Monday, September 29, 2008

the self bailing economy?

Maybe we're gonna find out if the market can bail itself out. I don't claim to see all the angles to this crisis, and I'll confess to being somewhat sympathetic to the House Republican antagonism to the bailout plan put forward by Bush and revised by Boener, McCain, Pelosi, Dodd, Frank, Paul et al...
I've read economists from the left and right who've come down on all sides of this puppy. It's perfectly plausible to me that reasonable people with the nation's best interests at heart are seeing this crisis in starkly different terms. The truth seems to be that nobody knows.
So I'm going to brace myself for the coming correction and/or intervention (seems likely there'll be a Plan B, assuming the Democrats don't pick up their toys and go home).

Meanwhile, we are all being treated to an especially pathetic brand of political posturing from McCain, who when this crisis first broke invoked "all hands on deck" and charged up to Washington where the cameras were and proceeded to take credit for bringing the House Republicans on board. When it turned out they weren't on board after all, McCain this morning blamed first Pelosi for saying mean things in a speech and then named Obama as the culprit. Then in the space of a couple of hours, he stood before press cameras once again and, his memory and possibly his conscience thoroughly airbrushed, he denounced the blame game and called for bipartisan solutions.

Look I don't blame McCain for not knowing what the answer to all of our problems is, I just wish he didn't feel the need to be such a drama queen.


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