It’s hard to believe what Congress was about to do in the midst of the financial crisis engulfing the nation. A week from today, the U.S. Senate and House of Representatives were scheduled to go home for three months without lifting a finger to stem the financial markets meltdown. They will not return until after January 1st, 2009.
That may not sound plausible, but just read this excerpt of what Congressman Barney Frank of Massachusetts, Chairman of the House Financial Services Committee had to say in a TV interview just two days ago when asked what Congress would do: “It is inconceivable to do anything before the election” . . . we need “to do this in a rational and measured way.” The Bay State representative went on to say, “It is conceivable that after the election, you could get some kind of consensus . . . it is by no means certain.”
That was on Wednesday. A day later the entire picture, as well as the attitude of this do-nothing Congress made a 180° turn.
We don’t know what words were used by Hank Paulson, Secretary of the Treasury, and Ben Bernanke in a closed door meeting of key legislators yesterday. Whatever both men said, it was enough to light a fire under economically timid and reluctant Republican and Democrat lawmakers. The word is that they have accepted an Administration proposal to unravel the chaos.
If no one throws a monkey wrench in the works, the nation should have a comprehensive law to fix things before these bozos go on vacation. (According to an August 27, Rasmussen report, “just 9% of likely voters give congress positive ratings.”)
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