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The moment called for leadership on Capitol Hill. Too many House members lacked the nerve
POSTED: 10:32 a.m. EDT, Sep 30, 2008
Betty Sutton proudly waved her opposition to the proposed $700 billion package designed to help restore stability to beleaguered financial markets. The Copley Township Democrat issued a statement cudgeling ''an arrogant and reckless Bush administration.'' She dismissed provisions designed to provide oversight and accountability as weak and ineffective. What Sutton really understood is that many Americans oppose the bailout, and she leaped to the front of the parade — along with a narrow majority of her colleagues, Republicans and Democrats, the House rejecting the bailout by a 228-205 vote.
A profile in courage? Hardly. The more difficult task involved explaining to those angry Americans (and who isn't furious?) that as unpalatable as the bailout is, the alternative is worse, credit markets freezing further, putting in jeopardy the transactions required in the daily lives of Americans, from student loans to the operation of a small business.
Put another way, the moment required leadership, adult behavior, House members telling constituents something they didn't want to hear.
The political jockeying has been evident all along, in particular, John McCain rushing back to Washington and setting back delicate negotiations. Republicans wanted cover, and so did Democrats. Over the weekend, Henry Paulson, the treasury secretary, and congressional leaders from both parties surfaced to announce a compromise, an improvement of the initial plan put forward by the Bush White House.
How easy to complain about details. The overriding purpose of the bailout involves sending a decisive message about the willingness of Washington to take responsibility in a crisis. Marcy Kaptur, a Toledo Democrat, rose in opposition: ''Financial crimes have been committed. Now Congress is being asked to bail out the culprits.'' Truth be told, there are many to blame, even on Capitol Hill. Indictments of Wall Street tycoons? They may come later.
Even less helpful is Republican talk about the nation facing ''the slippery slope to socialism.'' Paulson? President Bush? Ben Bernanke, the Federal Reserve Board chairman? The words would be laughable, if the moment weren't so serious. Recall the practicality of Franklin Roosevelt. He didn't wreck capitalism. He came to the rescue. This situation isn't the Great Depression. Still, it is financially dangerous, requiring swift and dramatic action.
The House appeared ready to do its necessary part. Then, Betty Sutton, Marcy Kaptur, Steve LaTourette and others opted for further playing of the political angles. They took the cowardly way.
Betty Sutton proudly waved her opposition to the proposed $700 billion package designed to help restore stability to beleaguered financial markets. The Copley Township Democrat issued a statement cudgeling ''an arrogant and reckless Bush administration.'' She dismissed provisions designed to provide oversight and accountability as weak and ineffective. What Sutton really understood is that many Americans oppose the bailout, and she leaped to the front of the parade — along with a narrow majority of her colleagues, Republicans and Democrats, the House rejecting the bailout by a 228-205 vote.
A profile in courage? Hardly. The more difficult task involved explaining to those angry Americans (and who isn't furious?) that as unpalatable as the bailout is, the alternative is worse, credit markets freezing further, putting in jeopardy the transactions required in the daily lives of Americans, from student loans to the operation of a small business.
Put another way, the moment required leadership, adult behavior, House members telling constituents something they didn't want to hear.
The political jockeying has been evident all along, in particular, John McCain rushing back to Washington and setting back delicate negotiations. Republicans wanted cover, and so did Democrats. Over the weekend, Henry Paulson, the treasury secretary, and congressional leaders from both parties surfaced to announce a compromise, an improvement of the initial plan put forward by the Bush White House.
How easy to complain about details. The overriding purpose of the bailout involves sending a decisive message about the willingness of Washington to take responsibility in a crisis. Marcy Kaptur, a Toledo Democrat, rose in opposition: ''Financial crimes have been committed. Now Congress is being asked to bail out the culprits.'' Truth be told, there are many to blame, even on Capitol Hill. Indictments of Wall Street tycoons? They may come later.
Even less helpful is Republican talk about the nation facing ''the slippery slope to socialism.'' Paulson? President Bush? Ben Bernanke, the Federal Reserve Board chairman? The words would be laughable, if the moment weren't so serious. Recall the practicality of Franklin Roosevelt. He didn't wreck capitalism. He came to the rescue. This situation isn't the Great Depression. Still, it is financially dangerous, requiring swift and dramatic action.
The House appeared ready to do its necessary part. Then, Betty Sutton, Marcy Kaptur, Steve LaTourette and others opted for further playing of the political angles. They took the cowardly way.
Comments
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akron, oh
Posted 03:17 PM, 09/30/2008
Thank Newt too: http://thinkprogress.org/2008/09/30/gingrich-against-bailout/
