Monday, September 29, 2008
In Recovery
No, not the financial system -- your humble blogger. After a bit of throat surgery this morning, I am at home now convalescing. It seems that the market, um, crashed while I was under.
Sorry about that, chief.
Anyway, my friend Jim Pinkerton is happy about the defeat. Meanwhile, the usual stuff happens: Republicans blame Pelosi for the bill going down. Democrats blame Republicans.
This sets up a situation that the best option for anything to pass now will be for a more Democrat-leaning regulatory-heavy package. Policywise, it will be far worse than what went down today. Jim Geraghty sees that as creating a potential "Republican tsunami" for those who voted "no." I don't know. That depends a whole lot on how the economy performs in the five weeks before the election.
If things calm down, Democrats can claim that they stepped up and did what was necessa at a time when the economy was in mortal peril -- while Republicans stood aside. Even though the bailout is unpopular, I'm not sure how the GOP effectively campaigns against the a package -- if McCain supports it.
Anyway, tomorrow will be interesting to see if Pelosi and Co. try to bring the bill back up for another vote.
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Sorry about that, chief.
Anyway, my friend Jim Pinkerton is happy about the defeat. Meanwhile, the usual stuff happens: Republicans blame Pelosi for the bill going down. Democrats blame Republicans.
This sets up a situation that the best option for anything to pass now will be for a more Democrat-leaning regulatory-heavy package. Policywise, it will be far worse than what went down today. Jim Geraghty sees that as creating a potential "Republican tsunami" for those who voted "no." I don't know. That depends a whole lot on how the economy performs in the five weeks before the election.
If things calm down, Democrats can claim that they stepped up and did what was necessa at a time when the economy was in mortal peril -- while Republicans stood aside. Even though the bailout is unpopular, I'm not sure how the GOP effectively campaigns against the a package -- if McCain supports it.
Anyway, tomorrow will be interesting to see if Pelosi and Co. try to bring the bill back up for another vote.
Labels: financial meltdown, Wall Street
