Be Afraid, Be Very Afraid

Last night's speech by President Bush was an eerie reminder of his cautionary and urgent pleas for Congressional approval for executive powers to invade Iraq and his argument for the Patriot Act. The effect of fear-mongering rhetoric was palpable.

Relying on a familiar refrain of impending catastrophe, Bush words ignited fear and panic in the hearts of American listeners. Similar to tactics in previous crises, Bush painted a distressing scenario that threatens the American way of life. Describing the situation as "growing more precarious by the day," "teetering on the edge of collapse," an ashen, grim-faced Bush warned of "financial calamity," and our country"slipping into financial panic." Bush described an economy in which banks fail, stock markets plummet, retirement accounts disappear, tight credit forces businesses to close, and jobs for millions of Americans are wiped out. Fanning Americans' worst fears, Bush urged "dramatic government action." In somber tones, Bush warned that Americans must act swiftly to move forward with his admittedly flawed plan. Once again, the American people are expected to trust George W. Bush and his political appointees.

Clearly, what was missing from the President's speech was his acceptance of any responsiblity for the present economic situation. There was no recognition of his administration's failures or lack of foresight. No assurances were offered that the broad powers included in Treasury Secretary Paulson's three-page emergency rescue plan would work to correct the underlying economic problems and provide long-term solutions.

Did Bush make his case for the urgent $700 billion taxpayer bailout? Perhaps so. His panel of federal economic advisors insists that Americans have no other option and warns of the cost of no action. Avoiding responsibility and denying fault while inciting fear and forecasting doom have worked well for Bush in the past. As I see it, this is the legacy of President George W. Bush.