Redstate’s Francis Cianfrocca provides cogent financial commentary, the kind that cuts through the clutter and focuses on the big picture. I have been impressed at his track record for successfully predicting how the economy would react to specific events.
Today he awards an Oscar to Hank Paulson for Worst Salesmanship in Support of a Financial Rescue Plan:
I think you’d be hard-pressed to find one person out of twenty who understands that Paulson’s bailout plan is not a transfer of tax money from the middle class to the wealthy. It’s not the slightest surprise that more than half of Congress would find it impossible to vote for.
And another award to Nancy Pelosi, who
gets the Oscar for Most Disingenuous Performance by a Legislative Leader Not Running For President. She looked so stupid and incompetent in not getting the bailout approved by the House yesterday, that one suspects this was somehow her plan all along.
Now, he says, it may not matter what plan is passed, if any, because the time to do it was ten days ago. But if they do come up with another plan, they will have to do something meaningful to sell it to the public.
Of course, the time to do something about Freddie Mac passed long ago. Congress mandated ill-conceived loans, insisted that they continue in the face of mounting evidence of the problem, and now blames the people who did what they were required to do. Nancy Pelosi continues to push the fantasy version of events, denying any responsibility, and lambasting any Republican within earshot. So it should not be surprising that people have no confidence that Congress is about to do something to make the situation better rather than worse.
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