So I've been thinking and talking a lot about McCain suspending his campaign. And strategically, it makes a lot of sense. He got mad props when he supported the surge even though it meant he might not win the primary. He seemed presidential and won the primary. So why not try to get lightening to strike twice by doing the same thing on the economy? Fact of the matter is that the war is not like the economy and the general is not like the primary election. And even though he's now in a tough spot - not sure whether to support the President or the House Republicans - the strategy may pay off between now and the election. Still much to be seen.
The second thing - I loved waking up to news this morning that the House Republicans had questioned the Bush administration on the bail out. Thank goodness someone did! And I especially like that they are trying to find a way to to make Wall St. at least somewhat responsible for financing the solution for a problem they created. Now, the plan isn't that clear just yet and might be too micro to solve the systematic problem, but it's good to know that not everyone is just going to fall in line with a Bush initiative. More to come, I'm sure.
Still keeping my fingers crossed for the debate tonight...
2 comments:
I think that the Democrats first questioned the bailout - in fact, if memory serves, the Secretary of the Treasury proposed a 3 page plan that gave him authority to give out the $700 billion and committed his decisions to agency discretion with zero judicial or administrative review. Meaning, that would have been the largest blank checks ever given by Congress to the Executive.
The Dems stepped in, understanding that a bailout was needed after years of de-regulation under John McCain and Phil Graham, and urged the inclusion of some key points that millions of tax payers were looking for:
1. caps on CEO compensation from any firm seeking a bailout;
2. moratorium on golden parachutes for CEOs of failed firms (a la Carly Fiorina, of HP);
3. extension of judicial authority to re-write troubled mortgages, and;
4. taxpayer ownership, like stock.
Of the 4 proposed by the Dems, only the extension of judicial authority was denied. Imagine what it would have been like without Democratic oversight! Can anyone say "Iraq"?
The House Republicans are grasping at straws to keep the crisis going in the hopes that McCain had a silver bullet. He didn't. And he has none. The silver bullet is government oversight, increased regulation, and some inflation from printing money. It'll take some time, but this is what happens when those same GOPers kept insisting "the fundamentals of the market are strong."
Yes, tom, you are correct in that the Dems were first to question the bailout. Bush was ready to give Paulson whatever he wanted with no details, no oversight, etc.
Cassandra, too bad you didn't say no to Bush in '04 or '00 for that matter. What a different world we would live in right now if Bush had lost.
Don't be fooled by McCain's surge bs. He still supported a war that never should have been waged. I fear that man and Palin.
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