[The Times, U.K.]
Folha, Brazil
George W. Bush's
Second Big Bang
"George W. Bush is going to go
down history. Fate has gotten him twice, and it has gotten him good. … History
has decreed that Bush's second big bang would unfold less than six weeks from
the most disputed presidential election ever to occur in the United States. So
it's not the economy, stupid - it's politics."
By Sérgio Malbergier
Translated By Brandi Miller
September 27, 2008
Brazil
- Folha - Original Article (Portuguese)
George W. Bush, 62, is going
to go down history. Fate has gotten him twice, and it has gotten him good.
The first time, the
aircraft-bombing of September 11, 2001 caught the President after less than
nine months in the most important office of the world, when he had little
international experience. He sought refuge in the wisdom of the Vice President
and the Pentagon hawks - and the world has never been the same.
Bush's second Big Bang is the
collapse of the American financial system, which too, will never be the same.
But Bush's place in history has been settled. This lame duck par excellence
is now delegating the almost impossible administration of this financial
collapse to the hawk-like instincts of Wall Street - Treasury Secretary Hank
Paulson, and a reflective academic from Princeton, FED Chairman Ben Bernanke.
History has decreed that
Bush's second big bang would unfold less than six weeks from the most disputed
presidential election ever to occur in the United States. So it's not the
economy, stupid - it's politics.
The way John McCain and Barack
Obama behave in the face of this economic crisis may well define who will
succeed Bush, in what remains the most important position in the world. And
it's far worse when politics contaminates the economy than when the economy
contaminates politics.
McCain seems lost as does the
Republican right, which turned a blind eye to the financial time-bomb on Wall
Street.
'Congressman
Hiram J. Scuttlebutt'
[The
Telegraph, U.K.]
This dangerous impasse is a fruit
of the division of power: a Republican executive branch and a Democratic
Congress. The Democratic legislative majority wants to impose changes on the
plan of the Republican executive.
To make matters worse, the
more partisan Republicans don't accept the interventionism and fiscal largesse
of the Paulson-Bernanke rescue package. To make matters still worse, the
proximity of the elections is a temptation for all kinds of political
exhibitionism and populism. And to make matters yet worse, Bush is exercising
practically no leadership, as was shown in the frustrating meeting held at the
White House with Obama, McCain and the leaders of Congress.
The manner with which
American weakness has been broadcast around the world shows just how serious
the crisis has become. Extreme viewpoints are already mocking the American
giant, for example economist
Maria da Conceição Tavares (The 21st Century will not be North
American) to German Finance Minister Peer Steinbrueck (The U.S. will
lose its status as great power of the worldwide financial system), to, of
course, to the usual suspects (Chávez, Ahmadinejad, Kirchner, etc.) and
President Lula and his foreign minister, Celso Amorim.
President Lula is one of the
biggest jokers with regard to the American situation. He has already offered
proposals that are humorous and serious, which must confuse the Brazilian desk
at the American Department of State. He should treat the crisis with greater
seriousness and prepare the country accordingly.
Posted by WORLDMEETS.US
If he doesn't, it'll be like
those Brazilians who think they know it all and brutally attack the tortures
committed by American troops against foreign prisoners at Guantánamo, but say
nothing about Brazilian citizens being tortured by Brazilian police in police
stations right next to their homes.
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Sérgio Malbergier is the editor of the Money section of the
Folha de S. Paulo. He was the editor of the World section (2000-2004),
a correspondent in London (1994) and sent as a special correspondent to
countries like Iraq, Israel and Venezuela, among others. He has directed two
short films, A Árvore [The Tree] (1986) and Carô no Inferno [Carô in Hell]
(1987). He writes for Folha Online on Thursdays.
E-mail: smalberg@uol.com.br
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CLICK HERE FOR PORTUGUESE
VERSION
[Posted by WORLDMEETS.US
September 30, 5:35pm]
