Wednesday, October 01, 2008

AMERICA LOSES ECONOMIC LEADERSHIP

Der Spiegel reports:

George W. Bush has grown old, erratic and rosy in the eight years of his presidency. Little remains of his combativeness or his enthusiasm for physical fitness. On this sunny Tuesday morning in New York, even his hair seemed messy and unkempt, his blue suit a little baggy around the shoulders, as Bush stepped onto the stage, for the eighth time, at the United Nations General Assembly.

And now, of all times, the world is faced with a preeminent power that no longer seems capable of leading and a US president who is not even able to unite his divided country in an hour of need.

For weeks, Bush ignored the crisis, insisting on the strength of the market and telling Americans: "Everything will be fine."

In a televised address to the nation last Wednesday, Bush gave his oath of disclosure. He warned Americans that they could face a "long and painful recession" and that "millions of Americans could lose their jobs" unless swift action is taken.

But nothing happened swiftly, at least not at first. The crisis is happening while the United States is in a political vacuum. Bush lacks the power needed for decisive leadership, and his potential successors, John McCain and Barack Obama, seem more concerned about making a strong impression on voters.

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