Bloomberg is ripping both parties today for their lack of specifics on the current financial crisis. I appreciate what Bloomberg is saying but I also agree with Senator Schumer that a convention may not be the place to discuss the specifics of something as detailed as SEC governance. Obama and the rest of the Democrats have hardly shied away from hammering away on the failed policies that led to this crisis, something that Bloomberg ignores in their story. To suggest that “the worst financial crisis since the Depression” merely “occurred on their [GOP] watch” is missing a major point. It didn’t just occur on the GOP watch, it was created with deliberate intention on their watch. Phil Gramm anyone?
Either way, Bloomberg has a point in that the next President will be facing expensive problems such as the loss of over $1 trillion thanks to the GOP credit crisis, continuing failures by Detroit who also want a bailout despite a clear record of management incompetence and job cuts in the tens of thousands, the housing bailout and don’t forget the ongoing cost of the war in Iraq. And to think we haven’t even heard from the airlines come back for their third bailout since Bush arrived.
Each issue on its own is an expensive problem. Combined, we’re looking at breaking the bank yet again. If anyone has a clue as to where we’re going to find the money to fund all of this, I’m all ears. The ongoing Iraq costs will cause obstacles to the bailout fever gripping Washington as well as any plans for new initiatives for the future such as alternative energy or even education.
We may not be hearing too many specifics this week or next, but we will surely hear much more substance on the credit crisis in the coming weeks. Neither candidate can afford to ignore the issue and voters won’t allow the crisis to be ignored.