First we lost our credibility when it comes to aggression against other nations. See my post here:
Now it seems we’ve lost our credibility when it comes to the economy. This thought has been knocking around my head for the last week and there is an article in today’s Washington Post that says a lot of what I’ve been thinking. It is definitely worth the read:
“People around the world once admired us for our economy, and we told them if you wanted to be like us, here’s what you have to do — hand over power to the market,” said Joseph Stiglitz, the Nobel Prize-winning economist at Columbia University. “The point now is that no one has respect for that kind of model anymore given this crisis. And of course it raises questions about our credibility. Everyone feels they are suffering now because of us.”
Unsurprisingly, anti-American leaders like Hugo Chavez are all too quick to point out the irony (see http://www.mcclatchydc.com/world/story/53611.html):
“If the Venezuelan government, for example, approves a law to protect consumers, they say, ‘Take notice, Chavez is a tyrant!'” Chavez said in one of his recent weekly television shows.
“Or they say, ‘Chavez is regulating prices. He is violating the laws of the marketplace.’ How many times have they criticized me for nationalizing the phone company? They say, ‘The state shouldn’t get involved in that.’ But now they don’t criticize Bush for having nationalize . . . the biggest banks in the world. Comrade Bush, how are you?”
Do not hear me saying that I support Chavez and his ilk–I most certainly do not. He is a tyrant despite this rhetoric. The fact that he can even draw these comparisons is what bothers me. Once again, we have lost our moral high ground.
President Bush, the buck stops with you. You have damaged our great country. You led us into Iraq. You led congress into passing the bailout package. Thanks a whole helluva lot.