The Democrats decided to go it alone on passing the stimulus, unconcerned by the fact that come election time they’re going to be the sole owners of the bill. As Michelle Malkin put it: “This crap sandwich is all yours, Dems.”
But for stimulus is likely just one of many economic recovery bills likely to come out of Washington. The next big one could be the creation of a “bad bank”, which would either mean some kind of nationalization or a mega-TARP. So will Republicans go on board, or can we expect a continued show of loyal opposition. Remember how unpopular the first TARP was. This one will be bigger.
The Atlantic’s Marc Ambinder takes the pulse of DC:
The new bank relates to the stimulus package in the following way. The creation of the bank, and the subsequent potential for a new bailout of the housing market, the coming financial market re-regulation, — all of this requires Republican cooperation. And even if President Obama didn’t get Republican votes yesterday, he needs to have Republicans not be in a position to oppose the next phase of economy-saving proposals that he’ll unveil. The goodwill he wants to buy extends beyond the stimulus package.
There is a sense among some Democratic officials that yesterday’s vote by Republicans was for show; that now, since they’ve gotten a “no” vote out of their system and showed off to the base or whomever, they’ll realign themselves with the forces of good and light and be willing to support the bill as conferenced in February.
That sounds like an optimistic line of thinking. The Republicans, by standing athwart yesterday’s bailout bill, are finally starting to rebuild some good will among the base. Will they really spend that capital in less than a month? We think TARP II will be another Dem-owned crap sandwich.