The Senate Bailout Version

Tolstoy did not write War and Peace in two days. Which just proves what a hack he was compared to the Senators who have fattened up the Wall Street Bailout to an amazing 451 pages in less than 48 hours.

I haven't read it nor will I. No Senator has read it cover to cover, not even those who claim to have written it. Anyone who claims to know everything in that bill is a bald faced liar. Nobody knows what might be hidden in all of its various subtle sub-clauses. Simply put, this is legislation run amok.

I didn't like the original Treasury Department text but at least, at three pages, it was comprehensible. The House text, at around 100 pages, was bloated but manageable. It was probably the best possible alternative. Given the choice of improving a bad bill (which is what the House text did) and the threat of a massive contraction of the global economy because of the collapse of financial markets, I'll take the improved bad bill.

I suspect there will be plenty of Representatives in the House, from both parties, who will regret voted no on Monday. The Senate has taught them a painful lesson - he who hesitates gets buried in paper. The Senate text will probably pass the House of Representatives but every Congressman who switches his vote to approve this corpulent bill is a raving hypocrite.