Bush Will Address the Nation, 7:45 am EST


bush cheney twn.jpg
George W. Bush will address the country (and world) at 7:45 am EST Tuesday morning.
Global markets are falling in the aftermath of the single largest point drop of the New York stock exchange in American history.
There is no bail-out deal for the American financial sector, and global credit markets are choking up. The banking and financial industries will be brought to their knees in the coming days — but at the same time, I think that we are seeing a punctuation point marking the end of America’s role as the world’s consumption engine.
The quality of life for the average American will decline, but the trend towards more and more capital dependence on other nations is probably going to begin to reverse itself — or at least significantly slow.
And ironically, this financial disaster will end the war in Iraq and limit significantly the choices that both Obama and McCain might have before them as President.
It also means that all of the other great 21st century challenges out there — from global poverty assistance to an imposed carbon tax on fossil fuel energy consumption — will get less action and less “national investment” than those advocating federal action hoped for.
America will have no choice but to add to its cumulative debt — and to invest in itself, particularly national infrastructure — as a way to keep Americans working and to stimulate important parts of the near and long term real economy.
George W. Bush’s demands early in his administration for unprecedented powers and budgetary authority amidst unprecedented secrecy and non-transparent government was never effectively challenged by the Congress that should have fought for its own constitutional prerogatives nor knocked back in any real way by the full force of the Democratic Party.
But now the marketplace of power in the world and of the global financial order has brought this administration to a devastating conclusion to its influence — and Americans are going to pay a long-term price for the reckless stewardship of America’s economic and security portfolios by this administration.
— Steve Clemons


29 comments on “Bush Will Address the Nation, 7:45 am EST

  1. mantolama says:

    This is a false choice. Paulson himself has admitted they basically plucked the figuer out of thin air. They just wanted an extremely large number.


  2. Kathleen says:

    arthurdecco…call it fuzzy math…I love that story about the “really large” number….read in light of Carroll’s post in the first thread about Jim Webb discussing the FBI finding $1.7 trillion tranfered from WS to secret accounts in the Cayman Islands, that makes for intriguing synchronicity…..
    The Big Lie works again. Fool me once, twice, thrice. Works every time…Cowboy Economics….Jesse James rides again….makes Howard Dean’s “Yeehaw’ seem kind of tame…..


  3. chopper says:

    A false choice is being presented.
    It doesn’t have to be all or nothing.
    A more limited bailout (100-200 billion, still astronomical figures), with tangible benefits and protections for taxpayers, to keep the economy working until the new President is in office will work just as well as no-strings-attached 700 billion. Once the new President and Congress are in power, they can then create a long-term solution.
    This is a false choice. Paulson himself has admitted they basically plucked the figuer out of thin air. They just wanted an extremely large number.
    It doesn’t have to be 700 billion now, or disaster.


  4. arthurdecco says:

    You know where that very important $700-billion figure came from?
    From: http://latimesblogs.latimes.com/washington/2008/09/bailout-plan.html
    “You know where that very important $700-billion figure came from?
    Here’s a quote from that Forbes story:
    “It’s not based on any particular data point,” a Treasury spokeswoman told Forbes.com Tuesday. “We just wanted to choose a really large number.”
    They made it up to be sufficiently ginormous to frighten everyone into rapid action.
    And it worked.”
    Andrew Malcolm


  5. Tahoe Editor says:

    McCain Plays the Bill Clinton Card

    Note to Obama: Time to throw Nancy under the bus!
    If there’s still room under the bus where Barack Obama throws his discards – his white granny, the Rev. Jeremiah Wright, Tony Rezko, William Ayres, Bernadine Dohrn and even Hillary Clinton – that’s the right place for Nancy Pelosi.

    Rep. Nancy Pelosi at the hour of national crisis proved why she may well be the worst House Speaker in the history of the Congress.
    The more Sen. Dodd and Rep. Frank shout and demagogue in front of the cameras, the more desperate we know they are to talk their way out of their own past reckless and unprincipled conduct.
    The utterly corrupt Left-wing members of the House who green-lighted the thievery at Freddie Mac and Fannie Mae that started the panic will be lucky if they are not targets of a special prosecutor.
    Barack Obama is again voting present, clueless while trying to act cool, waiting for calls, and issuing hourly contradictory statements adjusted to perceived CNN punditry and Drudge headlines.


