Pelosi: Denial is Not An Economic Recovery Plan

[ProSense]

Speaker Nancy Pelosi
Posted September 15, 2008 | 07:26 PM (EST)

Denial is Not An Economic Recovery Plan

In the midst of a dire economic situation, President Bush this morning characterized recent market developments as an 'adjustment' that can be painful for investors and employees of the firms, while Senator McCain said the 'fundamentals of our economy are strong.' President Bush, Senator McCain, and their Republican Party are out of touch and apparently ill-equipped to get our economy back on track.



"I still believe our fundamental underpinnings of our economy are strong."
-Sen. John McCain (1/23/08)

"Ladies and gentlemen: The state of our economy is strong."
-President George Bush (1/31/07)

"I still believe the fundamentals of our economy are strong."
-Sen. John McCain (8/20/08)

"There have been some recent signs that our economy is beginning to improve."
-President George Bush (8/30/08)

"Our economy, I believe, still, the fundamentals of our economy are strong…"
-Sen. John McCain (9/15/08)

"I'm confident that our capital markets are flexible and resilient, and can deal with these adjustments."
-President George Bush (9/15/08)

Under the leadership of President Bush, Senator McCain and the Republican Congress, Wall Street gamed the system and American families and businesses paid the price. This morning, as reports of major financial institutions faltering were piling up, Americans were left looking for answers.

Eight years of weakened regulation of our nation's financial system -- including a failure to regulate risky, and often predatory, lending practices -- by the Bush administration and Republicans in Congress have led us to this point, and could further erode our nation's economic health. America needs leadership going forward that understands the depth of the problem. Senator John McCain's public statements don't offer much confidence:

<...>

Millions of Americans are feeling the pain of eight years of disastrous economic policies -- job losses, foreclosed homes, reduced home values, eroded pensions, high gas prices and compromised financial futures. Today, more than 9 million Americans are without work and millions more are struggling with the high cost of gas, health care and groceries, yet John McCain told Americans who are out of work or who just lost their jobs that another four years of the same failed Bush economic policies are the right solution for them and for America.

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[maseman]

1. Isn't Denial in Egypt?

:shrug:

[central scrutinizer]

2. No, but those $50/hour jobs picking lettuce that McW promised will help

can I get one?

[TheDonkey]

13. If $3million a year is middle-class. McCain prolly thinks $50/hr is minimum wage

HE IS OUT OF TOUCH.

[Demeter]

3. Speaking of Denial: Set That Table Yet, Nancy?

[Cha]

4. Good one, Pelosi!

Short Sweet Succinct!

[ProSense]

6. Agree. n/t

[Pale Blue Dot]

5. GOD FUCKING DAMMIT.

I'm sorry, but my frustration is boiling over. Many of us have seen this coming for years now, and when we tried to talk about it we were told that we were "chicken littles" who "wanted the economy to fail."

McCain is bad, but we were ALL in denial. That denial prevented us from taking action that could have at least eased the pain. People didn't want to listen - and that goes double for Nancy Pelosi and triple for John McCain. People STILL don't want to listen tonight.

[Riktor]

11. Of course not...

People are confident the government will step in and bail them out if and when the shit gets thick. Isn't it rather ironic the same wealthy businessmen and women who tout "personal responsibility" are now running to Uncle Sam with their hands stretched out for alms? The same people who have dedicated themselves to destroying the welfare system, public health care, and public education... "libertarians", I think they call themselves. The Party of the Congenitally Wealthy.

Nevertheless, there is a lesson to be learned in all of this: there's nothing wrong with "personal responsibility". Americans are, on average, horrible at managing their money. Sometimes you gotta motivate people, even if it means kicking them in the pants.

[Cha]

7. ...

:kick:

[gordianot]

8. Anyone ever hear of Herbert Hoover?

McCain is Hoover II with a dose of Bush thrown into the mix. Denial was his first step almost word for word. History is repeating.

McHoover is alive and well.

[me b zola]

9. K&R

:kick:

[Odin2005]

10. Pelosi NAILS it!!!

Kick their asses, Nancy!!!

[TheDonkey]

12. This is serious shit. LEH is bankrupt. AIG is going there. WaMu on the ropes.

People's savings and houses are hemorrhaging value. This is incredible to hear McClown say the fundamentals are strong and get away with calling for NO real economic plan. OBAMA and BIDEN MUST capitalize off this. It's jaw-droppingly horrific.