CT Blue

The full quote is “Those who cannot learn from history are doomed to repeat it”. That aphorism should be much on the mind of folks like Chris Dodd. Here is the history. The Bush Administration screws something up big time or is caught breaking the law. Its response is to ask Congress to give it more power (and in the case of the crimes, immunize its prior acts). It is always absolutely necessary that Congress act immediately, preferably before actually reading whatever it is that Bush wants passed. Any attempts to change or even examine the Bush proposal becomes a grave threat to national security. The answer to every crisis is to give Bush what he wants, and to get out of the way while the people who caused the problem, and who are therefore by definition the only ones who can fix it, exercise yet more power and, in the end, cause yet more problems.

While I don’t doubt that something needs to be done about the current fiscal crisis, the rush to legislate a solution appears to be partaking of all the classic signs of the Bush squeeze. Dodd appears to be wary, but don’t be surprised if he gets rolled when the Bushies declare that any attempt to help real people will cause a delay that will bring on an economic Armageddon. Don’t be surprised if at the same time that claim is being made, Bush contradicts its essence by threatening to veto any measure that helps homeowners. They will want to keep this pure-a bailout by the American taxpayers for the rich and only for the rich. Remember too, these folks are all politics, all the time, and they won’t want to give the Democrats the ability to show what they can do for the middle class. So we’ll be hearing soon that quick, unthinking acquiescence is necessary in order to avoid certain doom.

UPDATE: Step One is in place. Bush requesting unfettered authority.

UPDATE 2: The plan sucks and does indeed amount to a gift to the banks. What else is new? Prediction: This won’t stop the Democrats from falling in line.

UPDATE #3: viz, “they will want to keep this pure-a bailout by the American taxpayers for the rich and only for the rich”, Paulson says that reining in executive compensation is a poison pill. Apparently he feels these folks have earned million dollar payouts for driving the country into financial chaos. See also.

UPDATE #4: viz, “So we’ll be hearing soon that quick, unthinking acquiescence is necessary in order to avoid certain doom”, see GOP warns Dems not to add extras to bailout bill. This is not the last we’ll hear of this. The Administration has yet to weigh in on this score, though their task may be complicated by McCain’s reluctance to sign off on what will be perceived as a massive giveaway until after the election.