Duct Tape, String and Baling Wire

September 28, 2008

So…Congress worked all weekend filling financial sandbags in hopes of rescuing the country from a flood of red ink. They huddled to plug the hole in the fiscal levee to keep the national economy from drowning in underwater mortgage-backed investments held by Wall Street investment banks, banks, mutual funds and insurance companies. While the members of Congress really wanted to be at home campaigning, early indications are that some version of the $700 billion bailout proposed earlier will go forward. Hmmm.

George W. Bush's administration has cried "wolf "so many times, it is hard to know just how seriously to take this latest alarm. From this distance, it appears that the ones who are panicked are the members of Congress, who once again have been herded into the hall and told to move fast or else. Congressional phones have been jamming and emails are seething over voter objections to heavy-handed bailouts for big financial institutions at the expense of the taxpayer. Well, I reckon.

While this crisis may indeed be real, one has to wonder what's the rush, and why taking such drastic action with such widespread and long-term impact doesn't merit some thoughtful reflection before everybody runs pell-mell over the cliff like lemmings. It reminds me of the saying, "Do something, even if it's wrong!"

By now Bush is such a lame duck, most of his staff have to swim to work, but Treasury Secretary Paulson, one of the rare grownups in Bush's cabinet, is on the job, working on a remedy. His first requests--for unlimited and unquestionable dictatorial authority and immunity from being sued--were unacceptable for some strange reason. Besides, a lot of folks took one look at who would benefit from this massive dole (and who would not) and noted that it sure smelled a lot like socialism, even if it was coming from the Republicans.

So far the revised proposals for the rescue plan have not been pretty--sort of like that old maroon 1953 Buick Special with the torn seats and the hole in the floorboard that my folks let me drive in high school--the engine was good, but in those pre-duct tape days, everything had to be held in place with string and baling wire.

Golden parachutes to the hot shots who allowed this to happen? No way. Any relief for the family that is about to lose their home? Not yet. Give Uncle Sam an ownership stake? We'll see soon enough.

Obviously, the country is in a mess, and it didn't happen overnight. In the face of the crisis, members of both parties have actually rolled up their sleeves in spite of the pending election and have been remarkably disciplined. Give them credit--it has been tough sledding. It has been amazing to witness what appears to be genuine concern for the welfare of the country working its magic across party lines. Clearly it is serious and complex work, and we all await the outcome of their sensitive negotiations. It still may look like that old 1953 Buick, except that now duct tape comes in several colors.

John McCain did nobody a favor by swooping into Washington, trying to create a role for himself as the country's savior by magically brokering a deal. All he did was interrupt progress, confused the situation and probably wounded his campaign by threatening to cancel his debate appearance. McCain likes to refer to himself as a "maverick," and in many ways he is the prototypical lone wolf. Here's the downside: People with that personality type pride themselves on bucking authority, are impulsive and impatient decision makers, are big risk-takers, like to bend the system to suit themselves, and seek glory for its own sake. As kids they don't play well with others in the sandbox, and it's a lifelong pattern. It probably saved his life as a POW, but it's not any reason he should run the country.

In today's complicated times, with international and domestic conditions as fragile and dangerous as they are, the last thing we need (age and health aside) as President of the United States is an impulsive hotheaded loner who pretends to listen and goes his own way. And, just in case you are wavering, watch Gov. Palin's recent (and rare) interview with Katie Couric and imagine her as commander in chief of the most powerful country in the world.

Charlie Crow