Friday, September 26, 2008

Economy Found Murdured: House Republicans Holding Gun

The only question is, what was their motivation? Purely ideological? Or a political tactic to help McCain scuttle the debates and avoid the Palin meltdown?

Their plan is unworkable: it's really a JOKE. The repeal of capital gains taxes would make the problem WORSE by encouraging banks NOT to sell the troubled assets. The other part of the plan is simply a more convoluted, slow way of doing what's in the compromise, and would end up costing taxpayers just as much. And they held onto this JOKE of theirs until yesterday when they could pull the trigger and murder the economy.

Kind of like another famous Joker.

Even conservative William Kristol agrees the House Republicans can't be serious, and suggests that McCain's best option at this point is to put forward a third way.

Interestingly, his third way looks a lot like Paul Krugman's initial ideas. So I wouldn't be too upset if this is what happens, as it would reflect a consensus of liberal and conservative thinkers who AREN'T in the Bush administration and is probably better than the compromise on the table, which starts from Paulson's flawed conceptions. It was probably the plan that should have come out to begin with. But the basic tenants embodied in the compromise aren't that much different, now, from these underlying ideals in the third way - we're talking improvements in tactics, not concepts. So the delay to get here is pretty unconscionable. And if McCain gets to take credit for it, it'll be a real ding against the Democrats for dickering around with Paulson.

Either way, we need something soon. I'm hoping that once the debates are scuttled and Obama has his town hall, McCain come to his senses.

And Obama shouldn't reschedule the debate. McCain should take a forfeit for his unconsciounalbe, unpatriotic charade.

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