Thursday, September 25, 2008
So McCain Comes Back to Washington
For the first time since April (last vote cast), John McCain comes back to Washington to help? with the financial crisis. Never having admitted to even having read the Paulson plan, let alone probably the bipartisan congressional plan, John McCain's only offering during the White House meeting was some objections. This emboldened the large contingent of conservative House Republicans to walk out of negotiations. Now I hear that they and John McCain are putting forward a plan that includes more banking deregulation, corporate tax breaks and lower capital gains taxes. The Republicans had already floated these ideas and had been told by Paulson that they would not work. I am not really in favor of the Paulson plan, but a buying of warrants in a company would certainly free up money for credit which is what is said to be needed right now. As I type Washington Mutual has failed. The larger dominoes begin to fall. Bank of America is another possibility.