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And guess which party is going to be left holding the bag?


What if this initiative fails? I'm sure that Mr. Bernanke and his colleagues are frantically considering other actions that they can take, but there's only so much the Fed - whose resources are limited, and whose mandate doesn't extend to rescuing the whole financial system - can do when faced with what looks increasingly like one of history's great financial crises.

The next steps will be up to the politicians.

I used to think that the major issues facing the next president would be how to get out of Iraq and what to do about health care. At this point, however, I suspect that the biggest problem for the next administration will be figuring out which parts of the financial system to bail out, how to pay the cleanup bills and how to explain what it's doing to an angry public.

The next president will be a Democrat, and he will spend the next 4-8 years cleaning up this mess that the Republicans have left him. He won't be able to initiate any major programs because all his time will be spent focusing on this financial disaster and the war in Iraq, and he will likely have to take some very unpopular actions like raising taxes and cutting benefit programs. This will ensure that in 4-8 years the Democrats will once again be very unpopular, just in time for a Republican to come in, claim credit for the recovery, and screw everything up again.

By fnord12 | March 17, 2008, 1:21 PM | Liberal Outrage