SKIP THE G.O.P. THIS ELECTION SEASON
Well, we got a picture of what a McCain Presidency would look like, today, with no one voting alongside him from his own party ...
It's hard for me to figure out what the House GOP want, except to play politics.
Fiscal Conservatism? Isn't it late and just the wrong time? Afterall, they've paid for Bush's Iraqi adventure with ... a tax cut. Go figure!
What else?
Mark-to-market? Suspending this will do very little to restore confidence and nothing whatsoever to improve the safety and soundness of the system, to mitigate the systemic risk(s). In an environment with investors scared and skittish, adding opacity to the accounting rules, wholesale, seems ... just plain dumb, unless it is part of your long-term political agenda. Done wrong, suspending mark-to-market just turns our banks into Japan-style banks of the 1990s...
A two-bit hold-up for more FDIC insurance? C'mon. I'd raise the limit overnight to $175K per depositor, say, pending a study. After that, wealthy people can buy their own insurance, right? Whatever the case, holding up legislation for something like this is not seeing the forest for the trees. Talk about loading up a bill.
Monday, September 29, 2008
House GOP - Playing Politics ... Picture of McCain Presidency
