The President’s three-page proposal will be fleshed out during a presidential election cycle by by Democrats who control Congress. The elements could not be worse. House Speaker Nancy Pelosi, delighted to be talking about something other than “Drill Here, Drill Now,” has a beach-ball issue tossed her way. The President’s proposal, she said, “does not include the necessary safeguards. Democrats believe a responsible solution should include independent oversight [of the bailout program], protections for homeowners and constraints on excessive executive compensation.”Much to the chagrin of many fiscal conservatives, Bush, his Secretary of the Treasury and his appointment to the Federal Reserve propose a bajillion dollar bailout of private companies but in Jim's world it's really Nancy Pelosi's fault? Well, at least it's not Clinton's fault. I suppose that's progress.
Monday, September 22, 2008