  6. RonRon says:

    Cut the military budget, unless we plan to attack someone else.


  7. MNPundit says:

    Wouldn’t investing in national infrastructure be a great way to Green the country? Because Global warming doesn’t just threaten our civilization, it threatens our species.
    The ultimate enemy if you will.


  8. Linda says:

    Y’all miss enough sense of history in all of this.
    The politicians of both parties aren’t going to tell the public the truth right before a major national election. No matter what plan is or is not adopted, we are going to have a long and deep recession at best–much more economic pain, loss of jobs, etc. There is no way to avoid that, and lots of blamelss people will suffer as a result.
    We are where we are today because of a series of bad policies and programs that started 30 years ago and were supported by every President (including Clinton) since Reagan–actually the ME problems began with Carter–but the economic disaster started with Reagan.
    We are back around 1929 or early 1930s–union membership as low as then, greed and corruption, drought, etc. And we all will get to experience a 21st century version of what our parents and grandparents did in the 1930s.
    So this time I’m not going to suggest donating to any political campaign, but doing something to help the economy and learn about those times.
    Rick Wartzman, an Irvine fellow at the New America Foundation, is the author of a new book published on September 1, “Obscene in the Extreme: The Burning and Banning of John Steinbeck’s The Grapes of Wrath.” It could not be more timely. Some of you may have heard Rick on NPR this morning because this is Banned Book Week.
    And just as newly relevant is Pete Seeger’s new CD “At 89” that just came out today, and he was singing on Letterman last night.
    I highly recommend both as things to appreciate and cling to in the coming months or as holiday gifts.


  9. DWGregory says:

    This is really an old story. A boy cried Wolf. People ran to help. There was no Wolf. He did it again; they came to help. There was no Wolf.
    One day there was a wolf … but the people ignored the boy’s cries for help.
    So we see that the ending to Bush’s fairy tale is really apt: He squandered the public trust through manipulation and lies, through Rovian politicking and divisive governing. And now, when there is a crisis and action is required, who believes him?
    Sadly it will not be Bush who suffers, of course, but most of the rest of us.


