You know, the more I think about it, the more I think the Democrats need to hit the brakes on the whole $700 billion bailout. It’s pretty clear that the GOP has no intention of behaving honorably here. They’re going to demand their trillion for their buddies, and let the Democrats take the blame.
So screw ’em. Unless the GOP commits to getting on board with the bailout with a majority of their members, including John McCain, then walk away. Tell ’em that they can dig themselves out of the hole. They can come up with their own bailout plan. They can take the political hit. They can be the “responsible” ones.
If this is the huge, huge crisis that King Henry says it is, the GOP will cave. They will go along and they will work with the Democrats to fix it, because it’s the responsible thing to do. And if the GOP won’t go along and won’t work to fix things, then to hell with it.
Just got an Obama campaign email on the subject, calling for the bailout to go ahead but with way more restrictions and oversights than Paulson is asking for, and with aid for homeowners too. I don’t know how closely the Dems in Congress match their opinion to the campaign; it’d sure be nice if they forced Paulson to blink first.
I agree. While legally all you need is a majority, which the Democrats can provide on their own, I’d like to see a bi-partisan majority. This is too important to play politics with. If it’s an Administration solution, the Administration’s party should be out there backing it.
And so begins the staring contest, across the aisle. Who will blink first?