As I watch the events unfolding in Washington I’m reminded of a recent quote about leadership vs. management…
"There is a profound difference between management and leadership, and both are important. To manage means to bring about, to accomplish, to have charge of or responsibility for, to conduct. Leading is influencing, guiding in a direction, course, action, opinion. The distinction is crucial"
There is simply no leadership in Washington. A recent quote by Dallas Federal Reserve Bank President Richard Fisher said:
"The seizures and convulsions we have experienced in the debt and equity markets have been the consequences of a sustained orgy of excess and reckless behavior, not a too-tight monetary policy,"
It is simply disgusting that over the last few years $60 billion dollars (almost 1/10th of the suggested bailout plan) has been paid out as Executive bonuses. All based on nothing more than thin air.
Now we see Paulson and Bernanke try to slip in a quick fix all based on a 3 page memo. What a total crock. This is what caused the problem in the first place. 3 pages don’t even begin to describe the depth of the problem.
Neither Paulson, Bernanke, Pelosi, Bush or any of the other individuals in Washington are exhibiting any signs of real leadership. They have presided over essentially another Depression. And in return for this they want the American taxpayer to cough up $2,300 bucks each to make the problem go away. Only one minor nit – there is no plan.
WTF is going on here. Can you imagine Buffet signing up for a deal like this. Where’s the upside for the taxpayer? This is just like a startup which has burned through millions and millions of dollars going back to investors for a “quick fix” injection of capital. I guarantee you wouldn’t get the deal done with a 3 page memo and no upside for the investors. Why should this bailout be different from that.
No – America simply has no leadership. There is no one at the top worth following anymore. It’s a very sad day, and one that will be pivotal as we go forward.