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Originally Posted by Iriemon Good politics, perhaps, but if this really is a crises like everyone is saying, not good leadership. |
Absolutely right. It is terrible leadership. And history may show that it is not good politics either.
While I'm not a fan of Barney Frank, he at least had the courage to speak up and he got it pretty much right when he said,
"This is a vote where many of us feel that the national interest requires us to do something which is in many ways unpopular because what we are talking about, to many of us, is the need to act to avoid something worse from happening than is already happening.''
It isn't about helping people on Wall Street. The people who will be hurt, in our judgment, are those who are trying to buy or sell cars, because there won't be credit for the automobile industry. There won't be the ability to refinance your house or buy a house because there won't be any money there for any purchase that requires credit of any size.''
Those who have been observing the interbank credit market freeze over the last few weeks know that Frank was speaking plainly and on point. Thus far, credit standards have merely tightened. It will be a different thing altogether when/if business and consumer credit availability becomes restrictive and availability sharply reduced, which will most certainly happen if drastic action is not forthcoming. The economic consequences will be quite harmful, and thats an understatement.
Re: Obama calls on Americans to support rescue plan 
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