Democrats Keep Up Criticism of Bush and McCain on US Economy | Voice of America - English
Majority Democrats in Congress are maintaining their sharp criticism of President Bush and Republican presidential nominee John McCain, amid continuing nervousness in U.S. and global financial markets.
Intwo news conferences within 24 hours, House Speaker Nancy Pelosi andother Democrats unleashed a torrent of criticism, deriding what theycall presidential mismanagement of economic and financial affairsduring George Bush's two terms in office. After blastingPresident Bush on Wednesday, Pelosi did the same on Thursday, andcriticized Senator John McCain. "These failed policies are the policiesof George Bush and they are subscribed to by John McCain. The failureof the Republicans to responsibly regulate and provide adequateoversight, that has allowed for this 'anything goes' system on WallStreet," he said. At the White House, President Bush said herecognizes American's concerns and that he is closely monitoring thesituation. "As our recent actions demonstrate, my administration isfocused on meeting these challenges. The American people can be surewe will continue to act to strengthen and stabilize our financialmarket sand improve investor confidence," Mr. Bush said. HouseSpeaker Pelosi responded by saying the president had, in her words,"come out of hiding" to say very little. She suggested that thepresident should apologize to Americans for the financial turmoil. Democratsand Republicans have complained about not being informed in advance ofgovernment interventions in the economic crisis. And they haveexpressed concerns about the extent of federal actions, such as the $85billion central bank rescue of the American International Group [AIG]insurance company. "I frankly was somewhat disappointed that Ihadn't heard from anybody. They had been working on this for severaldays. I hadn't heard a word from anyone," said Senate DemocraticLeader, Harry Reid. "You can talk to [Treasury] SecretaryPaulson or [Federal Reserve Chairman Ben] Bernake about why theyproceeded in this direction. But I am concerned about taxpayer's fundsbeing put at risk. It is something that should concern all of us,"said House Republican Leader, John Boehner. While Democratsintend to adjourn Congress next week so lawmakers can prepare for theNovember general elections, U.S. financial officials are scheduled totestify before at least five House and Senate panels. "Ourcommittee is going to hold hearings on how we got to this position,what kind of regulations were we supposed to have had to keep themarkets working, to make sure we didn't allow the financial excessesthat have brought us to this point?," said Henry Waxman, Chariman ofthe House Committee on Oversight and Government Reform. "Thefundamental issue is we have got to put an end to this situation inwhich there is no sensible regulation, and irresponsible individuals inthe private market, or unwise individuals in the private market canincur the kind of risks that put us in a threatening situation," saidHouse Financial Services Committee Chairman, Barney Frank. Onthe Senate floor Thursday, New York's Charles Schumer unveiled what hecalled a "comprehensive proposal" aimed at calming Wall Streetfinancial markets -- this as the Dow Jones industrial average recovered400 points, after major losses earlier in the week. Askedwhether the financial crisis might force Democrats to revise theirplans to adjourn Congress next week, House Speaker Pelosi pointed tothe hearings, saying lawmakers can always be called back into session,if there is a need. Senate Democratic leader Reid took the sameapproach. He said he intends to hold the Senate in a standby pro formasession mode in coming months to deal with any actions that might berequired.