Annals of Intellectual Bankruptcy

by Tom Bozzo

Who’da thunk: Hank Paulson’s blank check giveaway plan turns out to be the best answer to the financial crisis the Republicans can come up with:

Towards the end, McCain finally spoke up, mentioning a counter-proposal that had been offered by some conservative House Republicans, which would suspend the capital gains tax for two years and provide tax incentives to encourage firms that buy up bad debt. McCain did not discuss specifics of the plan, though…

I think we know what the ‘specifics’ are:

1. Tax cuts for the rich!
2. ???
3. A chicken in every pot and a horseless carriage in every garage!!11!

Meanwhile, the decisive leader who would never poke a digit into the political wind…

…was non-committal about supporting it.

And the other Republican excuse for a leader?

At another point in the meeting, President Bush chimed in, “If money isn’t loosened, this sucker could go down” — and by sucker he meant economy.

Looks like I picked the wrong week to stop sniffing glue.

Added: See also Justin Fox via Brad DeLong.