November 10, 2010

THAT MISTAKE WAS THINKING HIS HOUSE COLLEAGUES RESPONSIBLE:

Bush: McCain’s Mistake (Louise Radnofsky, 11/09/10, WSJ)

Republican presidential nominee John McCain cornered President George W. Bush into convening a White House summit on the financial crisis – one that top administration officials thought could hurt the administration’s response to the crisis, Mr. Bush says in a new memoir. [...]

Just before the White House summit began, House and Senate Republican leaders John Boehner and Mitch McConnell had told Mr. Bush that GOP lawmakers couldn’t be relied on to vote for the plan, and Democrats, too, were complaining that “the executive branch was seizing too much authority,” Mr. Bush recalls.

Mr. Bush said that the failure of the first attempt to pass a bailout was “a disaster,” not least because “my party had played the leading role in killing TARP” and would now be blamed for the consequences. He adds that the stock market freefall that followed enabled the legislation to pass the House with the support of 63 Republicans, including most of the party’s leadership.

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Posted by Orrin Judd at November 10, 2010 6:59 AM
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