As we all know, US president George W. Bush’s plead for a USD 700 billion bi-partisan bailout plan failed yesterday. Quite a few Republicans attribute the failure to House Speaker Nancy Pelosi, who, apparently, did not stick to the original transcript for the speech she gave prior to the congressional vote. I think I’d better quote Politico on this one:
[…] But anyone who looked at the transcript of Pelosi’s speech released by her office might have been puzzled by the complaints.
The transcript seemed relatively tame - with only relatively mild shots at the Republicans in the text.
But a review of the video of Pelosi’s comments shows the speaker deviated substantially from her prepared remarks when she stepped into the well of the House at about 12:20 p.m. Monday afternoon – delivering a series of ad-libbed jabs at President Bush and his party.
Have a look at Speaker Pelosi’s transcript here (The New York Times), then compare with her actual speech:
Nancy Pelosi, a seasoned Democratic politician, wasn’t born yesterday. I suspect there’s every reason to believe she knew the outcome of her speech. Which only goes to show that Politico may be right in speculating that she indeed did ad lib doom the deal.
The remaining question, however, is: What did she think she’d achieve by doing so? Pave the way for Barack Obama? Granted, John McCain did a serious slip-up, by prematurely taking credit for the deal, but if further inquiries (I expect there will be some) show that Democratic concern for the American economy means less than a Democratic victory, I fear she may only have accomplished quite the oposite.
As my esteemed reader and avid commenter Finne igen remarks:
[…] There will be strong US in the future but no longer the sole super power, just one of the powers in league with China, Russia and some others. It is funny that every few decades or so the so called free market system needs goverment intervention of some sorts for the simple reason: free markets don’t work. Totally free markets do not benefit us all, just the greediest players, and that is why there must be regulatory system of the markets. What is also funny now is that in the US the people do not understand that unlike 1930′s there will be no credit for no one. US goverment is on debt for thousands of billions so the goverment is almost bankcrupt.
I fear he may be all too right in that assumption. But they (i.e. the Americans) may not be the only ones. Norwegian experts maintain that the crisis may already have landed on our shores, too (in Norwegian), which should come as no surprise, really. Or put in other words (again): When America coughs, the world gets a cold.
Full version of Pelosi Speech which is not shown on TV, I watched here:
http://tubedirect.net/index.php?q=Pelosi-Speech-fullvideo
It shows all her speech, including the way it is the cruellest way to criticize the President calling his actions criminal!
Highly recommended!
1 Derefter så jeg en annen engel stige ned fra himmelen; han hadde stor makt, og jorden blev oplyst av hans herlighet,
2 og han ropte med sterk røst og sa: Falt, falt er Babylon, den store, og den er blitt et bosted for onde ånder, og et fengsel for hver uren ånd, og et fengsel for hver uren og hatet fugl;
3 for av hennes horelevnets vredes-vin har alle folk drukket, og kongene på jorden har drevet hor med henne, og kjøbmennene på jorden er blitt rike av hennes vellevnets fylde.
Dave: Thanks a lot for the link. I think it’s fair to say that Pelosi deliberately tried to affect the outcome of the vote — and successfully so, which is no less than scandalous. However, if there’s any truth at all to the allegations that the Democrats put petty politics before the country’s well-being, then why didn’t the Republicans (put petty politics before the country’s well-being), by way of rising above her accusations and vote for the bailout plan, regardless?
Right now, I think both parties have proved themselves unworthy of their voters’ trust. And in truth: What is USD 700 billion, after all? To put things in perspective, it equals USD 300 billion less than yesterday’s US stock market losses (USD 1 trillion). Which makes you wonder if 700 billion will do at all.
Piirka: Somehow I suspected you were a Norwegian, but really, there’s no need to go all Biblical over this. We saw the same thing some 80 years ago, and lo and behold: The world still stands.
I am finnish.
http://raamattu.uskonkirjat.net/servlet/biblesite.Bible?chp=1&ref=Ilm.+18%3A1&rnd=1222768208701
Sorry for jumping to conclusions, Piirka. Finnish, and still familiar with “Norwegian” TV character Piirka! I’m sure he’d appreciate the near-world-fame.
