Bailout Package Debated
As former Defense Secretary Donald Rumsfeld might put it, “you fight an economic crisis with the political leadership you have” (not the more-perfect one you’d like).
Thus, in addition to Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke, the key decisionmakers in any bailout package emerging from Congress will be people like Nancy Pelosi, Harry Reid, Mitch McConnell, John Boehner, Barney Frank and perhaps a clutch of others.
So far, no one on the aforementioned list — Democrat or Republican — has distinguished themselves as an astute, insightful voice on the economic mess we’re in.
On the contrary, it appears that that Congress’ mantra is going to be a version of “what’s sauce for the goose is sauce for the gander.” Namely, if Wall Street is to get hundreds of billions — few (or no) questions asked — so should Main Street. Or put another way, “Christmas morning for everybody!”
Good thing the U.S. deficit is a modest $12 TRILLION going into all this.