Jim Pinkerton on the Bush administration’s lack of seriousness about the convulsing economic crisis:
If the Bush administration really believed that the Paulson proposal was absolutely vital, it would be accompanied by:
a) the President’s prime time speech to the nation;
b) the resignations of top administration officials who have been overseeing the situation heretofore; or
c) a tax increase, specifically, a “Tobin Tax” on speculation, perhaps balanced with a reduction in the tax rate on long-term capital gains.
But if the administration can’t rouse itself to even do a), then it’s obviously not that serious a situation.
The situation of Paulson himself is particularly egregious. Having been in charge at Treasury for more than two years and issued innumerable “sunny skies” forecasts, he now wants a $700 billion blank check to oversee the bailout of his once and future colleagues.
His swift exit from the scene ought to be a rock-bottom minimum requirement.
— Steve Clemons