September 26, 2008
BARNEY FRANK BLAMES THE HOUSE GOP FOR STALLED BAILOUT TALKS:
The chairman of the House Financial Services Committee declared Friday that an agreement on legislation to relieve a spreading financial crisis depends on House Republicans "dropping this revolt against President Bush."
Read the whole thing.
UPDATE: Reader John Marcoux writes:
Congressman Paul Kanjorski (D-PA) was just on CNBC and said that his mail and calls on the bailout plan are running 50-50: 50% no and 50% hell no.
This is what Barney Frank is up against. Even if the Democrats ram through the plan without Republicans signing on, they will be left holding the bag if the plan fails, as it very well could, and have to face the wrath of their constituents.
Plus, this: "The Democrats need to get their story straight. On one hand, it is beyond dispute at this point that Congressional Republicans were never on board. It is equally clear that the Democratic majority won’t act without the ”cover” of a substantial number of Republican votes–that is they demand that this deal not be done, in Chris Dodd’s words, 'on a three-legged stool.' So several things follow. First, this is precisely why Hank Paulson and Harry Reid summoned John McCain–to get Republican cover for the Democrats who despite the looming crisis can’t bring themselves to govern (that is, to vote on and pass a bill which they believe is essential). Second, that is why McCain presented but did not endorse the GOP’s wish list of conservative suggestions in the White House meeting. That is how one cajoles and drags along a recalcitrant party–by allowing them to have their say." But there's also this: "Having spent over twenty years as a labor negotiator I can tell you: unless you provide contentious parties with a deadline, no matter how artificial, they will never reach a deal."
ANOTHER UPDATE: Reader Bill Tobias isn't buying it. "So the Dems have a Republican President, Treasury & Fed Chief for, Reps in the Senate are for it. The media will say 'Wall Street greed' & lack of regulation is the cause (no mention of Fannie & Freddie). With all that, the Dems won't use their majority unless they have even more cover - the House GOP. Amazing."