If your financial collossus was on the verge of default, rescuers would insist, as they did for Fannie Mae, Freddie Mac and Lehman Bros., that the CEO must go.
If you had lost confidence of investors and your governing board, it would be time to hit the road, jack.
Given those free market principles, the solution to America’s financial crisis is simple. Fire the CEO, George W. Bush.
That would do far more to restore confidence in the financial markets than an infusion of $700 billion.
In fact, the proposal should be construed as evidence under the 25th Amendment that he is mentally incapacitated.
The best way is voluntary. Both Bush and Cheney should resign for the good of the country. Like Nixon, we can let them have one last ride on Air Force One.
But there shouldn’t be a golden parachute. No fat presidential pension and no Secret Service. Let them face an angry public on their own. They’ve both been able to raise lots of money and Cheney’s got his Halliburton stock.
That would make Speaker Nancy Pelosi president for the rest of the year. The ball is in her court anyway as it will be up to Congress to make the tough decisions.
Bush has lost all credibility. The longer he wields the levers of power, the further America will decline. Not only does he make mistakes, but he makes ginormous mistakes — trillions of dollars at a time–more than every president before him.
When California Gov. Gray Davis ran a $10 billion deficit, the Republicans were first in line to recall him successfully. There’s no recall at the national level, but just as Nixon took a hike, Bush should do the right thing.