Another day…
Observer September 30th, 2008
…..another bail out, or not. As we watch with a macabre fascination the Wall Street story getting grim, grim and grimmer, the Republican failure to pass a bill of its own president’s making, in what is clearly a fast spiralling crisis, speaks loudly to the leadership failure of the Bush years. The market meltdown is now caught up well and truly in the mire of politics. Setting aside social outrage at executive pay on the one hand and free market ideology on the other, it appears that many on main street were also tempted and or persuaded to speculate, in the belief that ’safe as houses’ meant exactly that. In the event that Obama’s candidacy for the presidency becomes a surer and surer thing, the chaotic closing out of the incumbent administration, and the global hope now invested in him, will make his task all the harder. One of his biggest challenges will be to manage expectations.
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