Yglesias points out that the House GOP has no real alternative to the bailout:

But the deal’s critics on the right have . . . an irrelevant capital gains tax cut? And perhaps a plan to suspend “mark-to-market” accounting so as to allow financial institutions to recapitalize themselves through handwaving and cooking the books. I’m fully in sympathy with people who have their doubts about the desirability of the bill that was brought to the floor today, but surely one has a responsibility to lay out some alternative course of action. Even spelling out “we should do nothing, let large banks fail, assume money will flow elsewhere, etc.” could qualify you to participate in the conversation. But just bleating vaguely about socialism and saying mean ol’ Nancy hurt your feelings doesn’t really cut it.

Now’s the time to quit being scared of the GOP.  We have them on the ropes.  Push the progressive version.  More equity in the companies.  More help for homeowners.  More restrictions on executive pay.  More stimulus for the middle class.

They have nothing to counter with.  Nothing.  The GOP is practically begging to get crushed here.  They’re egging us on.  Make ‘em complain.  Hell, make Bush veto it.  Then they’ll really be in hot water.

They had their chance.  Now it’s our turn to mop up.

Tags: bailout, politics

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