With the House Republicans apparently (it is a closed door negotiation) walking out of the talks, it makes me wonder who exactly wants to do the $700 B bailout? The White House does, but are the Senate and the House acting only because they don’t want to appear ineffective and out of touch?
That alone would be a lousy reason to make a deal. If it’s to stop a massive recession, great. If it’s for politics as usual… that would be one expensive photo op.
Last night JP Morgan Chase made out well picking at WaMu’s bones. It’s Friday and no deal is being publicly touted and the financial companies are still here for now. Even if a bailout does occur in some form, the NYC area is going to lose jobs and feel the impact, so it’s hard for me to take Washington seriously.
Maybe tonight’s debate town hall election event will be enlightening.
