The Coming Crisis, Or Which Republican Would Actually Know What He Was Doing?
In the Wall Street Journal today, Holman Jenkins argues that the bank bailout of late 2008 and 2009 has, simply, failed. Jenkins explains that things are likely to get bad again--very bad. And then he closes with a sobering question.
...[Bank of America] is the canary in the coal mine. The bailout isn't working. The Hail Mary pass has come up short. Our warning of two years ago--"bank nationalization will soon be back on the agenda unless the economy picks up"--threatens to come true.
If the tea party crowd didn't like the debt-ceiling hike, think how they'd react to Son of Tarp. And here's a wildcard consideration for GOP voters: Whom do you want as your standard bearer circa September 2012 if another Lehman moment occurs in the middle of the presidential race?
My answer--and I gave this a lot of thought--is that in a crisis I would feel entirely comfortable with the judgement and ability of one and only one Republican candidate: Paul Ryan.
Your answer?
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Jul '10
Re: The Coming Crisis, Or Which Republican Would Actually Know What He Was Doing?
Ryan (but is he a candidate?), Marco Rubio, and Pat Toomey if we're expanding it to general GOP standard bearers.
Mar '11
Re: The Coming Crisis, Or Which Republican Would Actually Know What He Was Doing?
To change things, Republicans first have to find a candidate who can win the general election. Ryan is readily demonizable as the enemy of Medicare. To address Mr. Robinson's concerns, I hereby nominate Mr. Ryan to serve as Rick Perry's Secretary of the Treasury.
Jun '10
Re: The Coming Crisis, Or Which Republican Would Actually Know What He Was Doing?
My first reaction, Peter, is that Ryan is not in the race...yet. If he were, I would have as much confidence in him as any running. But when it comes to banking, actually, Herman Cain, formerly of the KC Fed has more experience than any others. One thing for sure, none of our current candidates would be as terribly weak as was (deer in the headlights/suspend my campaign to fly to DC and sit with my mouth shut) McCain. But thanks for ruining my Saturday night with this great news. Ha!
Edited on Aug 20, 2011 at 6:23pmMay '10
Re: The Coming Crisis, Or Which Republican Would Actually Know What He Was Doing?
Rick Perry with Ryan as VP candidate.
We must have a candidate who can throw a punch and take the fight directly to Obama. So far, Perry seems like the hardest hitter in the race.
Ryan can handle the task of taking to school whoever wants to actually know what's going on.
Nov '10
Re: The Coming Crisis, Or Which Republican Would Actually Know What He Was Doing?
Truthfully, Ron Paul, if we're just talking about handling an economy in meltdown. But "president Ron Paul" isn't going to happen, and probably shouldn't.
Paul Ryan is as good a choice as any. And I bet Newt would provide a steady hand on the tiller.
Jun '10
Re: The Coming Crisis, Or Which Republican Would Actually Know What He Was Doing?
1. Ryan 2. Christie
All other options are wanting.
Jan '11
Re: The Coming Crisis, Or Which Republican Would Actually Know What He Was Doing?
Ditto. And, moreover, Ryan as VP would be everything Joe Biden was supposed to be, i.e. "Nobody messes with Joe."
Jul '10
Re: The Coming Crisis, Or Which Republican Would Actually Know What He Was Doing?
I don't see any scenario where Ryan runs as VP. He's more useful in the House where he can actually accomplish something than as a second banana in the White House.
Aug '10
Re: The Coming Crisis, Or Which Republican Would Actually Know What He Was Doing?
Any republican candidate who is willing to revert to the bankruptcy laws prior to Obama (thereby ending too big to fail) revert the banking laws to Pre-Clinton (separating investment banks from deposit banks) and affirm the principals of liberty
Sep '10
Re: The Coming Crisis, Or Which Republican Would Actually Know What He Was Doing?
