Was that plan that went down yesterday the best plan from my perspective? Certainly not, like most on the left I'd like to see some direct economic stimulus in the package and more mortgage "modification". That said it wasn't a horrible deal to grease the credit markets in the short term, thus buying us time to make the long term plan much better. Remember that the long term plan will be passed by expanded Democratic majorities in the House and Senate and, most likely, signed by a President Obama.
Credit where credit is due, Pelosi and Barney Frank managed to push back effectively against the original White House plan. What was voted on yesterday was though far from perfect much better than that first plan. Sir Charles over at Cogitamus makes a good case for why liberals should gurdgingly support the plan. To put it succinctly, if the credit markets totally collapse it's not the millionaires who are going to crushed - it's middle America and our working class.
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