Inside the Deal to Save the US Economy

September 26, 2008

Inside the Deal to Save the US Economy

A strange and incredible amount of information is flowing from the Guardian about the inner workings of the $700 billion deal between Republicans and Democrats to bail out the US economy.

It's tough to judge what is real and what is fake but there some incredible stuff coming out.

According to one report, a deal had been reached by all parties until a group of hard-right, free-market Republicans met privately with McCain and threw a new "free-market" proposal into the mix.

Their behaviour at the meeting was a study in contrasts, according to press accounts. Obama, granted deference by his fellow Democrats, led off the debate.

Then [Republican minority house leader] Boehner made his move, throwing down a plan that differed wildly from the one under discussion. McCain, asked for his opinion, stayed silent - and that, according to those at the meeting, was taken by his fellow Republicans as a sign of his support for the Republican revolt.

Ironically, a Republican on the Senate banking committee, Richard Shelby, was doing his best to paraphrase the thesis of Naomi Klein's Shock Doctrine; that in a state of crisis the ideas lying around are the ones which get used:

"They're trying to push this in an emotional state, saying the sky's falling on our heads," he said. "Every time we have rushed to judgment in the past, we have paid for it."