Monday, September 29, 2008

The Rest of the Story on the Bailout

Roeser has the details.

...As he was preparing for the debate, McCain got word that a huge bloc of Republican House members were unalterably opposed to the Bush-Paulson plan to rescue Wall Street with taxpayers’ money…and for good reason. They saw Bush-Paulson as having too little oversight: McCain agreed. They wanted a voice in the deal and felt left out by Bush and Paulson. They insisted on pay curbs for Wall Streeters: McCain not only agreed but insisted, pointing out that no one should be paid more than the president of the U. S., $400,000 a year (although the CEO of Goldman Sachs makes more than that in two days). They pointed out a hidden joker that would convey a slush fund for ACORN: McCain was appalled. They cited favoritism for the trial bar: McCain readily agreed. Most of all they wanted an FDIC-style insurance program for the toxic assets the rescue would address without taxpayer risk. He quickly assented.

...By intervening in behalf of the House Republicans, he saw that most of the issues they cared about got included in the final package. Much of the credit for the improved package should go to McCain-although due to the liberal media’s intransigence in blocking it, it won’t. But the p.r. he earned was awful

Roeser also makes short work of Barney Frank (D-Boys, Preferably Naked) in the post.

1 comment:

A Secular Franciscan said...

And when he finally admits he played a role and helped to get it through, the deal crashes, making him look like a loser. Sigh.