We saw “Borettslaget” on Finnish tv with name “Piirka ja ystävät” “Piirka and friends”.
http://www.telvis.fi/sarjaopas/sarjat/12985/piirka+ja+ystavat/
While both parties are mightily screwing the pooch, the democrats are at least have a willingness to take action.
How big is 700 billion dollars? This big: It’s one year’s US military defense budget. THAT’s how big it is.
Piirka: You will, I hope, forgive me for not straying further off topic, but that’s interesting (if not surprising).
Martin G: You’re only too right. Alas we both know that reduced U.S. military budgets are as inconceivable to most Americans as abolishing private transportation, if not more so; non-negotiable — unless we’re talking increased expenses.
Pointing out that the U.S. stock traders saw a 1 trillion dollar loss yesterday, in a market that may well be gone entirely if nothing’s done, could well prove to be a language that the objectors understand.
The most funny aspect of the republicans reactions on this economic disaster is of course this: when George W. Bush and the republicans took power after Clinton, the US budjet was few hunderd millions plus. After the years of republican government it is trillions ja zillions on minus. I don’t care about the private banks so much as the real big issue behind this. USA is empty. It has no money in it’s coffers. The goverment is in debt, it has no money of it’s own. The revenues don’t amount nothing close to the debt. So in this case there will be no New Deal or such as it happened in 1930′s because the goverment has no money left. It can only lend money. And if the biggest creditors, China and Japan, loose their faith in US, it will be bye bye. In few months US goverment can not pay salaries for it’s workers. FBI, CIA, the military, everyone working for the goverment could end up without a pay. This is the Real crisis. The reason behind this bail out plan is to convince the big lenders that they should keep on pouring money to the US goverment and not let it fall. So it is interesting that politicians do not understand this aspect of this crisis at all. Amrican public doesn’t either but what can you expect in their current media atmosphere. They think that the plan is to give money for private banks. Yep, but it is a gesture meant for those who bank roll US goverment. Another funny aspect: republicans always blame democrats how they spend tax payers money and don’t know how to manage the economy. See what has happened when the republicans have again managed the economy? Same happened during Reagan years. This is hilarious too. The so called experts have messed up the most dynamic economy in the world in few years. But I guess that is the whole point. It is not about what you really do, it is about how you make it look. Right now the republicans are blaming democrats that they somehow are the cause for this economic disaster. It doesn’t matter that this is all made by them. Really weird and funny.
hi jarl! Here are some interesting statistics for you. The US federal tax figures. The highest income tax rate was 91% untill year 1952! It was 92% during 1952-53 and 91% again in 1954. It remained so untill 1964 when it dropped to 77%. First time it went under that was 1982. And first time it went under 50% was 1987. So next time somebpdy says to you that nobody has never been taxed so hard than rich people in Nordic countries today, you can tell them they aare full of bull and tell the truth. Source: Federal Individual Income Tax Rates History.
Hi, Finne igen, First of all: I’m sorry for the unforgivably late reply. I’m completely swamped, drowning in deadlines here, so God knows why I keep a blog — especially since I’m writing for a living, too (all work and no play)
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Of course you’re right: The Clinton administration did hand over a budget surplus, but I think that, although Bush’s fiscal policy is very much to blame, it has to be said, in all fairness, that the current crisis also must be attributed to decades of deregulations, starting with the implementation of Reaganomics some 30 years ago.
Personally I find this blog post a little amusing, but definitely suggestive. There can be no doubt that the the U.S. federation, as well as corporate America, indeed is technically bankrupt, but being the innovative and creative people that they are, I’m convinced that they’ll be back on track, even if it takes years — decades, perhaps.
There’s a lot of people out there expecting current events to culminate in a new world order. I wouldn’t hold my breath if I were them. There’s too many still wealthy countries who, despite recent developments put their faith in America, who are willing to provide the credits needed to resurrect American leadership. But I do think that the balance of powers are likely to be evened out. We’ll see more of China, India, Russia and the EU — and America, I think.