Right now, as we speak, Congress is in the process of putting together a financial restructuring of some of the major banks and the GSEs. What we understand about this is limited, and there are some people whose judgments we are likely to overly depend. That's what happens in a crisis. Sooner or later, we will be blessed with the benefit of hindsight. In the meantime, we will muddle through - we meaning citizens trying to understand all of the complexities and ramifications of actions taken to remedy the problem of GSE insolvency.
McCain has taken the bold move of suspending his campaign in order to do what senior senators do, get in and hash out details in legislation and insure that certain ideas are given adequate consideration. My take is that this is a very good idea - not business as usual. Rolling up his sleeves instead of submitting himself to the narrow focus of the media spotlight. It's what we pay him to do.
As I write this, the first draft of the house resolution HR 3997 has the first vote in Congress and it has failed 228 to 205. So now it's time to get deep into the controversial provisions and see where we stand. These are going to be, with any luck, the kind of arguments that we will hear cheers or jeers about for the next several years. Let us remember this is our Congress at work.
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