White House Caught Napping on Financial Crisis

I am gaining a new respect for Campbell Brown who seems to be growing a set and willing to be more that a mere parrot for sound bites issued by others. Now she's going after the Chimperator for being asleep at the wheel on the financial debacle that has occurred on his watch and mostly under a Republican economic model. Would that more in the media would remind the public that the ground work for the crisis and lack of regulation occurred under a GOP White House and GOP controlled Congress. Despite his stunts and theatrics, McCain is part and parcel with the group that allowed this mess to occur. Many of the problems in this country can be traced to a failure of the media to do its job and ask hard questions, expose lies and demand accountability. Here are highlights from Brown's recent commentary on CNN:

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NEW YORK (CNN) --

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"I have great, great confidence in our capital markets and in our financial institutions. Our financial institutions, banks and investment banks, are strong. Our capital markets are resilient. They're efficient. They're flexible."

Treasury Secretary Henry Paulson, March 16, 2008

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"Our policy in this administration -- laws shouldn't bail out lenders, laws shouldn't help speculators."
President Bush, May 19, 2008

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"Our economy has continued growing, consumers are spending, business are investing, exports continue increasing and American productivity remains strong. We can have confidence in the long-term foundation of our economy...I think the system basically is sound. I truly do."

President Bush, July 15, 2008

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Those were the words of Treasury Secretary Henry Paulson and President George W. Bush just a few months ago. Today, of course, they have been proven completely wrong. They are now telling us we are in a dire crisis, and that we must hand over hundreds of billions of dollars so they can lead us out of this mess.

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What's amazing to me is that the administration seems a little surprised that Congress and the American people are not marching in lockstep with them on this and not fully appreciating the urgency. Well here's why, in one word: accountability.

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This administration missed the boat on this crisis. They didn't see it coming. That's why when Bush goes on TV in a few minutes, he will face a very wary audience. And Secretary Paulson, frankly, you didn't help the situation with your initial, imperious request to Congress that you be handed this money and that your decisions "may not be reviewed by any court of law or administrative agency." Seriously, what were you thinking?

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We need serious scrutiny and debate, and that should happen whether we are talking about a giant piece of legislation that is going to affect us all, or whether we are talking about presidential and vice presidential candidates.