  10. Dmitry Novik says:

    The simple reason why President Bush was able to ask again a type of 9/11 Replay for Unprecedented Powers and Unprecedented Budget is because 9/11 Commission did not accomplished its mission prescribed by the law – reporting to the Nation all the being investigated truth and facts associated with 9/11 national tragedy equally in previous as well as in post 9/11 tragedy time frames, analyzing all these facts, recognizing all derived from that analysis appropriate lessons, to make accountable strongly officials � independent on their ranks – who are responsible for mistakes in performance their job duties that precluded to prevent 9/11 tragedy, and submitting as the result for the national debate and implementation the wide-ranging and far-reaching recommendations capable to make necessary corrections in the Federal Government, laws and regulations capable to prevent the next National tragedy, the current national financial crisis. The report submitted by the 9/11 Commission looks like �politically correct� but does not satisfied to the highest standard of trustworthy at all.
    I would like to share with the readers of this blog what I wrote 09/23/08 to Senator Dorgan on the current financial crisis:
    �Dear Senator Dorgan:
    I contacted you 09/23/08 shortly after your remarks at the Conference of New America Foundation asking to contact me without delay (it is factually �time is money� – around 700 billions of dollars of taxpayers� money for nothing in return). You asked me if I have something in writing. I prepared returning to my computer. Here it is
    What to do and how to do
    First, stay calm do not panic, skies are not falling. Do not hurry, think thoroughly first before do anything in a hurry and desperation.
    My proposals what to do for the next two weeks:
    1. Stop any Wall Street activities for two weeks in order not to panic for every day unreasonable ups and downs on the stock values.
    2. Reject Administration�s rescue plan for 700 billions resolutely and completely.
    3. Immediately legislate �Fixing critical infrastructures 2008 Act� to make absolutely necessary repair in all 50 states and in Washington DC for main critical infrastructures (bridges, roads, water supply and sanitary facilities). It might and should radically decrease the level of unemployment and uphold necessary salaries to support many desperate families around the whole country.
    4. All members of the Senate and the House for one week have to return to their districts to consult and discuss what to do to solve the current financial crisis. At the end of that week each member of the Senate and House have to return to Washington DC with written proposals from each and every members of the Congress and immediately to start the whole second week (Saturday and Sunday including) for National and congressional debate to find consensus for appropriate legislation act �Rescue 2008 Act� at the end of the second week.
    5. All think tanks that supported in part or completely with taxpayers� money from Federal Government must respond to the Congress at the end of the first week with written proposals what and how to legislate �Rescue 2008 Act�.
    6. Create new publicly available WEB site under the title �Proposals for Rescue 2008 Act� and put on this WEB site all proposals from all members of the Congress and all think tanks at the beginning of the second week. That WEB site has to be open freely for all citizens of the USA to submit his/her personal comments and proposals.
    7. After these two weeks Congress has to start debate what to do next for solving the main unresolved crucial domestic matters as well as in the sphere of foreign affairs.
    Dear Senator Dorgan, please do not delay our meeting at which it would be my obligation to answer on all your questions which might and should be after personal reading of this letter- appeal to you.
    Please, help me to help you in your crucially important business.� (By the way the same day 09/23/08 I e-mailed the copy of that letter-appeal to Senator to Steven Clemons).
    And now some fun.
    Sometime the anecdote describes the really crisis situation much shorter, better and in a very compressed, laconic form than it is made in a hurry unstoppable, unjustivable ad-hoc gab bla-bla manner speeches, conferences, op-ed columns and summit at the top of it. It is the situation with purely politically motivated McCain �initiative� to postpone coming Friday the first presidential debate, yesterday panic, desperate speech by annoyed Bush, today in the morning absolutely unprepared ad-hoc �revolutionary� summit.
    It�s a funny anecdote from the soviet times about October 1917 �revolution�. The evening time, seldom people are walking on the outskirts of St-Petersburg near the train station. One guy, Lenin is walking back and forth on the street with visual sense that he is in desperation and panic, has not any destination to walk. A little boy walking on the same street met Lenin and asked � uncle what�s happen, what is bothering you? You know what little boy, answered Lenin, you see – today is too earlier but tomorrow it will be too late. Uncle, said a little boy, it is no problem at all, – if today is too earlier and tomorrow it will be too late than make it overnight. Lenin suddenly, in a hurry is running to the train station with destination to downtown of St-Petersburg. That night the so called October 1917 �revolution� (overthrow of the Interim Government) started – the most regrettable and tragically event of the XX century unexpectedly and unreasonably burst out. The whole World, and mostly Russian people suffered severely and enormously in a more than 70 years, more than enough after such explode �revolution�.
    Let�s remind the folks� wisdom � the first mistake is a tragedy, the second time to make the same mistake is a farce. And another one � if you would make decision in a hurry your enemy would only laugh on you with great pleasure.
    Might I say that the USA and the World population do not need another farce at all?
    Dmitry Novik


  11. Dmitry Novik says:

    Would you be pleased to mention to your readers on my comment posted 09/28/08 that originally dated 09/25/08 on your remark Bush Does a 9/11 Replay in Asking for Unprecedented Powers and Unprecedented Budget
    It seems to me that mentioned above my comment would be helpful for your readers to evaluate coming Bush’s address.
    Beforehand thanks.


  12. Mr.Murder says:

    Bush will address the nation tomorrow.
    He’s missed his usual early bed time, teddy bear, and night time story to try and memorize his new speech.
    It’s okay. They printed it for him. They even spell the big words out phonetically.
    In crayola.


