Friday McBush/McSame Bashing

Posted on September 26, 2008 by Michael Froomkin

I've 'suspended' Friday McCain Bashing for the duration of the Emergency. I hope that makes it more popular.

Friday

Thursday

Wednesday

Tuesday

Monday

Sunday

Friday

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One Response to Friday McBush/McSame Bashing

  1. joe says:
    September 26, 2008 at 2:26 pm

    Some of your McCain bashing this week —especially Thursday’s— discounts the unpopularity of the bailout.

    First, pretty much everyone outside the administration took the original Paulson plan as “A $700 billion slap in the face”. The first news the nation heard about the bailout was unfavorable. No one liked it. But then, some members of the ruling class worked out some kind of compromise. According to Robert Reich:

    [A]s I understand it from several people who are working on it, of the three big things the Dems wanted — limits on executive pay, some equity stake for the public in the companies that are dumping their bad debt on taxpayers, and an explicit provision to allow distressed homeowners to renegotiate their mortgages within bankruptcy reorganization — they’re getting just enough to be able to claim they’ve actually achieved something, when in fact they got nothing. The limits on executive pay are almost a joke. Equity is hardly available. And there’s no bankruptcy provision at all. Now, all this may change between now and whenever a vote is taken, but basically the Dems have caved.

    But, while the elites may have bought into the compromise, Bush’s speech Wednesday night didn’t sell it to the nation. The new plan wasn’t even really sold to the rank-and-file among the legislators. From Milwaukee, we read in the Journal-Sentinel, “State lawmakers wary of Bush proposal”:

    “Before I agree to support any rescue package, many questions need to be answered,” Democratic Sen. Russ Feingold said in a statement, outlining concerns including how taxpayers’ interests would be protected and whether the measure would include efforts to prevent a similar financial meltdown in the future.

    And further south, “Some from Tennessee have big concerns about bailout plan”. According to Rep. Zach Wamp, R-Tenn:

    Calls from constituents are running more than 10-1 against the bailout, Wamp added.

    That 10-1 ratio probably isn’t representative. Reports from other legislators’ offices say thousands of calls against, and at most one or two in favor.

    So, the story that McCain flew into Washington and bombed the deal plays pretty well. “McCain blamed as US economic rescue deal staggers”: sounds like a victory for the populists:

    Top Democrats angrily accused Republican White House contender John McCain of sabotaging an astronomically expensive deal to bail out Wall Street and shore up the US economy.

    But those “Top Democrats” haven’t sold the nation on the idea that the deal is worth doing. “Sabotage” can be heroic resistance.

    Viva the revolution!

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