We have a financial crisis that threatens our economy --
that's clear. But what's preoccupying me and a lot of Americans
today is that the events of the past few days also have revealed
a political crisis of confidence we face that may be even more
dire and longer-lasting.
On Monday we lost wealth equivalent to the entire economy of
India -- in one day. A nearly 10 percent drop in the S&P
500's value.
Our real economic problem is not in the stock market, which is
functioning. It's on the credit side, where the problem is not
that the credit market is in danger of falling (it's gotta do
that) but of ceasing to exist for a sustained period.
People who can't sell bonds and other credit instruments don't
know what they are worth. Things that you can't sell have an
immediate real value of "zero," even if their actual value -- in
a sane market that's working -- would be considerably higher.
Amid all this mounting uncertainty, one thing has become
crystal clear: Our political class stinks.
We face a crisis of almost unprecedented magnitude -- a
potential Great Depression that threatens the well-being of
millions of Americans. And what do our politicians do?
Well, they display all the traits of Narcissistic Personality
Disorder, a serious psychiatric condition that is characterized
by (a) a need for attention and adulation and a grandiose sense
of one's own importance that results in (b) manipulative and
exploitative behavior toward others including (c) a tendency to
demean and criticize anyone who disagrees with them and (d) a
marked tendency to shift blame and responsibility for one's own
behavior onto others.
Nancy Pelosi has got to be one of the weakest and most
passive-aggressive House speakers in history. How else to explain
that on a must-win issue for the nation, almost 40 percent of
Pelosi's own Democrats voted against the "bailout" bill? Why did
Speaker Pelosi used her minute on Monday during this national
crisis to make it clear she intended to use the crisis to kill as
many Republicans as possible: "Seven hundred billion dollars -- a
staggering number but only a part of the cost of the failed Bush
economic policies to our country."
A few days of rising above politics to get the deal done in
the nation's interest -- is that too much to ask a speaker of the
House?
But John McCain's behavior was, in my humble opinion, even
worse -- insulting to the intelligence of the American people.
For example, in a Sept. 26 press release McCain said: Continued... |