September 29, 2008

WELL. THEY DO HAVE THE COURAGE OF THEIR CONVICTIONS:

Washington to Wall Street: Drop Dead: The Republicans killed the bailout bill—and McCain's chances. (Daniel Gross, 9/29/08, Newsweek)

Well, maybe we don't need much of a private-sector financial system after all. That's the conclusion that most House Republicans, and a minority of House Democrats, seem to have reached in voting down the $700 billion bailout bill on Monday. Maybe it's best that, in a few weeks, there will be essentially two large banks left in the country, JPMorgan Chase and Citigroup. After all it has done, perhaps that's what the financial sector deserves.

Was the bailout bill killed by malice or by incompetence? It's hard to argue against incompetence, since it has been so rampant, especially on the Republican side of things in Washington. The congressional leadership and the White House clearly lacked the heft—or the energy—to whip recalcitrant members into line. "I don't understand why President Bush didn't go to members of his party and say vote on this," Maria Bartiromo wondered on CNBC Monday afternoon. (Maria, if you have to ask, you don't want to know.) Sen. John McCain, who interrupted his campaign to deal with the crisis, claimed—via his surrogates—that he wielded great influence in improving the deal and making it palatable. Then he left town as it collapsed.


The one thing you can say in favor of the House Republicans is that it was guys in contested seats who voted against the bill and they'll lose in the Fall. They did place their ideology above their careers. Of course, they also placed ideology above party, country, constituents...

Posted by Orrin Judd at September 29, 2008 6:28 PM
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