COMMENTARY By THOMAS L. FRIEDMAN: I was walking by a TV the other day and CNN was on, airing a hearing of what seemed to be a banking committee in Congress debating whether to release more bailout money. CNN didnt identify the lawmaker who was speaking. He had a bit of a Southern drawl. But I burst out laughing when he said something like: I remember a time when banks lent money to people. Now its the other way around. Yes, kids, those were the days when banks lent money to the people not the people to the banks! Many commentators have suggestions for Barack Obama on what should be his first meeting at the White House. Here is mine: Mr. Obama and his economic team should convene the 300 leading bank presidents in the East Room and the president should say to each one of them something like this: Ladies and gentlemen, this crisis started with you, the bankers, engaging in reckless practices, and it will only end when we clean up your mess and start afresh. The banking system is the heart of our economy. It pumps blood to our industrial muscles, and right now its not pumping. We all know that in the past six months youve gone from one extreme to another. Youve gone from lending money to anyone who could fog up a knife to now treating all potential borrowers, no matter how healthy, as bankrupt until proven innocent. And, therefore, youre either not lending to them or lending under such onerous terms that the economy cant get any liftoff. No amount of stimulus will work without a healthy banking system.
----------- POLL: Americans are confident Barack Obama can turn the economy around but are prepared to give him years to do so, according to the latest Times/CBS News poll. ----------- PELOSI OPEN TO PROSECUTION OF BUSH ADMINISTRATION OFFICIALS: House Speaker Nancy Pelosi is receptive to the idea of prosecuting some Bush administration officials, while letting others who are accused of misdeeds leave office without prosecution, she told Chris Wallace in an interview on "FOX News Sunday." "I think you look at each item and see what is a violation of the law and do we even have a right to ignore it," the California Democrat said. "And other things that are maybe time that is spent better looking to the future rather than to the past." ----------- PRESIDENT 'HAS FOUR YEARS TO SAVE EARTH': Barack Obama has only four years to save the world. That is the stark assessment of NASA scientist and leading climate expert Jim Hansen who last week warned only urgent action by the new president could halt the devastating climate change that now threatens Earth. Crucially, that action will have to be taken within Obama's first administration, he added. ----------- VENEZUELA'S CHAVEZ SAYS OBAMA HAS "STENCH" OF BUSH: Venezuelan President Hugo Chavez said on Saturday Barack Obama had the "stench" of his predecessor as U.S. president and was at risk of being killed if he tries to change the American "empire." --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "WebTV Dawgs/Dittos" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/WebTV-Pals -~----------~----~----~----~------~----~------~--~---
