Kudlow weighs in. Oy. Raise your hand if your retirement fund just got wiped out.
From a bank president.
Podhoretz:
Well, now we shall see? Perhaps the House Republicans whose objections to the bailout bill gave sufficient cover to House Democrats terrified of their constituent calls to join them in torpedoing the legislation will be proved right somehow, and legislation can be substantively improved or the market can somehow stabilize on its own in the intervening days before a new bill can be designed. Perhaps the stock markets around the world will not crash. Perhaps the credit markets will not instantly calcify. Perhaps the fact that Republicans broke against the bill 2-to-1 will not lead to a general consensus that the failure of the bailout legislation was entirely due to Republicans, since 94 Democrats voted against it as well. Perhaps people will accept the Republican complaint that Nancy Pelosi gave a really nasty speech just before the vote tally and made ten Republicans so angry they decided to vote “nay.”
Perhaps.
But probably not.
Update: Losing a war to win an election.