He's wrong. The current bout of troubles is different from the last. We'd be better off if the mortgage industry had not been nationalized but the banks are far better off as a result of TARP than if we'd taken the totally free market approach and let them all fail. Because we did a better job than Europe we can withstand a EU crisis if they have a lehmen momemnt but I don't think the ECB will allow it. I love Paul Ryan but we need to guard against being so dogmatic that we lose the middle. I think a very large number of people voted for Obama without any knowledge or understanding of what he stood for and those people could become GOP voters for life but they are not yet ours. We need a leader who can win them over...I fear the primary process might give us the opposite.
Dec '10
Re: The Coming Crisis, Or Which Republican Would Actually Know What He Was Doing?
Palin and Christie (and I assume Perry) would reliably recognize the need for action and get their teams in gear to take action. They also would be able to manage Congress to take the actions necessary to deal with the crisis. I am thinking of Palin's message to the Alaska legislature: "This place needs some adult supervision." And Christie's record with the New Jersey legislature is also well known.
Ryan certainly would know what action needed to be taken. If he proves to be as adept at executive leadership as at understanding and articulating the problem, he'd be an excellent leader through this crisis.
But this isn't a matter of just one person taking on the issue like a superhero. It's a matter for a leader assembling and leading the right team to undertake the right program.
Sep '10
Re: The Coming Crisis, Or Which Republican Would Actually Know What He Was Doing?
The MSM and the Dems will attempt to force the argument into one of taking away your medicare or not whereas the truth is we can create a system we can afford or we can bankrupt the country and you still lose your hand out. It will very difficult to deliver that message but that what must be done.
Feb '11
Re: The Coming Crisis, Or Which Republican Would Actually Know What He Was Doing?
Ryan, yes but also Rudy Giulani and Sarah Palin
May '10
Re: The Coming Crisis, Or Which Republican Would Actually Know What He Was Doing?
Mitt Romney.
Dec '10
Re: The Coming Crisis, Or Which Republican Would Actually Know What He Was Doing?
Ryan and Ryan only. He's the only GOP politician around that has proven the ability to put forth serious reform options. None of the rest of them have his gravitas.
Jul '10
Re: The Coming Crisis, Or Which Republican Would Actually Know What He Was Doing?
This is based entirely on your concern about the banks. Given that he was Chm of the Federal Reserve in Kansas City - and was very, very conservative (tight money), I would want Herman Cain at the helm. Paul Ryan would also be a very good choice.
Feb '11
Re: The Coming Crisis, Or Which Republican Would Actually Know What He Was Doing?
There are quite a few governors that dealt with crises, like Jeb Bush, Mitch Daniels, Haley Barbour... among those actually running I actually wouldn't be afraid with Romney or Perry, maybe Huntsman.
Re: The Coming Crisis, Or Which Republican Would Actually Know What He Was Doing?
We've got well over a dozen comments up now, and as best I can tell only two members of the Ricochetoise have named Romney. Heck, I expected nearly everyone to do so. Even Perry--who's getting slammed all over the place for having called Ben Bernanke "treacherous"--even Perry's doing better than Romney in our little poll.
If anybody can figure out what gives here, I'm all ears.
Jul '10
Re: The Coming Crisis, Or Which Republican Would Actually Know What He Was Doing?
So basically, "Who do You want to be President?"
Anybody but Obama.
Dec '10
Re: The Coming Crisis, Or Which Republican Would Actually Know What He Was Doing?
I realize this is a post asking about candidates, but the current banking problems seem to be due to the reluctance of bank to loan long term money at very low interest in the face of certain inflation.
I believe that both the artificially low interest rates and the inevitable inflation are due to actions of the Fed at the request of the executive branch.
There are a number of other reasonable actions available to a competent president that could improve the business environment in general.
So the answer doesn't concern someone you trust to bail out a lot of banks, rather it should be someone you trust have the fortitude to take the steps required to slow inflation. Probably someone with the courage to let the worst of the banks, including BoA, fold. And finally, someone with the confidence to take steps, then to wait for the situation to improve, despite an unfriendly media and a lot of jerking old school Republican knees.
So, Perry, maybe Romney. Nobody else currently running.