Friday, November 21, 2008
The Elephant in the Room
In this morning’s New York Times, Wilbur Ross is worried about the leadership vacuum in Washington: “We really need somebody to step in and show leadership. Every day that’s wasted and that we stay in freefall is going to make the recession that much deeper and longer.” The Time’s Floyd Norris also wonders “whose in charge” in a Page One article. “Cries are being heard for a new government intervention to prop up financial institutions before President-elect Barack Obama takes office.” In the op-ed page, Paul Krugman worries about a “Lame-Duck Economy” and warns about the risks of a “power vacuum at the height of the crisis.” All three articles were focused on what the President-elect can and should do to address the crisis. None of the articles addressed the elephant in the room – namely, George W. Bush. The question of the day is whether George W. Bush should resign? A “pre-packaged” Bush resignation would certainly restore confidence to a shattered market. Obviously, this is a huge long shot because a Bush resignation would be an admission of failure. But, nothing can be completely ruled out during these extremely chaotic times.