So, the meltdown has been avoided or, er, postponed.
For once both parties--well, the sensible House and Senate members of each party--have decided this is about America and not partisan politics and will work together on the bail-out.
I want the Democrats (and the sensible Republicans on the Sunday Morning shows yesterday) to stick to their guns and insist:
1. No golden parachutes for the Wall Street "captains" whose greed and ignorance got us here, and reform to establish proper and moral methods of compensation for these people. Fear of interfering with free market forces be damned. We've been down that road and it didn't work.
2. Relief for the hundreds of thousands of people facing foreclosure of their homes.
3. Strict governmental oversight.
It doesn't matter that a deal doesn't get down within two or three days as Treasury Secretary Paulson wants/insists. The days of this administration TELLING people what they need and want are over.
Barney Frank and Nancy Pelosi came across as people determined to get these three demands into any bill. He is knowledgeable in finance and we can wait a couple of weeks to get the bill drafted properly. Congress can stray another week. They'll still have five weeks left to get what they need to say to their individual districts before the elections.
Oh, and with the above three provisions contained in a bill, the bill will be clean.
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