This piece is not to be read as a Republican versus Democrat narrative since this economic crisis or behemoth has touched each and every one of us in some way. All I will say is if I hear one more negative comment when it comes to both Clintons, I will point to how President Bush has left in his wake a burning Washington, a burning Wall Street and ultimately a burning Main Street.
President Bush will also leave in his wake a terrifying world where our national security is threatened coming from all corners of this planet. We have all been focused on the terror attacks in Mumbai, India, but there are many, many more. We must not forget any threats coming from Russia, China, Iran, North Korea and the piracy taking place off the Somalian coast-line.
While some have been critical of President Barack Obama for appointing many Clintonites and naming Senator Hillary Clinton as our next Secretary of State citing that it is not change: It is change from the way things have been done throughout these past eight years. In this time of economic-Armageddon, you do need experienced and tested people surrounding you. In this time of crisis, neophytes need not apply.
On November 20th, MSNBC’s Rachel Maddow; on her program interviewed the author of “Outliers”, Malcolm Gladwell. This is what he opined when it comes to President-elect Barack Obama naming many who served under former President Clinton, “I don’t see someone who is just simply giving into the old ways in Washington. I’m seeing someone with a healthy respect for the amount of time it takes to master the complex thing called running this country.”
He goes onto to opine, "And, frankly, can we afford to have people -- an entire administration learning on the job? You know, I think we need some guys, some men and women in there with their 10,000 hours already under their belt. You know, Hillary Clinton certainly has that and so do a number of other of his choices. So, that’s very much his decision so far -- a very much in keeping with our understanding of what it takes to be good."
His ten-thousand hours rule as he explains is this, "the 10,000- hour rule," which is an idea that expertise researchers have developed. It says that no one can master any complex task unless they have put 10,000 hours of practice in first."
Economics being a complex topic in itself given a normal climate, in this day and age, economics has entered into the realm of super-complexity. We have seen the tentacles reaching out affecting many areas of the economy where even most experts are at a loss as to how to fix it. The same can be said of our foreign policy. I do not even know how our domestic agenda will be addressed as many state’s governors met with President-elect Barack Obama in Philadelphia last night and most likely with cup in hand. Governor Arnold Schwarzenegger declared yesterday an economic crisis where his state is facing an $11 billion dollar deficit. Mind you that California is the fifth largest economic power on this planet.
While this past weekend’s sales were better than expected in the after-math of ‘Black Friday’, Jean Chatzky who is a financial advisor stated this on yesterday's MSNBC's "1600 Pennsylvania Avenue" with David Gregory, “what people need to do, sitting at home if they're having trouble, is to hunker down and look where they are and just get back on a very basic spending plan. So that they don't go overboard. Not this holiday season and not as we head into next year.”
She also went onto opine, "We can't control the markets. We cannot clearly control gas prices and food prices. You can control how much you're spending on cable and Internet and so many other things and if you can get yourself to start paying attention all of the sudden you have much more control over your whole financial life."
I would like for all who are being critical of President-elect Barack Obama’s picks to lay their blame and anger rightfully at the feet of President Bush who stated in an interview with ABC’s Charlie Gibson where he said he was sorry for the financial disaster he has left behind. Any anger by those feeling they have been left out by the incoming administration must remember that Bush also stated he was “unprepared for war” when so many of our service men and women have died and at last count 4207 have lost their lives. We must not forget those who have died in Afghanistan whose casualty rate is 628.
We must also remember that this war in Iraq has cost the tax payers of this country over $500 billion dollars and increasing by the second.
As its been reported where this recession started a year ago, this was on Bush’s watch. Also notable is this report filed by the AP, “The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown,” Remember his case that America should be an ownership society? In reality, if a person cannot sustain homeownership, then it is up to the government to set guidelines by regulating banks. A free-market system can ultimately come down to a system that strangles this economy. This economic behemoth is now strangling not only our nation, but the economies around the world.
If one believes in prophesy, then Paris Welch should be seen as a modern-day economic Nostradamus when she said of this lending practice, "Expect fallout, expect foreclosures, expect horror stories," She said that in January of 2006 as she "wrote to U.S. regulators...about one year before the housing implosion cost her a job."
I strongly urge that all of you reading this piece view this YouTube.com feed and listen to the words of Peter Schiff and listen to how the troglodytes disparage his opinions. Ask yourself who was correct given our current economic circumstances.
In looking at the super-complexities that will face President Obama (I am using that term already since Bush has basically bailed on us) come January 20th, 2009, he will certainly need the support coming from each and every American.