President Bush appealed to the nation Wednesday night to support a $700 billion plan to avert a financial meltdown on Wall Street, and he invited both major presidential candidates to join him and Congressional leaders at the White House on Thursday to forge a bipartisan compromise.
Warning that “a long and painful recession” could occur if Congress does not act quickly, Mr. Bush said the consequences could play out in “a distressing scenario,” including potential bank failures, job losses and inability for ordinary Americans to borrow money to buy cars or send their children to college.
“Fellow citizens, we must not let this happen,” he said.
The address, and the extraordinary offer to bring together Senator Barack Obama, the Democratic presidential nominee, and Senator John McCain, the Republican, just weeks before the election underscored a growing sense of urgency on the part of the administration that Congress must act to avert a far-reaching economic collapse.
It was the first time in Mr. Bush’s presidency that he delivered a prime-time address devoted exclusively to the economy, and it came at a time when deep public unease about shaky financial markets has been coupled with skepticism and anger directed at a government bailout that would be the most expensive in American history.
However we resolve this, this is a needed wake up call for our country. The “credit crisis” is just one facet of a much larger issue. Over the years, I’ve been increasingly troubled by what some have called “affluenza.” We are bombarded by a culture that says that something is wrong with us if we don’t have the brightest large-panel flat screen TVs, the newest laptop computers, cellular telephones with the most functions, sound systems with the best sound, or the biggest SUV with every gadget possible.
Do we really need all this stuff, especially when it doesn’t seem to be reflected in any increased level of personal happiness or contentment? Most of us in the U.S. live lives of wealth that are beyond the wildest dreams of 99% of the rest of the world, and yet we are all so spoiled we take it for granted. If anything, we as a country just seem to just complain more and more, and get focused on all sort of trivial matters that don’t make any difference when all is said and done. I mean, really, who cares what happens on the latest “reality” show, what apprentice gets “The Job,” or who is going to sleep with whom in Hollywood?
And the fact is, at this point we’re all living way beyond our means on borrowed money, whether directly or indirectly, and leaving a painful legacy to our children and grandchildren, as well as weakening our country. As painful as it may be, a big part of me is saying we need this reality check.
It’s time for us all to do a reality check. Do we REALLY need the newest gimmick? Do we need the biggest house or pickup truck on the block? Do we need that second home that we really can’t afford? Do we need that big gas-slurping SUV?
I don’t know about anyone else, but I sure don’t! When my wife and I go on vacations, here’s what we do: We put a drafting compass on our town, draw a circle of about 100 miles in diameter on the map, and look for interesting places to visit. It’s easy…..and you’d be surprised at what you can find!