Some things will never change

I have not felt like I have too much to add on the current economic crisis since my post from a few days ago. My argument still holds, and I think that my proposal makes much more sense than the current (temporary) failed, modified "Paulson plan". (I'm under no delusions - I'm sure that what I suggest isn't perfect, that I'm no economist, and that smart, disinterested experts could craft something much better.)

But at the end of the day, the reality is that all parties have behaved entirely consistently with what you would expect from them.

The Bush Administration, having no credibility on this issue, aggressively pushes a plan that it crafted in secret, with no input, and with a demand that the bill had to be passed or doom would follow. The plan empowered the same parties to create a solution that also created the problem. And then the Administration was unable to exercise any real leadership to get something done.

The Democrats fell in line behind a bad Administration Plan for the supposed good of achieving a higher purpose, in this case saving the U.S. financial system, rather than holding firm to their principles. We can debate it was a courageous example of putting country over party, or just plain cowardice, but it's the same question that arises over and over again when considering the motives of congressional Democrats getting on board with a bad Bush Administration plan.

Conservative House Republicans, led by Eric Cantor (who while simultaneously voting for the plan appears to have engineered its demise), torpedoed a bipartisan approach to passing an imperfect bill in an attempt to turn the plan into a Democratic bill and allow Republicans to pin any failure of the plan, and any voter anger, on the Democrats. And meanwhile the lie is given to their alleged concern for "Main Street" or "average Americans" by their insistence that an acceptable bill should get rid of the Mark to Market rules, so that the bankers can pretend that worthless assets really have some value.

And John McCain grandstanded and lied and made a fool of himself.

All true to form.