The Mil & Aero Blog
Tuesday, September 30, 2008
  Get it done already

Posted by John McHale

Watching the political shows this morning all I saw was the blame game and partisan bickering from Congress for why they failed to pass the economic recovery package for bailing out Wall Street.

This is getting ridiculous.

I refer to both parties. They claim lack of leadership from President Bush and the Wall Street elite caused the current crisis, but their behavior demonstrates they lack the responsibility or wisdom to fill that alleged gap.

A colleague of mine made an interesting point this morning when he said if this happened a year ago and not a month before an election, it probably would've passed already. It makes one wonder if the esteemed members of Congress are voting based on what will get them re-elected or what is best for the country.

Based on that thought I find it ironic the one "person" not ever running for office again is the only who has offered a solution -- President Bush. His proposed $700 billion bailout even goes against the small government mindset of his party. He and his administration may be at fault for some of this, but give them credit for risking political fallout to fix it.

President Bush's approval numbers remain low, but as a Wall Street Journal editorial put it today: "Congress is living up to its 10 percent approval rating."

Anyway, yesterday's stock market nose dive affected everyone including defense market giants. For example Boeing was down $2.85 a share, closing at $55.47; Raytheon was down $2.36, closing at $53.70; Northrop Grumman was down $1.41; closing at $61.59; and General Dynamics was down $3.52, closing at $71.40.

I don't know that we are technically in an economic recession, but it's hard to see us avoiding it.

That said I believe a recession or depression is much more personal. I'm reminded of Ronald Reagan's line when running against Jimmy Carter: "a recession is when your neighbor loses his job, a depression is when you lose your job, and a recovery is when Jimmy Carter loses his."

Yeah, it was a campaign slap against Carter, but the other part is very true. Quite a few of my friends are already in their own personal economic depression and this week only made it worse.

So get it done Congress.
 
Comments: Post a Comment

Subscribe to Post Comments [Atom]



Links to this post:

Create a Link



<< Home
The MAE editorial staff uses the Military Aerospace and Electronics Blog to share ...

Archives
November 2007 / December 2007 / January 2008 / February 2008 / March 2008 / April 2008 / May 2008 / June 2008 / July 2008 / August 2008 / September 2008 / October 2008 / November 2008 / December 2008 / January 2009 / February 2009 / March 2009 / April 2009 / May 2009 / June 2009 / July 2009 / August 2009 / September 2009 / October 2009 / November 2009 / December 2009 / January 2010 / February 2010 / March 2010 / April 2010 / May 2010 / June 2010 / July 2010 / August 2010 / September 2010 / October 2010 / November 2010 / December 2010 / January 2011 / February 2011 / March 2011 / April 2011 / May 2011 / June 2011 / July 2011 / August 2011 / September 2011 / October 2011 / November 2011 / December 2011 /


Powered by Blogger

Subscribe to
Posts [Atom]