As I read what's happening now, John McCain is denouncing the Paulson plan, while Barack Obama -- out of a sense of responsibility for the financial system -- is only offering cautious criticism. The Obama people -- and the Congressional Democrats -- do know that the Republicans will run a populist campaign against them on the basis that they voted for a horrible big-government program, don't they?
The Obama people -- and the Congressional Democrats -- do know that the Republicans will run a populist campaign against them on the basis that they voted for a horrible big-government program, don't they?
If they agree to the bailout plan they'll be attacked as big government by McCain and rebuked by their own angry base. If they don't agree, when things go south again Bush will say that the Democratic congress, by inaction, made the crisis worse. A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
You mean you think the Democratic party base wants Paulson's bailout plan to go through as is? Point n'est besoin d'espérer pour entreprendre, ni de réussir pour persévérer. - Charles le Téméraire
Also, McCain will accuse them of inaction if they don't vote for it. Republicans don't have a problem arguing two contradictory positions, as long as it's not at the same time. A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
Reid thinks the plan is just perfect.
Obama is speechifying - he can't do much more than that, but we'll see more of the real Obama when he votes.
Which is... when?
CBS News: Reid Slams Bush Economic Policies, Promises Cooperation On Bailout (September 20, 2008)
Senate Majority Leader Harry Reid (D-Nev.) couldn't pass up a chance to slam President Bush's economic policies, but he promised that Senate Democrats would move quickly to take up the $700 billion Treasury bailout plan. ... "It is now self-evident that the Bush Administration's extreme hands-off policies have been disastrous," Reid said in a statement released by his office. "The middle class is suffering from rising prices and declining incomes, and now the world financial system is on the brink. The American people have every right to be outraged that we are at this point." Reid added: "At the same time, we cannot allow ourselves to be in denial about the threat now facing the world economy. From all indications, that threat is real, and the consequences of inaction could be catastrophic.
...
"It is now self-evident that the Bush Administration's extreme hands-off policies have been disastrous," Reid said in a statement released by his office. "The middle class is suffering from rising prices and declining incomes, and now the world financial system is on the brink. The American people have every right to be outraged that we are at this point."
Reid added: "At the same time, we cannot allow ourselves to be in denial about the threat now facing the world economy. From all indications, that threat is real, and the consequences of inaction could be catastrophic.
