Tuesday, September 30, 2008 - 1:46 PM
Unfortunately, I cannot watch these at work, but I expect more of the same tired histrionics (see also, Megan McArdle). I have to say I am a little disappointed in many "libertarians" for their support of the bailout (in fairness, though, I don't think Dan has ever taken on that mantle), but I am ecstatic that, for once, the electorate and the House seem to understand, for whatever reason (don't dash my dreams here) that further government meddling is not the solution for prior government errors.
I also note, today, the markets have recovered about a quarter of what they lost yesterday in the first hour's trading. Could it be that this is not the end of the world? Could it be that we do not need to bail out Paulson's pals on Wall Street to have America continue to exist past the end of the week? No, of course not.
I'm curious about your thoughts on political capital, Dan. Everyone agrees that this crisis and the friction in the House is a perfect opportunity for the Obama and McCain. What does it say either about Bush's legacy or the role of the president in driving legislation? Does this affect the theory of political capital at all, or does Bush simply recognize that this crisis can potentially swing the election to McCain, so he's staying on the sidelines? Or even more crazy, does Bush have zero political capital?
As one of the people Daniel condemned for not supporting the bailout bill, I was hoping that Daniel would enjoy the crow when the bailout bill passed and did nothing.
But it looks like he has moved on.
Never admit when you were wrong.
Daniel W. Drezner is professor of international politics at the Fletcher School of Law and Diplomacy at Tufts University.
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