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I, honestly, don't think Paulson's going to get this.  The battle lines are being drawn, and the more I read, the less convinced I am that he's even going to be able to rally the Republicans behind it.  The noises coming from people like Shelby have to be disturbing to the Bushies.

I don't see the Bushies getting a lot of help from the financial "experts".  The econ blogs, many of which have inroads with the traditional finance press, have all universally denounced this.  The economists on the left and center have all, or will all, denounce it and do the talk shows (Krugman, Ritholtz, etc).

I think you're going to see consensus around a couple of the points in Obama's proposal (equity share, home-loan modifications, etc), along with a few other things tossed in (perhaps Pelosi's stimulus package, etc).

Compensation reform is probably not going anywhere for now, but I wouldn't rule it out, and if nothing else it serves as a weapon for our side in order to get more of other things.

Hopefully McCain will do us all a favor and come out supporting Paulson.  The Obama campaign also needs to hit hard on Gramm, UBS and McCain when Paulson's official plan is finally released.  That should be easy enough to see coming.

For now, I'm cautiously optimistic and basically satisfied with the response.  But, again (as always), we'll see what happens if the Blue Dogs try to kneecap us.

Be nice to America. Or we'll bring democracy to your country.

by Drew J Jones (pedobear@pennstatefootball.com) on Sun Sep 21st, 2008 at 04:19:05 PM EST
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