So, I have another question about these bailout negotations. The latest news is that negotiations have hit some snags firstly because the Conservative wing of the traditionally Republican Party (didn’t know there was one left) is objecting to giving away $700,000,000,000 since it will result, of course, in higher taxes and probably more government regulation. Additionally, some Democrats aren’t crazy about handing over $700,000,000,000 (gotta love all those zeros), without any additional regulatory measures to prevent it from happening again and help for people who might lose their homes. Finally, it has gotten somewhat mired in the race since both McCain and Obama have gotten involved in the negotiations by actually sitting down with the President and party leaders to put in their $.02.
My question is this: is there any precedent to have candidates so intimately involved in policy at this point. I realize they are both Senators, but neither is, I don’t think, ranking member of the finance committee or anything like that. I also know that one of them will inherit this mess, but neither has yet.
I wonder if it is appropriate to have them in the room at all, other than in whatever capacity they might already serve as Senators. It politicizes the entire issue and has caused it seems, serious grandstanding, particularly by the economic conservative wing of the Republican Party who feel like they are about to get shafted and with good reason.
That said, perhaps the slowdown is a good thing. The American economy is very, very big and even if it gets a little pummeled over the next few days or weeks, that isn’t as bad a scenario as committing to a $700,000,000,000 fiasco that hasn’t been completely thought through.
Still I have to wonder if there are balance of power issues here. For example: how would this scenario have changed if both candidates were not Senators and one was, say, a governor or a hot dog salesman, whatever.
As in my last post, I am posing real questions, not rhetorical ones. Is the way this situation is being handled appropriate? I don’t really know, but it does leave me feeling a little bit uncomfortable.