Failout bill 2.0 heads to the Senate | Bleader

Wednesday, October 1, 2008

Failout bill 2.0 heads to the Senate

Posted By on 10.01.08 at 01:30 PM

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A revised version of the failed House bailout bill is headed to the Senate floor tonight; the basics are the same, but there are some goodies attached--raising the FDIC cap on bank and credit union accounts from $100K to $250K (with an unlimited cap on the FDIC's own borrowing), and a combination of alternative minimum tax relief fixes, alternative-energy incentives, and miscellaneous tax breaks. All of which seem to be fine. It's the same turd, more tasty recipe, which is why there's no guarantee that it will pass the House. Perhaps more influential will be the increasingly tight credit market and big-business panic.

Barack Obama, to my total lack of surprise, is in one of my favorite towns in one of my favorite swing states selling the crowd on Failout 2.0.

Nathan Newman makes the salient point that we're already bailing out stuff as fast as we can. I tend to agree that the blame should be widely spread, but it should be spread thickest on Hank Paulson and his fuck-you negotiating strategy.

Oh, and remember Sam Zell's complaints about mark-to-market accounting? Hate to say I told you so.

Update: Bailout you might have missed.

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