January 21st


JANUARY 21st….Matt Yglesias isn’t happy with the bailout bill:

Under the circumstances, it looks like a bill that’ll be good enough to stave off collapse of the financial system, but probably won’t wind up addressing the full extent of the problem. This subject is going to have to be revisited after the election. But the unfortunate reality is that the current configuration of power in Washington still leaves the conservatives whose policies and ideology is largely responsible for the collapse in command of too many levers of power to simply implement a solution that’s not tainted by their misconception of the problem.

I’m less unhappy than Matt. I think there’s a decent chance the bill will provide enough systemic relief to prevent a scattershot government takeover of failed banks, and I’m OK with that. More to the point, though, if the bailout doesn’t solve the problem completely, I’m perfectly happy to put off further action until after the election. If widespread nationalizations do turn out to be necessary, there’s a way, way better chance of doing it decently on January 21st than there is today. One thing is certain, after all: we’re not going to end up with a Swedish-style political solution in which both parties put down their hatchets and sing Kumbaya as they announce a rescue plan. Events of the past week have made that crystal clear. If it happens at all, it will only be because Democrats manage to push it through on sheer muscle.

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