10 February 2009

The Fruits of Bi-Partisanship: The Collins-Grassley-Snowe Slide

When you bargain away a decent (if still inadequate) piece of legislation for your "moderate" votes, here is what you generate! Good job Senators! And Good job Democrats for not calling the Republicans' bluff. (The graphic is from The New York Times.)

As for our Hoper-in-Chief, this, from the Gawker, seems just about right:
"Obama's poor, beat-up stimulus bill is hated by the Republicans because, hey, it's government spending, and its hated by Democrats because it's not as big and substantial and country-saving as it should be. If Obama's philosophy is the art of the possible, well, he fucked up by thinking that a good-faith effort to make a bill palatable to moderate conservatives would actually work to appease any of them.

And so he's out there selling something he knows isn't actually that good, which is why he's forced to couch his pitch entirely in negative tones: if we don't pass this bill, if we do nothing, we are all seriously fucked. Not, like, "once we pass this bill things will get better," but just pure it's-better-than-nothing. Inspirational!"

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Blogger Dawei_in_Beijing said...

I'm not as concerned about the stimulus bill (I don't really think it will stimulate anything) as I am about TARP 2.0. We will not get out of this hole until we fix the financial system. Right now, most of the major banks are insolvent, or close to it, and I strongly believe that the only way to deal with this disturbing reality is to nationalize them. The toxic assets they hold are literally destroying the entire financial system, as huge losses continue to mount quarter after quarter. This situation is creating an extreme credit freeze. The stimulus bill will not, as Obama thinks, put the breaks on the recessionary cycle, because unlike past recessions, where banking still functioned, we have a systemic credit crisis. In other words, when the stimulus money runs out, it's back to square one. The govt. needs to get this toxic paper off the banks' balance sheets, asap. Let's just get this over with!

11 February, 2009 02:59  
Blogger Dawei_in_Beijing said...

P.S. ~ This article is useful:

11 February, 2009 03:04  

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