Monday, September 29, 2008

No Bailout -- For Now

The House failed to pass the bill.

Where will the leadership come from that is needed in this situation? Pelosi and Boehner are equally useless, and the President is worse than useless - he is a discredited placeholder.

It comes down to this - a Congress which has spent the past thirty years ceding its power and responsibilities to the Executive must now govern, and can't figure out how to do it. Our republican institutions have been corrupted by the glorification of the Presidency, and now when we need Senators and Congressmen to act, they no longer know how.

The failure of this bill may be a good thing, from several perspectives:

First, the bill was awful and should not have passed.

Second, after 8 years of the imperial presidency, Congress needs to recapture its sense of purpose, authority and responsibility - perhaps now it will begin to do so.

Third, there are a lot of people who just plain should not get bailed out, and even more who need to learn a lesson about risk, due diligence, and the need for effective regulation. A bailout would cut short the learning of that lesson.

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posted at 1:36:00 PM by Neil

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