  13. kotzabasis says:

    My dear Steve, I’m saying this with great regret that your ‘amok’ propensity and desire to blame the Bush administration “for the reckless stewardship of America’s economic and security portfolios” for the purpose of justifying yourself of your flippant and irresponsible position on the issues of the war and the economy, is blatantly biased and dishonourable.
    In your eagerness to make your case you totally disregard that the roots of the economic crisis lie in Democratic administrations and their caravanserai of Democratic activists, among whom Barak Obama was one who, as Tahoe Editor says correctly, was “suing banks for not taking riskier& riskier loans.” Fannie Mae, Freddie Mac (The most ‘populist’ of names), and The Community Reinvestment Act, that are the cornerstone of the economic crisis, were the offspring of Democratic administrations. It was “the Clinton administration’s resurrection of Jimmy Carter’s 1977 Community Reinvestment Act which appears to have been the major single factor in the origins of American high-risk sub-prime loans.” Under Clinton “banks were required to provide loans on an affirmative action basis to poor inner-suburban ghettoes” irrespective of the latter’s insecure financial position. And it was the Republican senator Phil Gramm who denounced Clinton’s program as “a vast extortion scheme.”
    I’m sure if you had taken the above facts into consideration you would not have condemned so gratuitously the Bush administration for the current economic crisis. Once again it was ‘peanut’ politicians and the ignorant crowd of good intentions that has cast America into the present hell.


  14. Mr.Murder says:

    Michael Sheldon Cheney was the first ever PR director for ARAMCO.
    Follow the Money.


  15. Mr.Murder says:

    We’ve had 60mpg carburetor technology(that’s right, prior to fuel injection) available since the 50s and a few Texas types let the patent rights get bought up and thrown away.
    Strictly from a national security standpoint alone, that intelluectual property should deservedly be declared imminent domain.
    Imagine that, tripling mileage standards for machines that could include even 70s models vehicles.
    Who could have imagined?
    We’ve had fuel cells, fully field deployable since 1986, where’s the fully electric auto market at?
    GM destroyed its fully electric, sporty, lease car fleet. Customers in California even begged to buy the cars. GM scrapped them. That CEO deserves to be pelted with rotten cabbage through the streets of Boston, etc.
    Meanwhile Gov.Davis was putsched from office by Enron backers, junk bond dealers, and Ahnold.


  16. ... says:

    tahoe, do you ever get beyond political campaigning to acknowledge the financial mess this admin has brought about when it is slapping you and every american in the face?? somehow i doubt it.. it sure doesn’t look like it today.. no, just more political campaigning for the mccain team.. i hope they are paying you well for the constant posts here at the note.. my impression are your posts are having the opposite desired effect on most here..


  17. Kate in Michigan says:

    Tahoe, enough of your inane views and refusal to face reality. I am sick of your garbage, and I’m sure most others who read this blog are too. Go away.


  18. kotzabasis says:

    As I’ve said four days ago in a post of mine on another blog, if the corporate greed and the insouciant unimaginative stand of regulators have brought the American economy to the brink, it will be obscurantist democratic populism and its WEAK politicians that will push the economy over the abyss.
    Once again the economically ignorant populace and politicians in their wrath and outrage to punish Wall Street, are raising the psychologist’s demon of “altruistic punishment” by which ironically they will be punishing themselves.


  19. Tahoe Editor says:

    Steve, you’re still being Chicken Little. The markets will come back before the election.
    Is BO “educating people about a complicated subject”? No, he has a phone if we need him.
    Harry Reid: “Nobody knows what to do!”
    Barack Obama: “Call me if you need me, suckers!”
    “The charge that not all the Democrats were on board does not pass the stink test on this one.” Hello! NINETY-FIVE (95) Democrats weren’t on board! Facts don’t have to deal with your “stink test.”
    Bush may have ignored the crisis — but Bush isn’t on the ballot in November!
    McCain was the one warning about Fannie & Freddie while Obama was suing banks for not taking on riskier & riskier loans.
    This will all redound against Obama and the Democrats over the next 30 days for different reasons — Pelosi, Reid, Frank & Dodd for a failure of leadership, and Obama for a failure to notice.
    Frank’s fingerprints are all over the financial fiasco
    By Jeff Jacoby
    Globe Columnist / September 28, 2008


  20. Steve Clemons says:

    MarkL — could always be wrong. I think that a lot of money will go into energy research and yes — that could very well be part of a national investment/infrastructure effort.
    What I’m less confident about is a carbon tax across all industry. I just don’t see the appetite in the government to do that. But this should be debated.
    My views are speculative, but I think informed.
    best, steve


