Some in Washington seemed more interested in politics than their charge of serving the citizens. Whether they voted for or against it they focused on public perception more than the bill's content. Some hesitated to take a position on the bill, preferring to see the decision made for them in early voting.
Finger pointing is sure to intensify this week, but regulators have also pledged to get back to work on a program that everybody can agree on.
A key criticism of the bill was the amount of power that Henry Paulson and the Treasury would enjoy. He would be able to operate with virtual immunity - a tough sell given the political environment in the last few years. In any case, the bill had it's strengths and weaknesses - as will any legislation that sees the light of day. Let's hope that lawmakers can put their heads together and come to a reasonable conclusion (whether it's this bill or not) about what's best for the economy and the people.
What did you like or dislike about the proposal? How do you feel about the voting? Tell us about it in the comments.
More information:
- Ex-FDIC Boss William Isaac Discusses the Plan, Thinks it Won't Pass (interview from last week) - Bloomberg on the Economy (MP3 File)
- Explains 'net worth certificates', a tool he used in financial crisis 20 years ago
- Describes how 'mark to market' accounting intensifies a financial crisis
- Is Paulson's Bailout Unconstitutional?