This is from Bailoutmainstreet.com. After watching about 8 hours of CNN yesterday and the debate preceeding the vote in the House on C-SPAN I can tell you that I was mostly right. Its all about power politics. Not only do we have a “failure of leadership” in the Whitehouse but the same in the Democratic and Republican leadership in the House of Representatives.
Now granted this bill is hugely unpopular on the ground, but this was nowhere near a victory for the antibailout protest movement. If anything it was an awkward coalition between neoliberals and populist progressives dodging left and right at the same time. It will be interesting to see how they put the pieces back together in the next week.
It was amazing how the whole collapse seemed to take everyone by surprise, leading to frustrated articles and opinion pieces all over the place. BUT we at the same time did not see barely any of the rationals for defeating the bill on the air or in mainstream print. Don’t know if this means that House Republican Leadership kept a tight lid on vocalized dissent or what. Dissent on the Democrats’ side has been deemed irrelevant as they delivered their fair share of the votes. Or the entire news media is “in the tank” for Wall Street.
I predict that the Republican Leadership gets the Dems to make further concessions to appeal to their folks who dodged to the right. Their talking points seem to be pointing towards a plan that eliminates the capital gains tax and the mark-to-market rules which is already in the bill. Maybe they were just stalling so that they would have more time to read the thing.