  21. Liz says:

    I just finished reading Woodward’s “War Within” and this is classic Bush. He ignored the impending crisis (they knew it was coming) and he refuses even now to hold anyone accountable. So what did they do ? They came up with an insulting bill just in case and dithered onward for at least six months before they approached Congress, finally realizing that the crap was going to hit the fan before the election.
    Just to make you feel secure and cozy, beginning Oct. 1, the 3rd Infantry Division’s 1st Brigade Combat Team has will be under the day-to-day control of U.S. Army North, the Army service component of Northern Command, as an on-call federal response force for natural or manmade emergencies and disasters, including terrorist attacks. Forget the local SWAT teams, let’s bring out the army to control the rioting in the streets when this all goes down.
    Steve, you might want to consider commuting from abroad for the duration.


  22. JP Carter says:

    6:45A Central time? Can’t it wait until I eat breakfast? Seriously, what is going on? If he has speech at 6:45A or 6:45P it is not going to change anything. His party chose their jobs over my retirement today. Today was RED MONDAY, when the Red Team took their ball and went home. If GWB has any brains in his head, he will do something truly heroic tomorrow (whatever that may be…). Instead he will rattle off some truly weak-ass bull-crap like he always does.
    We are getting into weird and disturbing times. If Tahoe (yes, I am baiting you T.E.)fires back with a bunch of cut & paste talking points like he always does, it will confirm that the Red Team really believes they are in the right on this thing. Instead of educating people about a complicated subject – the need for this or some other plan, the Red Team will tell us how they saved us from making a mistake. This is not Wall Street v. Main Street, it is Reality v. Republicans.
    No, the charge that not all the Democrats were on board does not pass the stink test on this one. We did not need all of them, we needed approx. 20 of them and they could not put their country first.
    Steve, sorry for the unbalanced look at this. However, these are trying times. I have a house in foreclosure (due to the break-up of my marriage, not for being a greedy, over-reaching jack-ass). So I know exactly what is going on right now. I am guessing that very few people who contribute to this site are in foreclosure.
    This problem is about moving risk, not a freaking bailout! However, our dear leader can’t tell the public that in basic terms so that they can all understand. He talks about fear, pain, and worry. The people that are calling the republican house reps. and saying no way to the plan are the same people that are going to vote for John McCain because they think he will be great leader of this country. They are wrong on both counts.
    Let’s work on fixing the problem first, then we can not vote for a piece of legislation because Pelosi hurt someone’s feeling. They knew they did not have the votes and they lied pure and simple. But they will say, “We didn’t know if there was going to be a problem.” They are lying and they know it.
    We all should hold on tight. It is going to be a rough ride.


  23. Matt says:

    Looks like Bush has driven yet one more of his “companies” into the ground. God these Republicans are disgusting.


  24. carol says:

    It’s a bit late in the day for Bush and Cheney to be showing concern for the American people….thanks to them and the rest of the party they have brought this country down.
    John McCain will be no different…same arrogance and know it all approach that Bush and Cheney have
    shown over the years!!!!
    It is time for a change in Washington….can’t wait to see the back of this awful Republican party.


  25. MarkL says:

    Could you be wrong about the moneys available for energy research, etc?
    Wouldn’t it be good for the economy if the government made job-creating spending commitments to energy research and infrastructure?


  26. Bil says:

    Who Cares?
    Maybe the NEW Democratic Bill will put Impeachment back on the
    table, a quick trial and then write a good bill with protection for
    taxpayers and risk HELD by the institutions who ran wild.


  27. Beth in VA says:

    Worst. President. Ever.
    I cannnot believe the stock market is now at the same place it was when Bush started office. I have dutifully given the maximum allowed each year ($4000 at first, now $5000 I think) to my Roth IRA — a financial instrument encouraged by a Republican Congress. I could have used that to go to foreign countries on vacation! I would have lived and learned! Now it’s just gone.
    Well, I guess I’ve learned something. Worst. President. Ever. That is what my children know of Bush 43. They will have learned that. I’d rather they had more income from their College fund instead.


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