After the much-ballyhooed thumbs-up given to Crap Sandwich 2.0 by the Senate last night, Wall Street appears not so enthused.
The Dow Jones average greeted Harry Reid’s “middle class tax relief” spin with a drop of 348 points today, along with a NASDAQ loss of 92 points. Democratic Rep. Jim McDermott of Washington State has sent a shock wave through the House by announcing his intention to attach an enormous and hideously expensive economic stimulus bill to the new bailout bill, angering House Republicans (and not just a few Blue Dog Democrats) who already think the bailout is too pricey and intrusive. (Heaven forfend the Senate should be the only body permitted to inflate the spending in this bill to cosmic proportions.)
Are the Republicans being set up again? House Democrats appear bent on throwing bill after unsupportable bill at them, daring them to vote them down. My suggestion? Call their bluff every time. I’d much rather Congress fail to act and come under further pressure, than have them pass a bad law that will relieve pressure on them for a good one.