The Corner

“Dreadfully Dumb Act”

From a reader:

On the same day McCain pulls this stunt – and this is what it is –

President Bush will be pushing for everyone to return to Washington to

hammer out a compromise. Already, McCain is “cooked in” to Bush’s

bailout plan. Regardless if it holds off whatever crisis may happen,

it will cost plenty. Hundreds of billions of dollars, probably some to

foreign banks and other that work their way into promised bonuses and

CEO pay. All at a cost to the average taxpayer for about $10,000 per

home. And iit will have McCain’s fingerprints all over it. I

appreciate the intent here – appearing to underscore his ‘ready to

lead’ bona fides, country first, etc., but whatever comes out of

Congress this weekend will be a mishmash hybrid of the worst parts of

the S&L bailout and Sarbanes-Oxley, to the tune of hundreds of

billions of dollars. People are already fed up at all the bailouts as

it is – this one will be too much to stomach. Neither Obama nor McCain

have been doing their jobs for a year and a half – why start now?

Again, I can see the ads throughout MI, OH and PA talking about how

the Bush-McCain bailout is going to cost the average taxpayer $10,000.

Dreadfully dumb act. Thanks, and name w/held.

Update: Another reader responds:

“DDA” misses two obvious points.  First, it is a near certainty that Obama will vote for whatever bill is put together, so he’ll be hard-pressed to call it the “Bush-McCain bailout” when he votes for it.  Second, even assuming there is a cost of $10k per taxpayer, if that’s the cost of avoiding something akin to the next Depression, sign me up by all means.  Plus, again, how does Obama run negative ads about a bill he’ll vote for? 

Jonah Goldberg — Jonah Goldberg holds the Asness Chair in Applied Liberty at the American Enterprise Institute and is a senior editor of National Review. His new book, The Suicide of The West, is on sale now. @jonahnro

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