VETO is a Four-Letter Word
Sorry, folks, but I’m afraid it’s going to be a bad deal or no deal at all. Here’s why:
The Republicans who voted down yesterday’s bill did so in large part because they disliked the few things we liked about it: Namely, some oversight, tax and punishment provisions. They would rather we were all eating each other in rags than see a rich person pay a cent more in tax. Period.
The Dems can pass a really good bill, but they won’t get anywhere near enough Republicans onboard to make it veto-proof — and as he’s already demonstrated, Bush will veto anything he doesn’t like. In order to get something he won’t veto, Dems will have to let Republicans turn it back into the original Paulson plan — or something even worse.
That’s why yesterday was very likely our last best shot at a halfway-decent bill. We may very well be better off without one now — though there is something to be said for making Bush veto a good bill after he’d spent all this time haranguing people to give him a bill. (Besides, as Ian’s mentioned, the Fed’s gone ahead and printed up a whole bunch of extra money anyway, which comes to about the same thing.)