The only thing now is to try again — to rescue the rescue. There’s no time
to find a brand-new package, so the Congressional plan should go up for another
vote on Thursday, this time with additions that would change its political
prospects. Leaders need to add provisions that would shore up housing prices and
directly help mortgage holders. Martin Feldstein and Lawrence Lindsey both have good proposals of the sort that could lead to a plausible majority coalition.
Loosening deposit insurance rules would also be nice.
I rarely agree with David Brooks, conservative columnist at the Times, but today he gets it right. The "bailout" must include provisions to help average Americans, directly helping mortgage holders. Brooks also clearly acknowledges that the Republicans and McCain are to blame for the demise of the bailout. Let's see what happens today.
Jim
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