Sunday, September 28, 2008

The Financial Fix Bill

It appears the long tough negotiating of the past few days has resulted in a bill to rescue the ailing financial system. (Here's the draft text via NRO.) While I can't claim to know what all transpired, it appears the stand taken by Republicans has resulted in a better bill, including removal of the onerous proposed subsidy to social activist organizations like ACORN. John Hinderaker at Power Line analyzes the side by side comparison of the two earlier versions of the bill with the one finally agreed to early this morning, and assesses a political angle to the outcome.
The role played by John McCain appears to have been a constructive one. He supported and worked with the House Republicans. The Democrats no doubt wanted his support for the final product, and that must have enhanced the Republicans' position at the table. The Democrats would not have wanted an unpopular bailout plan to be supported by Barack Obama and opposed by McCain.

If voters understood the events of the last week, they would probably return control of the House, and perhaps the Senate, to the Republicans. The mainstream media will make sure that doesn't happen.

Political implications aside, we better hope and pray that this package does settle things down and restore confidence in the financial system, given the dire consequences of failure seen by some of those knowledgeable in the financial field.

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