Two Presidents

With Bush being the lamest of lame ducks, WaPo columnist Eugene Robinson is getting concerned:

Bush could and should do it — he is still president, and preventing economic collapse is part of the job description. But he won’t. It’s ironic that after being so aggressive and proactive in other areas, the Decider is so indecisive and passive about the economy. He has limited his role to signing off on whatever Paulson says is necessary — most recently, $20 billion in cash and $306 billion in guarantees for Citigroup, a move that Bush apparently approved during his flight home from Peru.

In part, Bush’s inaction stems from ideology. If the free market is always right, it ought to correct itself and get back on course. All the government really needs to do is take care of a few emergencies such as Bear Stearns, Freddie Mac, Fannie Mae, IndyMac, AIG, Wachovia, Citigroup . . . and, of course, whatever comes next. Not the auto companies, however: In Bushworld, the firms that created the toxic mortgage-backed securities that threaten to bring down the global financial system are somehow morally superior to the companies that created the Mustang, the Malibu and the minivan.

I don’t think ideology explains it all, though. Even if he wanted to make a real run at righting the economy, at this point Bush has neither the energy nor the credibility to make it happen.

With Obama legally without authority, Robinson sees very little recourse except to hope that Paulson can keep juggling.

Update: McClatchy also had an article addressing the point:

Paul Light, a government professor at New York University’s Robert F. Wagner School of Public Service, said the rapidly deteriorating economy is forcing Obama to become the nation’s Booster-in-Chief before he becomes president.

“The markets are saying that George Bush is irrelevant to the economic future of the country, and they want to hear from Obama,” Light said. “Obama doesn’t have much choice but to reassure the markets as best he can. The ball is in his court whether he likes it or not.”

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Bail Out

Ross Douthat, in the wake of Monday’s House vote:

The most likely scenario, as of 3 PM this afternoon: The stock market continues to drop. Some version of the bailout passes in the next week. The American economy staggers into a recession, but passes through the storm without 1930s-style suffering; the Republican Party is not so fortunate. Even though most Americans claim to oppose the bailout [update: not anymore], the House GOP’s obstructionism is widely viewed as having worsened the economic situation; the fact that these are contradictory positions does not faze an electorate that wraps all of the country’s current troubles up, ties them with a bow, and lays them at the feet of the Bush-led GOP. John McCain loses by a landslide in November. The Democratic Party regains years or even decades worth of ground among the white working class, consolidates the Hispanic vote, and locks up a large chunk of highly-educated voters who might otherwise lean conservative. The muchdiscussed liberal realignment happens. And a politician running on a Ron Paul-style economic platform does very, very well in the GOP primaries of 2012.

The Dow dropped 777 points. Thanks, assholes. Main Street is getting antsy:

The United States Chamber of Commerce vowed to exert pressure, warning in a letter to members of Congress that it would keep track of who votes how. “Make no mistake,” the letter said. “When the aftermath of Congressional inaction becomes clear, Americans will not tolerate those who stood by and let the calamity happen.”