September 29, 2008

ILYA SOMIN: “The stock market’s record 778 point drop today will no doubt lead many people to conclude that the House of Representatives was wrong to vote down the bailout plan backed by both the Bush Administration and the Democratic leadership. Indeed, Senate Majority Leader Harry Reid has already made that argument. Here’s why I think such claims are wrong.”

I keep hearing that opposition to the bill from constituents was overwhelming for members of Congress of both parties, with the House switchboard and website overloaded. And certainly the bailout polled badly. So, whether it was a good idea or not, the rejection would seem to meet with the voters’s approval. Of course, the politicians know that if it turns out badly, those same voters will still blame them . . . .

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