Tuesday, September 30, 2008

Last Wednesday I wrote:
[T]hat still doesn’t justify why the proposed bailout today is in such skeletal form, that they’ve had months to at least begin to plan for worse-case scenarios and put together something of a game plan for attack assuming such worst-case scenarios could come to fruition (as seemingly has happened). It’s inexcusable that the solution on the table is basically being presented as if scribbled on a napkin. Where are the details, or at least evidence that this impending disaster didn’t surprise the supposedly highly capable people we have in charge to avoid such surprises? I realize we’re in uncharted waters and no one has all the answers to this profoundly unique situation, but c’mon, to have gun-held-to-head to pass an on-faith-alone, scant proposal, one that we may be shackled with for years to come, is just another example of sheer, brazen incompetence to come down the pike in the last 7+ years. As Obama said, enough!
David Rosenberg, economist at Merrill Lynch, pretty much echoed my sentiments today:
Despite all the high-drama in Washington over the weekend, there seems to be no political solution to the financial crisis – at least for the moment. This is unfortunately what you get when a crisis is so poorly prepared for, as this one was. It was just two weeks ago that Ben Bernanke was telling us that the downside risks to the economy had “diminished”. As a result of both him and Treasury Secretary Paulson being behind the curve almost every step of the way during this 13-month credit crisis, they proposed legislation that should have been developed with a lot more deliberation than time permitted.
Phrases like "poorly prepared" and "behind the curve" -- aptly describing the continued incompetence that has come from this government since GW grabbed the reins. Different players along the way, same abysmal end result. ENOUGH!

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