Bailout Bill Put before Congress

The Republicans and Democrats successfully hammered out a deal over the weekend. The bill currently floats in the House, for later approval by the Senate and President. With the heavy hitters from both parties involved in the negotiations, I would expect the bill to pass easily. I saw a mixture of modification representing both parties, including provisions that CEOs won’t walk away with millions and that bailed out companies buy insurance.

Conspicuously missing is a capital gains tax cut.

I’m sure some politicians, from both parties, will rail against the bill. The debate over passing the bill provides an irresistible opportunity to mug for the camera and complain of corporate excess. Complain against the very companies that likely funded their election campaign. But they’ll sign it, if only because their party leadership will knock them upside the head if they hesitate.

It is incredible that Congress has acted this fast. Currently, I hold them in higher esteem than I did two weeks ago. The bailout may not work. But if it doesn’t, it won’t be because Congress didn’t act. It could turn out that we simply dug ourselves in too deep. If that’s the case, our last recourse will be to hold on tight and pray to a higher power.