If this is not a big enough crisis that McCain and the GOP can play games with it, it is not a crisis at all.
Walk away, Democrats.
*** Update ***
Seriously. Here is the GOP proposal, which includes this:
Temporary tax relief provisions can help companies free up capital to maintain operations, create jobs, and lend to one another. In addition, we should allow for a temporary suspension of dividend payments by financial institutions and other regulatory measures to address the problems surrounding private capital liquidity.
Hand them the rope. Let them cut taxes and shuffle billions to Wall Street. LET THEM DO IT.
*** Update #2 ***
From the comments:
It’s like everyone is standing around watching McCain shove a kid into traffic. Then when he pretends to “save” the kid from getting run over they all start whistling and applauding about what a hero he is.
And they stood there and watched him do it. They predicted he’d do it. They talked about what a phony set-up it was going to be. And they still run with the “McCain’s a Maverick Hero” headline anyway.
*** Update #3 ***
Of course Cantor’s proposal makes no damned sense. Are you all forgetting who Eric Cantor is? This guy:
All you needed to know about the GOP proposal is that it came from this guy, and you knew it would be full of fail.
*** Update #4 ***
The claim by the conservative dirtbags in the House that their “insurance” plan is kinder and gentler to the taxpayers seems to me to be a rancid stream of raw sewage being marketed as chocolate fondue. Without the full details of either plan, I could be wrong, but, in general, it seems that the “insurance” model is simply a way of giving more taxpayer money to the companies that created the mess.
The difference between the dirtbag proposal and the White House proposal is that under the dirtbag proposal, the distressed company holding a troubled mortgage-based asset gets a taxpayer-funded insurance policy for the full value of the asset in exchange for a small premium payment. Under the White House proposal the federal government pays an amount to the distressed company that will, at least temporarily, assuage the company’s financial woes in exchange for the troubled mortgage assets and an equity interest in the company.
Of course. Which is why I said let them do it. Give them the rope. Let them cut taxes, deregulate more, and send billions to Wall Street. The people will LOVE it.