So the administration that asked for a blank check to go to war – and promised to use it responsibly – now wants a blank check to fix Wall Street? The administration that did a heckuva job, Brownie, in New Orleans (and hasn’t exactly impressed us in Galveston), wants us to trust them to get it right on Wall Street? The administration that has stretched every inch its been given into a light year, wants 700 billion inches, no strings attached?
Why do I get the feeling I know how this story ends?
Wall Street has got itself in a hell of a pickle, and they need help. Part of that pickle is the complete lack of regulation and oversight that leads to a transparent and open market (yes, regulation fosters a more open market), and for that we can blame Washington. Part of that pickle is the fact that Wall Street made some incredibly boneheaded investments.
Once again, Republican fiscal conservatism has broken the bank. Democrats, as usual, need to take the grown up view, act responsibly and clean up the mess. But let’s not hand Bush & Co. a blank check. Get it right, and get it in writing. Retain all avenues of congressional oversight. Yes, Henry Paulson seems like an grown up, sensible person. But he still works for George W. Bush. There is one chance here, don’t screw it up. Again.