A rescue for the U.S. financial system unraveled late Thursday amid accusations Republican presidential candidate John McCain scuppered the deal...I guess dreams really do come true. Not that I think the House GOP plan that McCain jumped on will work*, but it is going to be funny how quickly the leftern half of the blogosphere will retroactively find Bush's obscene plan to have been the one thing that would have saved America from having to change.
Oh, and the rest of that sentence also happened:
...and Washington Mutual was closed by U.S. authorities and its assets sold in America's biggest ever bank failure.WaMu's assets: $309b. Previous biggest failure: Continental Illinois (1984), $40b. The FDIC said the closure would not affect its insurance fund, which weighs in at a svelte 15% of WaMu's assets. Not sure how that works yet, but I'm not the one saying it.
Anyway, gutsy move by McCain, assuming he did it on purpose**, because if the market tanks between now and the election - and I believe it will - McCain will get the blame. It's not that he deserves it, it would have happened anyway. But the plan that didn't happen is always the one that would have avoided all the pain, while the one that's passed and fails is always an excuse for another Double Magic Plan that fails just as hard but for twice as much money.
Can we write about something else now, please?***
* it will, however, not work for a lot less money.
** I think he did, though why I have no idea.
*** So anyway, I had to work the last shift in the University Advancement booth at the career fair today, along with one of the college's web guys. Nice guy, I've talked to him on the phone before when I dumped on him a junior college business professor who wanted to bring his class down for a visit. Pretty smart guy, too. So anyway, he doesn't even remember meeting me before, but suddenly he starts bemoaning the fact that he doesn't have enough property to be able to grow all the food he's going to want when the economy collapses later this year. Oh, wait, I was going to talk about something else. Gus Frerotte, baby! He's not the best QB, but he is the best one the Vikings have on their roster.