Wednesday, Oct. 01, 2008

In time of crisis, our leaders fail us

ON MONDAY, WE SAW that our nation is suffering from a shortage more profound than the looming collapse of credit — a leadership deficit.

The president can’t lead, and it seems painfully obvious that he knows it. As for Congress — after “leaders” worked across party lines for several days, we were treated to appallingly petty displays of partisanship before, during and after the 228-205 House vote against the rescue plan.

While sincere people had valid objections to the plan put forward by Treasury Secretary Henry Paulson, its rejection on Monday helped crystallize the fact that however flawed it was, there was one worse option: not passing it.

Consider the excuses offered:

• Some Republicans, two-thirds of whom voted “no,” pointed to an offensively partisan speech given by Speaker Nancy Pelosi just before the vote. Yes, the speech was abominable. But was that an excuse for anyone to vote against the bill? Absolutely not. Either the plan was the right thing for the country or not.

• Members of both parties, their eyes on re-election just over a month away, heard the voters didn’t like the plan. Well, nobody likes the plan. But this was what negotiators had come up with, and there was bipartisan agreement that this plan or one very like it needed to pass quickly to prevent the nation’s financial infrastructure from a profound collapse — one that would hurt everyone, from Wall Street to Main Street.

• Rep. Gresham Barrett, the only member of the S.C. delegation to vote “no,” said he wants to let markets work. What an empty explanation. Markets showed what they thought of that after his position prevailed. He then offered a cut in the capital gains tax — a fine idea perhaps, but one that in this context sounded like he had reached blindfolded into a bag of cliches and pulled out the first thing he touched.

What now? House leaders of both parties need to line up the votes they failed to corral on Monday. But that won’t solve our leadership problems.

Whatever happens the next few days, either John McCain or Barack Obama will be elected president on Nov. 4, and the nation will turn to the winner for what is missing now. Sen. McCain took a bold shot at leadership last week, but fell flat. Sen. Obama had played it cool — too cool — but on Tuesday belatedly stepped up to back the need for a rescue unequivocally.

These men have the nation’s attention. How they use it to address the nation’s leadership void in the coming days could decide more than the presidential election.