Bush wages war on financial terrorism but fails to rally the troops

September 26, 2008

President Bush launches one more campaign in the war against terror. But this time it is against the terror that threatens global capitalism

The aging generalissimo is preparing to step down. Perhaps he will hand over to a dynamic young leader. Perhaps to one even older than himself. But step down he will, in a matter of months.

While he might have wished for respite, he has to confront one last crisis in his last days as President. The United States faces the most severe financial crisis since the 1930s.

His plan is to fight the financial war with a $700 billion attack force. But he has to win support of his financial generals who are not convinced.

When he addressed the nation he looked tired and had lost the jaunty air which has been a feature of his press conferences.

Peering at events from the UK, BBC’s celebrity journalist Robert Peston suggests that Bush is trying to bully the troops into line.

Political impact

The political ramifications of this battle are becoming clearer. The presidential aspirants have been dragged into the crisis before they would have chosen. Senator McCain has made the more assertive move, claiming that it calls for a temporary cease-fire in the Presidential campaign. He suggests a face-to-face debate scheduled for Friday [September 26th 2008] should be cancelled. Senator Obama gives a more nuanced response (a ‘yes and’). Sure, the financial crisis is vitally important and urgent. But a wannabe President has to deal with more than one thing at a time.

That exchange struck me as significant. McCain made a plausible move. Obama’s response worked better for me.

So what?

So what? I don’t get to vote in November.

There will be plenty more mud flying around, but more seems likely to stick onto the Republican candidate and his high octane vice-Presidential candidate around their grasp of financial affairs. These hits may be harder to brush off.

It just looks, for the first time in months, that the odds are swinging back to Obama, and that vulnerabilities in the McCain campaign will do his prospects real damage.


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