obama go round up Bill and Hillary -- the other most influential leaders of the Democratic Party -- mobilize his enormous e-network and for good measure bring on board the gurus of high and low finance -- Warren Buffet and Suze Orman -- for a full court press?

Thanks to the hard negotiating of the Democratic Congressional leadership, the Paulson plan has a large investment element where the public gets equity warrants-- the government would be buying assets at rock bottom prices likely to make a profit later. For this reason Suze Orman calls it an "investment plan" not a bailout. Its what Sweden did in their banking and credit crisis just over a decade ago, and the taxpayer has made out fine.

There are many reasons we are where we are -- low interest rates, macroeconomic stability, plenty of global capital sloshing around, the deregulation regime since the Reagan days and, it must be said, the American consumer out of control.

But you can't fix 20 years worth of Wall St. manipulation and consumer indiscipline overnight. And yes the plan is not a panacea and has problems, etc.

Politics is the art of the possible. This deal just voted down is what's possible. The only
possibility now is to revive it with the requisite votes from the Democratic side.

Obama needn't drop his campaign to focus on the crisis. Rescuing the rescue plan ought
to be his campaign. Its leadership the country is looking for. Let's see some.

Comments

[paixa3]

I cannot agree with you. The DLC have been poison to a previously, at least, partially honourable political party.

NO BAILOUT, PERIOD.

It is time to rid the USA of corruption, smoke and mirrors.

[SickoPoliticos]

More & more it appears to me that Obama is not as smart as I had thought. He should have been against this bailout from the start. Then he should have presented to the Democrats, at least, his outline for a successful passage AND protection for the populace, and said he would rail against it on the campaign trail unless it was done right.

Obama should have known right off that if the President was for this bill, it was no good from the start. As a Democrat, I say 'Thank God for a some good Republicans in Congress.'

I don't fool myself by saying we will get a decent bill. After posturing and making their point, the Republicans will no doubt fall into line and shaft the taxpayers per normal.

[skippypicasso]

Obama WAS against the Paulson bailout, but he knew that something was needed. He laid out his principles (these were his 'outline for successful passage' AND included 'protection for the population')--did you not read the memo? Obama's ideas were incorporated into the current bill. When the House Repubs and McCain came up with the cap gains/no regulation nonsense, he asked questions about it and weighed it's efficacy against the proposed plan--Obama added raisinf the FDIC bank coverage to $250,000 idea today.

The President's original bill was bad, and everyone knew it.

[SickoPoliticos]

According to Michael Moore,

"1. The bailout bill had NO enforcement provisions for the so-called oversight group that was going to monitor Wall Street's spending of the $700 billion;

2. It had NO penalties, fines or imprisonment for any executive who might steal any of the people's money;

3. It did NOTHING to force banks and lenders to rewrite people's mortgages to avoid foreclosures -- this bill would not have stopped ONE foreclosure!;

4. It had NO teeth anywhere in the entire piece of legislation, using words like "suggested" when referring to the government being paid back for the bailout;

5. Over 200 economists wrote to Congress and said this bill might actually WORSEN the "financial crisis" and cause even MORE of a meltdown. "

[HHarvey]

Listen Sicko, I don't think anybody there is jumping up and down in support of this bill. However, I do find it odd that those who are against it in congress are those who seem to be up for re-election this year or have seats in the house that are precarious. It is all political. Personally, I think the republicans want to force the democrats to pass them themselves so they can lambast them for doing so. It' s funny, away from this blog when I talk to normal people around me most are in agreement that something needs to be done even if they don't like the idea.

[oldfart1]

What goes around comes around. FDR did not bail out Hoover, and FDR was a consummate politician.

In any case, McCain was gloating over his ability to deliver just enough (< half) Rep votes to save a Rep President, and he failed. Better for him to fail now, than become President, fail for years, and finally put Sarah Barracuda in the White House.

After 8 years of mindless support of Bush, the Reps rebelled. But the Rep congresspersons are at 40% in the polls, and now they will go down, maybe even to 35%, and good riddance.

[Jigglypuff]

Maybe a better question might be, "Where is Pres. Bush's resignation?"

[piper1233]

why can't Bush, McCain and all the Hard line Republicans who created this mess own up to it and take the lead in fixing it. Leadership? There is absolutely no Republican Leadership, as a matter of fact there is no cohesive direction in the Republican Party at this time. If Bush and McCain cant lead or inspire their Party who will be in change it McCain becomes President? limbaugh, Hannity, Colmes? This country cannot afford four or eight more years of disorganization.

[WmC]

I'm surprised Gardels doesn't express equal curiosity about the leadership of Bush or McCain: what's with that?

If Bush had offered a bailout plan like the one proposed by Dean Baker http://www.huffingtonpost.com/dean-baker/the-bailout-round-ii-adul_b_130418.htmll) it would have passed in an eyeblink. Why do you suppose Bush didn't do that?

