A Time for Grown-ups
8:11 PM, Sep 22, 2008 • By DEAN BARNETT
Patrick Ruffini and I were colleagues at Townhall.com; he's one of the smartest young conservatives on the web. Thus, I found the following blog post he authored utterly dismaying. Here it is in full:
If you watched Fox News Sunday yesterday, you may have noticed that Republican John Kyl and Chuck Schumer were practically holding hands and belting out a few choruses of "Kumbaya," such was the spirit of bipartisanship that dominated the morning. Little wonder. The threat of a Great Depression redux has a way of focusing the mind of even the most eager partisan like New York's other senator.
I assume the senators had spent the previous few days much as I had. They probably spoke to a bunch of people on Wall Street. They realized that the economy was teetering on the brink of calamity. They knew that if promised government action didn't soothe Wall Street's panic, then partisan concerns would look very small. Moreover, the senators likely knew that if Wall Street perceived the way out of the financial crisis had become a political football, the panic could easily resume.
That fact still stands today. That's why you're seeing unusual things like John Conyers and Bill Kristol agreeing on some matters of import. And it's why you're seeing our congress members behaving in an unusually responsible fashion. No one wants to be responsible for creating 21st century Hoovervilles (although even in the event of a new Depression, Hoovervilles are unlikely. Besides, we could call them Obamavilles which would have a certain ring.)
But here's the fly in our presently delightful bipartisan ointment - the Paulson Plan has a sufficient number of flaws that unless it rockets through congress, it will eventually (and deservedly) crumble under its own weight. Think of it as a parallel situation to the McCain/Kennedy immigration bill from Spring '07. The authors of that bill knew that if it got carefully considered by either the public or congress, it would die a slow and painful death. So they tried to shove it down the body politic's throat. Their plan failed.
Similarly, the Paulson Plan because of its many well-documented weaknesses can't pass as is and will likely enter the political system. But here's the problem - congress simply can't punt on the matter like it did on immigration reform. Regardless of what awaits the Paulson Plan, Congress must act quickly to head off potential disaster. If the rescuing of our financial system becomes part of the workaday partisan wrangling, the odds of a decent plan emerging diminish. More disturbingly, the odds of no plan emerging increases dramatically.