According to the current Commander in Chief, our President, Mr. Bush [1]:
- "Without immediate action by Congress, American could slip into a financial panic and a distressing scenario would unfold,"
- Ultimately, our country could experience a long and painful recession."
- risk a cascade of wiped-out retirement savings, rising home foreclosures, lost jobs and closed businesses if they fail to act on a massive financial rescue plan
- banks could fail, the stock market could plummet and erase retirement accounts, businesses could find it hard to get credit and be forced to close, wiping out jobs for millions of Americans
- "financial calamity."
Obama and McCain:
"The plan that has been submitted to Congress by the Bush administration is flawed, but the effort to protect the American economy must not fail," they said. "This is a time to rise above politics for the good of the country. We cannot risk an economic catastrophe."
Obviously politics are still in play. If this is a "financial crisis", then let's hope the Republic of Washington [2] and our elected representatives represent all of us.
In five months Obama or McCain is going to be the new President of these United States. It seems very appropriate for them to be involved in plans to prevent financial calamity, financial panic, a long and painful recession. They are both currently U.S. Senators and will, I presume, have to vote on this $700bn proposal. They have been chosen as the next possible leaders of this country. What are Rep. Barney Frank [3] (Chairman of the House Financial Services Committee) and Senator Harry Reid [4] (Senate Majority Leader) afraid of? It's not like they have been doing a great job of leading.