Politico lead piece describes Republican attempts to save the foundering, flailing McCain campaign by remaking the credit rescue bill. It might have been nice if they came up with this strategy on Monday or Tuesday. Instead this eleventh hour attempt to hijack the process is yet more evidence of the idiocy that pervades Washington.
The democrats are every bit as culpable. Including potential benefits to a partisan organization like Acorn is reprehensible and politically stupid.
Unfortunately, it appears increasingly evident that the stock markets will have to send a
message to Washington by way of a huge selloff. Markets dictated that the administration offer some credible response to the seizing up of the credit markets. Last Thursday, 9/18, they leaked that they had a legislative proposal that they indicated required immediate action. The impending elections added to the urgency, creating expectations in the equity markets. The reaction to date reflects (unfounded?) optimism that the political Neros in Washington would do the right thing.
Mind you, Treasury's proposal was incredibly vague, perhaps a reflection of the haste with which it was prepared. To the Administration's credit, they exhibited flexibility in crafting the proposal, but unbeknowst to anyone but their spouses the House republicans had a slightly different agenda. Embarrassing the republican House leadership, the republican Senate leadership and most of all their President, the renegade House republicans scuttled the bill by saying that they weren't willing to support the bill.
Frankly, no one likes the bill and the electorate's strenuous opposition to the proposal gave the renegades cover. My question is why they didn't just decide to extract their pound of flesh earlier in the week. As I've stated previously, these clowns (virtually, the whole lot of them) lack a remedial understanding the underlying problem, although there are indications that some members have a clue as to the seriousness of present circumstances. Combine the foregoing with the inability of Paulson to sell the proposal, the lame-duck President's ineffectual, feckless information campaign in support of the measure and the public's nearly categorical opposition to the bill and you have the inedible bowl of porridge that sits in front of us.
See links for wiki regarding Acorn and the Politico piece referenced in the first paragraph.
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The comprehensive back story
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/26/AR2008092603957_pf.html
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