Second Verse, Same As The First

Everyone is agreed that the House will pass the next bill. They have to do something, right? They're hearing from their districts, and the new bill has some tax reductions and the FDIC deposit insurance increase, and they'll do the right thing.

Except, I didn't hear from any House Republicans until this evening, and Roy Blount wasn't so convincing. The only yes vote they could get to discuss it on McNeil was Ray LaHood, who is retiring. The Blue Dogs won't like the tax increases without offsets, and the growing lists of special items is making it harder to regard the matter as truly that serious.

I've noticed that CNBC et al have got the memo that this is a "rescue" rather than a "bailout". Dissenting opinions have vanished from the airwaves, and the Great and the Wise are out in force insisting this is the only way. But no one can explain how this works. Buffet was on Rose tonight saying that bought at market, the government will make money here -- but Bernanke and Paulson have said they will buy above market.

Painting the opposition as uninformed and ideological won't necessarily help. Members of the House minority don't get a lot of respect in the first place -- why are House Republicans going to care about the opinions of people who won't talk to them in any case? They may even welcome the opportunity to show their independence from the Establishment. I'm by no means convinced that this bill passes the House.