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.