ON A MEAGRE SILVER LINING
UNINTENDED CONSEQUENCES
This New York Times article describing the reaction of Congressional leaders getting the real low-down on the financial crisis from Treasury Secretary Hank Paulson earlier in the week, is worth noting*:
"Mr. Bernanke and Treasury Secretary Henry M. Paulson Jr. had made an urgent and unusual evening visit to Capitol Hill, and they were gathered around a conference table in the offices of House Speaker Nancy Pelosi.
“When you listened to him describe it you gulped," said Senator Charles E. Schumer, Democrat of New York..."
"...the congressional leaders were told “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications here at home and globally.”
Mr. Schumer added, “History was sort of hanging over it, like this was a moment.”
When Mr. Schumer described the meeting as “somber,” Mr. Dodd cut in. “Somber doesn’t begin to justify the words,” he said. “We have never heard language like this.”
“What you heard last evening,” he added, “is one of those rare moments, certainly rare in my experience here, is Democrats and Republicans deciding we need to work together quickly.”
Perhaps one of the meagre silver linings of this crisis, is that it may finally bring both parties together to do what needs to be done on so many fronts. It may, perhaps be short-lived, but it's better than not having happened at all. I don't have any illusions that partisan forces won't come into play as the government solution, whatever forms it ends up taking, is ultimately crafted and made into law.
Also, given that this is happening in a Presidential election year, we may see both candidates quickly change their play books from attacking each other on silly stuff, and race each other for the high ground of the center.
There may instead be a race between the two candidates to be the first to break through the clutter of partisanship, and connect with the silent majority of mainstream Americans who are not as partisan as the base of either party, and just want government to really just work for a change (pun intended). Now that'd be a sight to behold.
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