Reaction II, Serious, Very Serious

By September 30, 2008Economy

No panic in Europe or Asia, but the credit markets worsen, the New York Times reports: “Credit Strains Worsen, Global Stocks Are Mixed

The Washington Post’s lead editorial is good today, although one wonders how far classical allusions get you, “Congressional Neroes.”

The Hill frames the issue starkly, parochially, “Crushing failure for lobbyists.”

Many of the House Republicans who voted against the Emergency Economic Stabilization Act, H.R. 3997, cited constitutional and philosophical reasons. The Heritage Foundation’s scholars addressed key arguments in “The Housing Bailout: Constitutional Infirmities Remain, but a Ray of Hope.”

But former Attorney General Ed Meese and Stuart Butler view the issues differently, a position the NAM supports: “The Bailout Package: Vital and Acceptable.”

And the conservatives at National Review editorialize for the financial stability plan: “Failed Vote

Again, here is NAM President John Engler:

The defeat of the bipartisan financial rescue package earlier today was uncalled for and wrong for America. This is no time for politics as usual in Washington. The severity of this situation is a reality that none of us likes, but we must deal with it. To avoid a massive financial crisis, our elected officials must lead and protect our national interests. This legislation, while not perfect, will enable the Treasury to stabilize the global financial markets and restore confidence in the U.S. financial system. We cannot afford to waste any more time on political posturing. The NAM strongly urges Members of Congress of both parties to reconsider their “no” votes on this important legislation. Our economy is at stake. Further delay will foster uncertainty and do greater damage to financial markets. 


UPDATE (12:25 p.m.): We’re finally getting to the Wall Street Journal editorial page. One of the roughest editorial takedowns of the Washington political establishment we’ve seen, and that’s saying a lot for the Journal. But it’s a persuasive essay, “The Beltway Crash.”

Leave a Reply