President Bush #41 Always Had A Strategic Vision & Plan

I was fortunate to work with the Bush #41 administration in developing and implementing their plan to resolve the 1980’s/90’s developing country (emerging markets in today’s parlance) debt crisis — The Brady Plan — named for his Treasury Secretary.  Can you imagine today’s inhabitant of the White House allowing, say,  Secretary Mnuchin to take credit for one of the administration’s signature policy triumphs?

President Bush always had a goal and plan, which was always bathed in humility.   No victory dances, no dancing on the Russians’ grave after communism fell.

All, severely lacking and a stark contrast to today’s political leaders.

The Fall Of Communism

I also was hired by the Polish government shortly after the communists fell as an economic and financial advisor to help the country restructure its debt and economy.  My colleague and I had dinner one night with an administration official at a restaurant in Paris, which was once the childhood home/palace of Louis XIV.

The U.S. official conveyed to us the firm resolve of the Bush administration that it would not let Poland fail in their transition from communism to a market economy.   They wanted to make Poland an example of a successful transition that the ex-Soviets/Russians could see and emulate.  Poland became one of the superstar emerging economies over the next two decades.

Where Were The Europeans

I was always perplexed where were the Europeans on the Poland issue?  The German bankers, for example, were obsessed with one thing, getting their loans repaid with the smallest haircut possible, as they should have been.  But why was the U.S. government the one leaning on the banks, including some of the largest in the U.S., to grant Poland a 50 percent debt haircut?   Global leadership.

The Europeans were not happy with the Bush administration.

Later, I found out the Poles, who were essentially broke, were being subsidized by the U.S. Treasury and my fees were effectively being paid by the Bush administration, err the American taxpayer   Japanese bondholders.

Kuwait

One of my best undergraduate college buddies, Malak, was from Kuwait.  He told me that when the Sadaam invaded in 1990,  Sadaam’s brother, who led the invasion, set up headquarters in the house in front of his.   Malak also would rail against the Palestinians, many of whom were guest workers in Kuwait, because they sided with the Iraqis during the invasion.  So much for International Arab Brotherhood.

I called Malak a few years after the Gulf War who couldn’t talk as he was running out to celebrate the national holiday, “Festival of Gratitude,”  in honor of George Herbert Walker Bush.

The celebration began as soon as a chartered blue and white Kuwaiti Airways jetliner landed, bringing the former President, his wife, Barbara, and other guests on his first visit to Kuwait.

The thousands lining the highway from the airport to the city included schoolchildren who were given a holiday for the occasion. Many waved small United States flags or balloons and others held signs.  – NY Times

Dana Carvey & #41

A few years later, my wife and attended a Saturday Night Live performance.   Here was the opening monologue.