Man, that was fast. I think the "No" vote on the bailout took all of the Wall Street "free market"-championing Republicans and stock market shows by surprise and Tuesday they layered the networks (CNN,MSNBC, NBC, FOX, ABC, CBS) with story after story about credit problems that are going to come upon us. I think they had no idea that the deal wouldn't pass and got caught flat footed. Even Neil Cavuto was attacking John McCain's economic advisor Douglas Holtz-Eakin, saying that it looks like McCain was playing politics with the bail out. Wow, when have you ever seen Cavuto do that?
Cavuto: But you're saying this isn't about politics Doug, but all you're doing is sounding like a politician.
Well, something will get done I suppose, but I do believe Paul Krugman on the bail out narratives:
So now what? Like Jamie Galbraith, I'd rather see Dodd-Frank-Paulson, which is much better than the original plan, pass than not. The true cost to taxpayers will probably be close to zero, and it would buy some time. But I'm not passionate about this. The real financial rescue still lies in the future, probably under the Obama administration.
We all spoke up with new ideas and made a difference. (And there's my Naomi Klein interview.) You'll notice that the Republicans are so touchy about the fact that Conservatism is the root cause of this problem that led to the failure of the financial institutions that a little truth spoken by Nancy Pelosi was used as a wedge by them. Oh, please, don't blame us for more destruction. You're so bad for pointing out the obvious.
Glenn Greenwald says Pelosi played it very well.
Strictly on the level of "Democratic v. Republican" political strategizing, Nancy Pelosi did exactly the right thing yesterday--- all very well-played by the House Democratic leadership.
We have to keep speaking the truth. This is not a bi-partisan issue. Republican and conservative philosophies have paved the way for this financial financial meltdown and we need to tell the American people about this as much as possible.