>September 24, 2008
Washington–Last night President Bush addressed the nation over the bailout of Wall Street, the banks, and the entire financial sector.
Bush: We’re in the midst of a serious financial crisis. Bush said his administration is working with Congress to address the root cause of the financial problems. Then we hear that McCain has asked to be part of an official meeting Thursday afternoon and asked the president to invite Barak Obama. Now Obama says he will go if it isn’t just a photo op.
He’s the king of “photo ops” so he should know.
On Hanity and Colmes last night, Jack Welch, former president of General Electric, says both candidates are better off in Washington than on the campaign trail.
It was 1999 when the Democrats pushed people into financing the poor into housing. There’s blame enough to pass around, including Democrats and Republicans. The important thing is that we get over this. A bail out is so important!
Welch: Government isn’t handing anyone a check for $700 billion. They are making an investment in America, meaning jobs, 401K and we can’t just sit here and be mad. He says hopefully the bailout will put money back into the government coffers through more jobs, greater tax revenues, and maybe these “investments” will also bring in revenue to the treasury.
In grading the president’s performance by Britt Hume and his cronnies, one political analyst actually criticized the president for not laying out before the public the possibility that taxpayers may make money in this liquidity bailout because the government will buy low and sell higher.
I disagree. There is no way a sitting president should expose himself to Wall Street-like sales argument, because it may not work out that way at all. He didn’t even suggest it and no sane president wouldn’t do it, either.
How is that done? Well, let’s suppose we buy these investments for ten cents to the dollar and later, when the financial climate looks better, the government will sell them back for 30 cents on the dollar. That’s 20 cents to put back into the treasury. Anyone can see this may work out to become a good investment for oh so many reasons. First and foremost is that we “un-freeze” America’s financial climate so the little guy can go out and get a loan to free up salaries, and other money needed to run small and large businesses. That’s the real benefit, but the ancillary bennies are great, too.
Welch believes you can’t sit around and ponder it. You need to sign it by the weekend. The downside risk is too great.