Monday night, President Bush sought public support for a war against Iraq. The president said the threat posed by Iraqi President Saddam Hussein’s weapons program “only grows worse with time” and said Hussein may be planning an attack on the United States with biological and chemical weapons.
In a speech laying out his case against Iraq, Bush called Hussein a “murderous tyrant” with an unrelenting hostility toward the United States.
“Iraq’s weapons of mass destruction are controlled by a murderous tyrant, who has already used chemical weapons to kill thousands of people,” Bush said. “The danger is already significant, and it only grows worse with time.”
State lawmakers have expressed varying opinions in response to President Bush’s request for a policy to authorize the use of military force against Iraq.
Democratic representatives seem to have reached a consensus that the government should concentrate on gaining the support of allies before taking any drastic measures, while Republicans largely support President Bush’s attack-first stance.
Sen. Fred Risser, D-Madison, said it is more important to work on peace negotiations than to use military force.
“If we are going to go into Iraq, we need allies,” he said. “We should be working through the United Nations and spending more time on the diplomatic field. Any other country wouldn’t stand for it.”
U.S. Rep. Tammy Baldwin said she agreed the United States should avoid using force.
“War against Iraq should not be our first choice, but rather our last resort,” Baldwin said. She is opposed to the use of military force toward Iraq at this time and said that if in the future the President sees it necessary to take military action, he should then seek authorization.
In his speech on the Senate floor Sept. 26, U.S. Senator Russ Feingold also said the President’s proposal was unacceptable and premature.
“We are making decisions that could send young Americans to war and decisions that could have far?reaching consequences for the global campaign against terrorism and for America’s role in the world in the twenty-first century,” he said.
U.S. Rep. Mark Green, R-Green Bay, said he was one of the first members of Congress to cast a formal vote on a pending congressional resolution authorizing the president to use military force against Iraq.
“I’ve tried to dedicate the past three months to learning as much as possible about the current Iraq situation,” Green said. “I’ve traveled to the region, had classified briefings with the CIA director and national security adviser, heard from constituents on both sides of the issue, listened to testimony from experts at several congressional hearings, talked to Marine Corps corporals and Army generals, and read everything I’ve been able to put my hands on. I can finally say that I feel ready to make the difficult decisions the next two days will require.”
Steve Baas, press secretary for state Rep. Scott Jensen, R-Waukesha, said he felt that the president is doing only what he feels is necessary to protect the country.
“President Bush is being proactive rather than reactive,” he said. “I don’t think we should wait until someone attacks us again before we take action.”
Baas said the president is not asking for permission to use military force but rather is asking for the authority to be able to make his own judgments.
There have been many speculations that if military force is used against Iraq, it will have a seriously negative effect on the economy and stock market.
Baas said the stock market is more affected by a lack of leadership from the United States than by the possible war with Iraq.
“If America is leading boldly and decisively, the market will respond favorably,” he said.
But hours before the president’s speech last night, stocks fell to a near multi-year low as concerns over a possible war and about plummeting corporate profits arose.
“There’s a plethora of things to be concerned about–warning downgrades, recent softness in economic numbers, poor foreign markets and, not the least, a pending confrontation with Iraq,” said A.C. Moore, chief investment strategist at Dunvegan Associates.
The year’s earnings potential has seemingly deteriorated lately, with 576 companies issuing warnings of disappointing earnings so far for the third quarter, up sharply from 444 warnings in the same period in the second quarter, according to market tracker Thomson First Call.
“There are a lot of issues with the economy and the president’s speech tonight,” said Anthony Iuliano, head equity trader for Glenmede Trust Co. “Some people will wait until after he speaks.”
While University of Wisconsin economics professor Jean-Paul Chavas said he does not think a war in the Middle East would help the economy, he said he thinks there are many other reasons why the stock market is suffering at this time.
“It is hard to tell when the stock market will hit bottom,” he said, “but a war and more accounting scandals wouldn’t help.”