Blame has been attached.
It appears that a media consensus has been formed and blame has now been firmly attached over the failure of the bailout bill.
In order, the assignment of responsibility for the collapse appears to be cast on 1) The House GOP, 2) John McCain, and 3) Some vague amalgam falling under the term "leadership" meant to include President Bush, House and Senate leadership of both parties, and both Presidential candidates. (That last one is generally being offered by the Republican analysts looking to defray the political costs.)
A month ahead of the election, blame matters.
(It's my hunch that there will be snapback against the no vote, (falling market, fears of bank runs,) and somehow the GOP will have to climb down. However, I'm not sure how having Congress in recess until Thursday will affect the process.)
Plus, All of these Congressmen are losing campaigning time in their districts. Now they face their populist "no" vote pitted against people's economic fears.
In order, the assignment of responsibility for the collapse appears to be cast on 1) The House GOP, 2) John McCain, and 3) Some vague amalgam falling under the term "leadership" meant to include President Bush, House and Senate leadership of both parties, and both Presidential candidates. (That last one is generally being offered by the Republican analysts looking to defray the political costs.)
A month ahead of the election, blame matters.
(It's my hunch that there will be snapback against the no vote, (falling market, fears of bank runs,) and somehow the GOP will have to climb down. However, I'm not sure how having Congress in recess until Thursday will affect the process.)
Plus, All of these Congressmen are losing campaigning time in their districts. Now they face their populist "no" vote pitted against people's economic fears.
posted by mikevotes at
7:33 AM
2 Comments:
The dissenting Dems were complaining the bail out was too corporate-heavy and too weak on oversight. The dissenting Repubs were complaining the bail out a) involved public funds b) had TOO MUCH government oversight. Also, their feelings were hurt.
I don't see the room for compromise here. I'm wondering if the Bush/Paulson plan, or framework, is now dead and Congress will start with a clean sheet of paper. I'm wondering if we'll see a progressive, bottom-up, highly regulated bill being forced on republicans. I doubt it. I don't think there are that many populists or fighters in the Dem leadership for that to happen.
I don't know what a smart, Main-street-friendly plan would look like. But it had damn well better keep this executive branch on the shortest leash possible. Paulson and Bush shouldn't be permitted to take a piss with out consulting with an oversight board first.
By
-epm, at 8:48 AM
I understand the complaints. I think it's just that I hold a different short term/long term view.
Short term, I see the crisis as dire, but in the mid to longer term, I see Dems taking more of Congress and the presidency with the liklihood that new regulation/corporate reform will probably be a set piece of their first hundred days. It'll be hugely popular, and they'll be able to craft it much more the way they like it than they could in this current time pressed meat grinder negotiation.
By
mikevotes, at 10:43 AM
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