Wednesday, October 01, 2008
Bush's "Hoovering" Legacy
One thing that can rouse The Decider to action.... his legacy.
He was trying for Compassionate Conservative. But, history may tag George as the Latter-Day Hoover.
The fate of our economy, and George's legacy, rests on the politically shifting shoulders of lawmakers and the fleet footwork of George's financial cavalry who arrived only after investment banks started to topple from their own excesses, taking credit pipelines down with them.
After a failure to launch the original $700 bailout plan in the House, "Lawmakers Revise Rescue Plan," (WaPo) as the Senate aims for its first vote on a plan tonight.
But, passage isn't certain, especially in the House, as the GOP have successfully inserted corporate welfar.... uhhh.... tax credits into the proposed legislation, without a corresponding tax increase or a way to recover the lost income.
Isn't this how we got here?
It may now be the "Blue Dog" bloc of 47 fiscally conservative House Democrats who oppose the new plan. They may dig in against extending tax credits unless there are other spending cuts or a way to pay for them.
There is one thing everyone seems to agree on.... there is a tremendous financial crisis that must be dealt with.... but, the devil is in the details.
The Decider should be grateful that Bush 41 and Babs didn't stick him with dad's middle name.... Herbert. But, George Herbert Hoover Bush does have a certain authentic ring, doesn't it.