Legal Commentary

Is The Pence Plan The McCain Bailout Plan?

By Big Tent Democrat

Via Yglesias. CAP reviews the Wall Street bailout plan John McCain seems to be championing, or at least using it to put the kibosh on the Dodd/Frank/Dem Plan. CAP's Michael Ettinger writes:

The late-arriving proposal from a group of arch-conservative Congressional Republicans for dealing with the financial crisis is a disaster on two fronts. First, right now the credit markets worldwide are close to collapse . . . Congressional leaders were right in not passing the administration’s flawed bailout proposal precipitously, as the Center for American Progress discussed here.

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But the responsible parties in Congress were moving the administration towards compromise, and it appeared that legislation that includes meaningfully addressing the underlying problem of home and asset values was very close. The last minute proposal by the defecting Republicans has, however, essentially put the discussion back to square one. That is a huge problem.

That squashing of the deal was the work of one John McCain. And for what? For this:

[T]he new proposal would be absolutely, totally and completely ineffective. Details are scarce at this point, but if reports are to be believed, its central components are:

1. Tax cuts for the rich and corporations (surprise!)
2. Insurance for mortgage-backed securities
3. Deregulation (sound familiar?)

John McCain is an incompetent, irresponsible, craven fool. Country first my ass.

By Big Tent Democrat, speaking for me only

Full post as published by TalkLeft on September 26, 2008 (boomark / email).