Shrill Was Right

So admittedly last night I got a little shrill, it being a combination of a few glasses of wine and a painkiller for my herneated disc (just FYI), but it seems that anger was at least justified

But a top aide to Mr. Boehner said it was Democrats who had done the political posturing. The aide, Kevin Smith, said Republicans revolted, in part, because they were chafing at what they saw as an attempt by Democrats to jam through an agreement on the bailout early Thursday and deny Mr. McCain an opportunity to participate in the agreement.

Yes, it must have been those pesky democrats like George W. Bush and Republican Senator Bob Bennett, who predicted the bill would pass everywhere. At least they admit their complicity in McCain’s audacious stunt. What’s more, after pitching a fit about he was going to Washington, crack some skulls, and get involved, McCain was virtually silent during the entire meeting, and refused to take a stance.

Mr. McCain was at one end of the long conference table, Mr. Obama at the other, with the president and senior Congressional leaders between them. Participants said Mr. Obama peppered Mr. Paulson with questions, while Mr. McCain said little. Outside the West Wing, a huge crowd of reporters gathered in the driveway, anxiously awaiting an appearance by either presidential candidate, with expectations running high.

And for the record, the plan being floated by Congressional Republicans has already been called “a joke.”

One, that of the House Republican Study Committee, seems to be a joke. It calls for a two-year suspension of the capital gains tax to “encourag[e] corporations to sell unwanted assets.” But the toxic mortgage securities clogging up bank balance sheets are worth less now than when they were acquired. Meaning that no capital gains tax would be owed on them anyway. If you repealed the tax, banks would have even less incentive to sell them because they wouldn’t be able use the losses to offset capital gains elsewhere. Seriously, where do these people come up with this stuff?

So in the meantime, WaMu collapses and negotiations were scrapped to introduce a “joke”. John McCain, Country First. 

 

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