Strange Legacy

Blame Nancy Pelosi

Like most Americans, I’m pretty upset about the state of the economy right now. As somebody who’s tried to responsibly invest his money in IRA’s and 401k’s, the recent damage on Wall Street has rippled all the way across the country to my own front door. In the wake of Congress’ inability to pass the controversial “bailout” legislation, the Dow Jones Industrial average plummeted by more than 700 points yesterday – the biggest dip in its history. Whether the House of Representatives’ failure to pass the bailout is good or bad in the long-run is a discussion I’ll leave to economic minds far more qualified than my own; nevertheless, I think it’s safe to say that in the short-run it’s nothing short of disastrous.

It’s not uncommon during times of stress and crisis to look for someone we can hold accountable. Many have laid the blame for our current economic woes on President Bush; others blame Alan Greenspan. Still others blame the special interests which pushed for deregulation. In the end, it seems that there is plenty of blame to go around. The same is true for Congress’ failure to pass the Wall Street $700 billion bailout. John McCain didn’t help things much when he “suspended” his campaign to go fix Washington and single-handedly broker a compromise between Republicans and Democrats, thus turning a serious national issue into a cheap political stunt. But if I had to apportion a majority of blame for this failed legislation, I would have to lay it at squarely the feet of none other than House Speaker Nancy Pelosi.

I am absolutely appalled by Ms. Pelosi’s conduct in the wake of this economic turmoil. She has demonstrated nothing short of an absolute deficit of leadership and character during this pivotal moment in history, and my opinion of her is forever tarnished as a result. Now before every Democrat reading this article cries “foul ball!” and eviscerates me in the comments section below, please take a moment to consider what I have to say. Shortly before the vote was taken in the House of Representatives on this bill, when tensions between Republicans and Democrats were already high, Ms. Pelosi felt inclined to give a speech before the entire House blaming President Bush and the Republican Party for the fiscal woes of the country. This diatribe likely pushed many undecided Republicans to vote against the legislation, as a vote for it would be tantamount to an admission of guilt.

Is Ms. Pelosi wrong in her accusations against President Bush and the Republican Party? Not really. I think her view is overly simplistic, and ignores the reality that some of the roots of this catastrophe actually extend back to the Clinton years. Nevertheless, Republicans have been in power the vast majority of time this crisis has been brewing. It was the Bush administration that appointed many of the failed leaders who have presided over this economic disaster. The fiscal behavior of the Republican Party over last eight years should shame any true Conservative. But make no mistake – regardless of whether her remarks were correct or incorrect, Ms. Pelosi was unequivocally wrong to use her position, and her podium, to try and score additional points against the opposition when bipartisan cooperation was essential to resolve the crisis.

To be fair, Speaker Pelosi is not the only one who is guilty of throwing mud during this meltdown. But I hold her most responsible for the simple fact that she’s the one at the top. She is the leader of the House of Representatives, a position so important she is actually second in line for the presidency (after the V.P.). While Democrats have a right to be furious at President Bush and the Republican Party for the abuse they’ve suffered these past eight years - and expressions of anger and blame are understandable – a true leader must rise above these inclinations and act in the best interests of the country. John McCain was wrong to try and insert his campaign into the issue and commandeer any credit for a resolution that may have occurred; but Speaker Pelosi made the unconscionable choice to actually go on the offensive. When steady, calm, and responsible leadership was required, Nancy Pelosi submitted to the common human desire for vengeance. She put the proverbial “pound-of-flesh” ahead of her duty to America.

Many Democrats have countered that Speaker Pelosi’s speech is no excuse for the behavior of Republicans who voted against the bailout. They argue that Republican congressmen who put their own egos ahead of the country’s interest don’t deserve their jobs – and they’re correct. So what? America has largely passed judgment on the Republicans for their recent poor leadership. The G.O.P. suffered a tremendous blow when it lost control of Congress in 2006, and if recent polls are any indicator they will suffer further congressional losses in a few months. They may even lose the White House. Yet, despite the Democratic takeover of Congress, the approval ratings for Congress continue to be lower than those for President Bush (I shudder to think of what they probably are right now). During interviews, Speaker Pelosi has responded to this fact by stating that polls still show Americans prefer Democratic control of Congress to Republican control. But all this really means is that people are very, very unhappy with Republicans right now. Unless the Democratic Party can get its act together and show some real leadership, it will find itself back at “square one” in a few years when the country decides that the Republican Party has paid due penance for its transgressions.

The post 9/11 world presented a unique opportunity for the Republican Party. As national security (an issue which has typically favored Republicans) became the preeminent concern for most Americans, the G.O.P. was well positioned to forge a legacy and cement its control over Washington for years – perhaps decades – to come. Nevertheless, they squandered this opportunity and are reeling in the aftermath of corruption, scandal and incompetence. Ironically, as much as Democrats may loathe President Bush, his shocking ineptitude has presented them with a similar opportunity. The Democrats are better positioned than they have ever been to carve out a lasting legacy in Washington; if they squander it, they will have only themselves – and House Speaker Pelosi - to blame for it.

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