March 31, 2008 at 07:03:15

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Bush's Legacy Leads to Iran: Will Clinton or Obama Make Any Difference? Will You?

By Heather Wokusch (about the author)     Page 1 of 4 page(s)

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For OpEdNews: Heather Wokusch - Writer

The lack of oversight characterizing both the Bush administration and crony capitalism have bankrupted the U.S. and created the need for perpetual war. With Cheney stirring up trouble over Iran, we can't wait until November 2008 to fight back.

Toxic economy

Take the Fed's recent $30 billion bailout of Bear Sterns. Why throw taxpayer dollars at a company with massive amounts of "toxic waste" on its books, created largely through reckless behavior chasing short-term profits?

Reigning in Wall Street would make more sense. Force investment banks to disclose off-balance-sheet risks and put aside substantial reserves, at minimum.

But no, the Fed instead hands Wall Street taxpayer dollars. Moral hazard be damned.

Bear Sterns won't be the only bailout - the precedent has been set. We are looking at the start of a wealth transfer from normal Americans to large and unaccountable financial institutions.

And the cancer is spreading. In the same way that subprime mortgages have become toxic for major investment banks, the U.S. dollar has become toxic for overseas creditors.

The greenback has been falling against the euro and other currencies since 2002 and is widely expected to plummet further this year. Doesn't help that the Fed stopped releasing M3 money supply data in March 2006, making it impossible to tell how many dollars are being dumped on the global market.

The Bush administration's irresponsible fiscal policies have led central banks abroad to see "coupling" with the US as a moral hazard. It's no surprise that, for example, Japan's war chest of treasury securities fell $40 billion from January 2007 to January 2008.

Bottom line, the U.S. public's lack of trust in Bush's economic policy (if he even has one) is shared by global creditors.

And that leaves just one area of influence for this administration: war, war and more war.

All roads lead to Tehran

In the past two weeks, the White House approach to Iran has become increasingly schizophrenic. While Bush gave two radio interviews emphasizing the possibility for a US-Iran reconciliation, Cheney crisscrossed the Middle East pushing for war.

Maybe they're playing good cop/bad cop. Or else Cheney's taking matters into his own hands.

As The Global News Service of the Jewish People (JTA) observed, a U.S. strike on Iran is unlikely unless, "the Democratic presidential candidates appear to be far ahead of their Republican rival and Bush senses a 'now or never' strike option." Since even that scenario may be doubtful, " the Israelis are hoping that the hard-line Cheney will push the envelope - a role he reportedly played vis-a-vis the U.S. invasion of Iraq. One official said Cheney is seen as 'a significant player' who could influence 'serious issues that cannot wait.'"

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