Legal Commentary

It's Time For Obama to Seize the Moment

By TChris

If you have a helmet -- bicycle, motorcycle, military, safety, whatever -- put it on. Markets around the world are falling, at least for the moment.

Asia Stocks Fall in Worst Rout for 21 Years as Bailout Rejected

Australia Stocks Tumble as Bailout Fails, Sparking Credit Fears

The president announced that the administration's "strategy is to continue to address this economic situation head-on." That is sooooo reassuring. President Bush will make "a statement on the financial-rescue package" tomorrow morning. What could he possibly say at this point that anyone would take seriously? [more ...]

Nobody wants to be Chicken Little, but even if this is not a crisis, it is a serious and urgent economic disruption. Isn't it time for Democrats to tackle it on their own? John McCain couldn't deliver Republican votes for a bipartisan version of the administration's plan. House Democrats should band together to pass their own emergency bill, and they need to create a framework for comprehensive legislative and regulatory reform.

The time is ripe for Barack Obama to advance a populist proposal that would address the adverse fallout of Wall Street excess without rewarding the executives (on Wall Street or elsewhere) who caused the problem. Obama doesn't need to suspend his campaign to lead his party. He told us he can multitask. This is the time for Obama to seize the moment, not to micromanage the drafting of complex legislation, but to outline a clear plan that embraces the values of Democrats. If Obama spends a day with Barney Frank and Chris Dodd to hash out new legislation, and his party comes together, Democrats can do something useful, take rightful credit for it, and expose McCain as a failed leader.

Full post as published by TalkLeft on September 29, 2008 (boomark / email).