Thursday, September 25, 2008

Bush Risks Wrath of Main Street To Save Banks

The Independent UK
Friday, 26 September 2008
A fictional scenario of financial collapse could not improve on the perfect storm that is battering the US economy. The crisis has been a decade or more in the making, but the hurricane has struck with its full fury at the worst imaginable moment.

The least trusted and most unpopular president in the country's modern history is serving his final months, his credibility and moral authority close to zero as he tackles a disaster partly, at least, of his own making. In the partisan heat of the campaign to replace him, politics cannot but intrude on the most sober judgment.

Proof of that came last night when, after a bailout deal seemed close, Republican Congressmen rebelled – against a measure urged by a Republican president. Suspicions were rife that their resistance was largely aimed at giving cover to John McCain, who had rushed back to Washington only for an outline agreement to be reached without him.
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