World economic news is all bad. The Dow Jones Industrial Adverage fell 280 points yesterday and other world markets fell as well. Moody cut Greece’s bond rating by three notches and Europe’s situation is weakening as the dollar shows gains. The big money managers are in a panic because they can’t see a good place to invest their clients money. QE II will supposedly end in June and the Fed doesn’t know whether to shit or go blind. New from the manufacturing sector is bad, the employment data is morbid, and the housing data keeps getting worse. For more on the economy, see CNNMoney.
Meanwhile, our boys and girls in congress on both sides of the aisle seem, with few exceptions, to continue politics as usual on the debt ceiling issue. Folks, right now the world is desperate to see that the US is serious about putting its house in order. And that means that serious spending cuts MUST go along with raising the debt ceiling. Erick Erickson of the RSRedstate has some thoughts on this very point. The title of his article, If the Republican Presidential Candidates Won’t Lead on This, What Will They Lead On?, asks a very important question. The article is short so I am going to reproduce it here:
It would be unfair to say that the Republican Presidential candidates have not weighed in on the debt ceiling. Most, if not all, have in passing mentioned the issue.
But the time for mentioning the issue in passing is over. The Dow Industrials have fallen. The Fed wants to print more money. Obama is gutting NASA’s space mission to socialize healthcare and fund global warming nonsense. And Republicans on Capitol Hill are hinting loudly that they will raise the debt ceiling, but they want a big show of something first.
Obama is prepared to wait them out and blame them. No one seems to have their back. And the congressional Republicans will, as sure as the sun will come up tomorrow, go wobbly. They just will. It is what they do.
So it is time for the Republican Presidential candidates to start forcefully and constantly demanding bold change in exchange for the debt ceiling increase. Yes, some of them will say this is a matter they should not get involved in, but the nation they inherit, or not, cannot wait for their election or defeat.
The time is now. Republican Presidential candidates have a unique position to stand above the fray outside Washington, while also backing up the guys who are already there fighting the fight. Pressure must be brought to bear on United States Senators, a number of whom are looking to cut a minimalist deal with Democrats, save face, and proclaim bipartisanship at work.
If the GOP Presidential candidates do not get out there loudly on this issue — and I have a hard time believing they won’t race to the right of each other on this issue — congressional Republicans will buckle, a handful of Republican Senators will, metaphorically, slit the throats of the conservatives to get a deal with the President, and the debt ceiling will be raised with little to show for it. That will hurt all of the Republican candidates and do irreparable harm to this nation.
It is time to lead and speak boldly.
I agree with Mr. Erickson. I don’t think the necessary leadership is going to come from the Republicans currently in the House or Senate. The leadership is needed now. And I mean right now! It can only come from one or more of our presidential candidates. But who? Who out there truly understands the importance this issue has not only to the US but to the world? Who can provide the leadership that will give sufficient courage to our current Congressional Republicans so they can do what must be done?
So, dear readers I have two questions for you today:
- Do you agree that the needed leadership must come from a Presidential candidate?
- If so, who out there, announced or not, do you believe has the background and character to provide this leadership and how do we convince them to step-up?
I’ll start the ball rolling by throwing in my two cents worth. Of all the candidates and potential candidates that I see out there, I think Herman Cain may be the most qualified to provide the needed leadership. I’m aware that many conservatives have spoken out against Cain because of his history with the Federal Reserve, including yours truly. Thinking about it more today, it is possible that Cain’s experience in the Fed and his experience as a CEO who has turned around a failing company is exactly what makes him the most qualified to offer this leadership.
At any rate, if someone is going to provide this leadership, they need to step forward soon.