Free Republic

Yet despite all this, the gist of Nocera’s column is not to chastise the president for making a bad decision, he, instead, blames our “poisoned politics.” In fact, he explains away the president’s decision: "I realize that President Obama rejected Keystone because, politically, he had no choice. My guess is that, in his centrist heart of hearts, the president wanted to approve it. But to give the go-ahead before the election was to risk losing the support of the environmentalists who make up an important part of his base…" Of course, to say that President Obama “had no choice” is...

Remember that infamous meeting last October at the Treasury Department, the one where then-Secretary Henry Paulson locked the chief executives of the nation’s nine largest financial institutions in a room, and wouldn’t let them out until they agreed to accept billions of dollars in government bailout money — whether they wanted it or not? O.K., that’s a bit of an exaggeration. But I was reminded of that meeting on Thursday night when I was shown a letter that the administration had just sent out calling for yet another big meeting at Treasury with yet another sector of the financial industry....

...By week’s end, I was more depressed about the financial crisis than I’ve been since last September. Back then, the issue was the disintegration of the financial system, as the Lehman bankruptcy set off a terrible chain reaction. Now I’m worried that the political response is making the crisis worse. The Obama administration appears to have lost its grip on Congress, while the Treasury Department always seems caught off guard by bad news. ... How is the political reaction to the crisis making it worse? Let us count the ways.IT IS DESTROYING VALUE During his testimony on Wednesday, Mr. Liddy...