[ArmyCentrist]

"Round up the Clintons?" Bill doesn't want anyone to know his legislation started this subprime mortgage thing. The farther Obama stays away from the Clintons, the better. And let's see, McCain's jumping into the thick of the fray didn't do him any good, so I think Barry knows what he's doing right now...he's made his statements, but the President pushing all up on Congress is what got us in this Iraq mess, let Congress sort out their messes, that's what they're there for, right?

[addie24]

I agree. Obama should have a press conference immediately. And correct me if I am wrong, but didn't Obama call McCain and ask for a joint press conference prior to the election. And didn't McCain jump the gun and go on TV and say he was suspending his campaign?. McCain blindsided Obama. and I am sure he can kick himself now. Now, why should Obama ask him again? I say go on TV Obama and talk to the working class. Do it now.......­......

[beef33]

Well I am surprised that you think Obama is really any answer. He has taken so much soft money he is in a box. PLus really he is just another packaged smoothytalking politician in bed with the elitists at the end of the day. And what are you talking about meet with Bill and Hillary???? Those two with their buddy Rubin had as much to do with Wall Street run amok as anyone. Again, the answer is to take the hit. Standard of living will go down. The answer is to get control of the foxes not put them in charge of the henhouse. Obama is window dressing and part of the culture that has created this mess he is no answer. Nader was warning about this stuff in 1996. It is about hard choices not helping the rich people hang on to their money and poor people stay in houses they could not afford in the first place.

[HHarvey]

Blah! Nader. He should have stayed out of the political arena, he would have been more effective.

[beef33]

no not so much. we should have all listened to him instead of the corporate driven propaganda against him and we would not be in this mess. Simple as that really. Rich, greedy people pulling the strings fixing everything for themselves. This is what you get. Rumpled, tell it like it is Ralph would have put the hammer down in 2k and averted this garbage. You reap what you sow.

[vontrapp]

Because the bailout sucked.

It was a really bad bill with far too many "compromises" that gave away taxpayer money without them getting something in return.

[AnotherTry]

Then why did Pelosi bring it up for a vote? Just to waste more time and look like an ineffectual leader?

Not smart.

[DuPageDem]

Pelosi isn't a leader, she's a follower. That's the problem

[Sepiastar]

Where is GEORGE W. BUSH, JR? He's the CURRENT PRESIDENT and this catastrophic event occurred under HIS WATCH. Yes, Senator Obama and McCain should be involved in the intricacies of the bill but the leader of this mess should be GEORGE W. BUSH! It's okay for him to come on television and plead to the public but he's incapable of fixing his own mess. Where is HIS team of economic professionals advising him and his administration of a viable solution? Don't place this mess on Senator Obama and I wish the Democrats would stay far away from this. Let the Republicans take the lead. Oh, I forgot, they're worried about their constituents in November since WE (the public) don't even want this bailout to PASS!!

[AnotherTry]

He only signs the bill. Congress has to pass it first.

Obama and the democrats have a majority. It was a bad bill. They should have put up a better one that could pass.

If George Bush wants to veto, well then he can explain that to the people himself.

Now it just looks like Pelosi and Obama, as the party leader, can't lead themselves out of a paper bag.

[mesut]

You saved me for typing the same and so I'll just 2nd your post. For months and a couple of years Bush has sound the economy is fine. What the heck happened? And if it was so fine how did it get so bad so fast?

Let Bush and the republicans that felt we little people were just that...kee­p thinking we're little people and I'll keep my money in my pocket.

[arvay]

Because, O you as clueless as Palin, Hillary is merely doing ow-level campaigning and Bill is embracing McCain and actively undermining Obama.

[jazzdad51]

Obama doesn't need to round up the Clintons. Bill Clinton needs to get over his loss instead of acting like a thumb sucking republican.

[BCubedReg]

Mr. Gardels, how many things does Sen. Obama have to do at one time to get your vote?

Stop buying into the republican mythos created by John McCain that Obama is "THE ONE". He is an intelligent, passionate and devoted citizen trying to run a campaign for President so that he can affect this American ship and steer us back on course.

Pelosi -- speaker of the house, Boehner -- Minority leader, the President, Fed Chairman, Treasury Secretary and a slew full of House Democrats and Republicans couldn't pass the bill. So now Obama needs to suspend his campaign because washington is leaderless?

In the end, you will choose Barabas. Just like 2000 years ago, you will chose Barabas because the guy you have come to worship Obama can't bring about world peace, end world hunger, and cure cancer while he's campaining.

Obama is not "THE ONE" don't believe the hype. He's our best chance as a nation for a better future, but he's not Jesus Christ.

[uc1000]

Jesus didn't exist anyway, but Obama is no savior. Let's just count on him to not have needless wars, hir competent people, and strength the dollar. The bar is that low considering the last president I'll take mediocrity

[clearthinker2008]

I won't although he isn't "the one" he is far away for mediocrity as you can get.

[ObamAtomic]

Sir, the people(Politicians) that oppose the Bail Out plan are doing in protest,
to protest the responsibility adhere to the loan. Conditional loans,over­sight,rest­rictions .
You are hitting the DRUMS IN THE WRONG SIZE,ITS NOT OBAMA RESPONSIBILITY.