Thursday, October 02, 2008

Uh . . . because the bailout's better now?

Rep. Lee Terry, congressman for Nebraska's 2nd District, used to be agin' the Wall Street "bailout" plan. But now he's fer it.

Says the Omaha World-Herald:

The Omaha congressman voted Monday against the House version of the bailout, as did the three other House members from Nebraska and western Iowa. The others remain either skeptical or opposed.

Terry was one of the first to indicate that he could reverse course and support the bill, saying even before the Senate vote Wednesday that his key objections had been addressed.

He had called for an increase in federal insurance of bank deposits and a waiver of accounting rules that require companies to write down assets to reflect their true market value.

The Senate bill raises the cap on insurance for bank deposits from $100,000 to $250,000, and the Securities and Exchange Commission announced that it would ease the "mark-to-market" accounting rules.

"Basically, my demands have been met," Terry said Wednesday night.

He said he now expects that nowhere near the full $700 billion would be necessary — and he feels good about the plan.

"I still haven't committed to anybody," he said. "Maybe I'll think of a new reason to vote no, but I doubt it."
YES, THE ENTIRE Washington power structure was brought to heel by an obscure congressman from the plains of Nebraska. Who previously had been ready to blow up the nation's financial markets because "mark-to-market" rules and more FDIC insurance weren't included in the original package -- even though both long had been under discussion and could be implemented administratively.

No, Terry's flip-flop couldn't have had anything to do with
this. Or this.

I mean, what's an entire city administration panicked over the prospect of not being able to float municipal bonds -- and over maybe having to cancel construction projects -- got to do with anything? Compared to "mark-to-market" reform, potentially selling your hometown down the fiscal river is peanuts.

Ditto that concerned billionnaire and civic titan you've got on the telephone there, wondering how you got your head that far up your ass.

Naw, Terry's switch was an entirely principled affair.

Whatever. Just so long as he switches.

1 comment:

Carlin said...

Sometimes I do not know if I want to Laugh or Cry when I read your Blog.