Monday, September 29, 2008

Post Bailout I

I'm still trying to figure out what exactly the bailout means for the markets, but I have to echo Megan McArdle here:
I didn't think it was possible to be more disgusted with politicians than I usually am, but I find it impossible to express the seething contempt that I feel at this kind of opportunism. I don't mind when they screw with the normal operation of the economy for venal personal gain. But risking a recession in order to get a cut in the capital gains tax? Letting it tank because you can always blame it on the Republicans?

She's right. It seems, from these reports at least, that politicians were more concerned about politicking than about public policy and the common good. If some believed that keeping the government out of the markets now was for the common good, then that is respectable. If they voted no because they're worried about THEIR job security, well, perhaps they don't deserve the job that they currently have at the behest of their constituents. The same goes for anybody who thought that another compromise would have gotten the deal done but didn't try for the compromise so that they had a line of attack against Republicans for the next five weeks.

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