I’ve heard it said that, more than crafting specific policy, a president’s impact on the economy comes from the confidence he inspires in the country. If citizens can be reassured, then the economy has a better shot at bouncing back.
I’m not sure I believe that, but if we want to apply this notion to the events of the last couple of weeks, the cratering (the media’s new favorite word) of the stock market and public confidence in the economy at the same time that the Bush administration has attempted to calm nerves just shows how irrelevant the president (pictured above — White House photo by David Bohrer — during his
Friday address on the economy) has become.
Read this from
Dan Froomkin, which I think says it a lot better:
When it comes to the current financial crisis, it’s become pretty clear that an appearance by President Bush doesn’t calm nerves. It rubs them raw.
With global markets in a state of panic, with the world talking about the end of American capitalism, with ordinary citizens watching in despair as their savings vanish, we could all use some reassurance.
Had the president this morning announced something new, specific and verifiable, it might have helped. Most economists are persuaded that the semi-nationalization of American banks through direct infusions of capital is our best bet at this point. And the administration is reportedly working on a plan to do just that.
But today all Bush gave us was limp cheerleading, vaguely assuring us he’s doing everything possible.
The president seems checked out. His approval ratings are in the toilet. His credibility is shot. He’s arguably responsible for this mess in the first place. And his presence and his words have led to more fear and panic, not less.
Jan. 20 cannot come fast enough.
Author: hankkalet
Hank Kalet is a poet and freelance journalist. He is the economic needs reporter for NJ Spotlight, teaches journalism at Rutgers University and writing at Middlesex County College and Brookdale Community College. He writes a semi-monthly column for the Progressive Populist. He is a lifelong fan of the New York Mets and New York Knicks, drinks too much coffee and attends as many Bruce Springsteen concerts as his meager finances will allow. He lives in South Brunswick with his wife Annie.
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Hank Kalet 
The last I saw, Treasury was talking about buying non-voting shares, which shows incomplete grasp of the situation–that we, yes, need to go to central control for a while–and that the bandits who ran these things need to be run out of the building, turned upside-down, and shaken until money falls out of their pockets.The central control is more important, of course. Otherwise we are leaving in charge people for whom having to give up a private jet is a \”hardship\”.Sigh. Can\’t we have Obama\’s Treasury secretary ahead of time?
The devastation which the Bush/Cheney criminal cabal leaves behind is truly breathtaking in its depth and scope. Bush departs bequeathing to us the worst financial crisis since the GOP Great Depression. The only question is if Americans have finally learned their lessons and will start to vote for their own best interests and not for the interests of the US Chamber of Commerce, the Cato Institute, religious freaks, billionaire CEOs, extreme right wing ideologues, the top 2% of the economic pyramid and the NRA.