This hit me in the chest, somehow:
The discussion of the RTC (Resolution Trust Corporation) concept is useful as a signal of bipartisanship. Until now, there's been the sense that each party thought it might benefit from financial chaos. So it is good to have Congress realize all at once that the chaos was hurting incumbents in their reelections and therefore had to be stopped.
That's from economist David Malpass, formerly of Bear Stearns. Now on his own.
He's saying this week's sudden promise of bipartisan cooperation is not a sign of politicians putting the safety of the nation above their petty partisan bickering. It's far uglier. It's people with power—from both parties—agreeing that they want to keep power.
There will be a day—maybe several years from now—when we'll be able to read some fabulous book about the behind-the-scenes maneuvers of this tumultuous week. I truly have no idea what that book will tell us. But I'm sure there will be some heroes and there will be some villains. It will be fascinating.
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