Fail to approve Financial bailout: Leadership Crisis?
Leadership Crisis? Â Not so sure. But at least not strong leadership.
I really don’t understand the stock market or financial funds in deep to explain why all these events have been going on, or how can the $700 billion bailout can help to solve things up (If it happens to be approved). But to me one thing is clear:Â Leadership is based on credibility, and it’s sad to say it, but Mr. Bush doesn’t have enough credibility to support such a big endeavour. At least, not without negotiating. A strong leadership wouldn’t have had such big problems in moving the congress toward a “clear solution” without much hesitation. If the problem and solution were clear enough, the congress would really support the president in such a big issue, but that’s not the case yet.
It’s not rocket science, it’s just plain and simple common sense. If there’s lack of credibility, then there’s no leadership or no strong one. When you’re in command, there’s no problem you only give orders. But in this case, that can not be done to an independent power (as the congress is). You have to persuade or influence. A lot of people could argue that the issue wasn’t well exposed or even well defined. But then again, if that’s the case, then lack of strong leadership is the problem.
The fact is: Mr. Bush has to negotiate, or at least, reformulate the problem and/or the solution in order for the congress to “give him” the approval on the bailout. (by the way, McCain has asked to call it “rescue” instead).
What do you think?
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1 comment
One of the main reasons for the foul financial fiasco is that the so-called experts forgot to keep it simple. The newer derivatives that they used for hedging etc. are so complex that it would require high calibre mathematicians to unravel them. And the fat cat bankers, being no mathematicians, traded in those derivatives without any idea of the incalculable risks they were exposing themselves to in the process. Now that the inevitable has happened the same international bankers, showing the herd mentality typical of their tribe, are not touching even legitimate risks unless they can’t unload them onto the U.S. government in one way or the other.
The government will ultimately have to bail out the defunct banks and other financial entities because it can not allow a repeat, only much worse, of the early nineteen thirties – the Congress will come around after sounding sanctimonious and silly by turns – but it must impose extreme discipline on the top functionaries of the outfits it would prop up. Till such time these companies are not able to fully pay back to the government, salaries should be regulated and no obscene bonuses, signing bonanzas or golden parachutes be permitted.
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