Jul 162008

It looks like Congressional Republicans aren’t completely worthless, after all. From the WSJ:

The Bush administration’s hastily arranged strategy to stabilize Fannie Mae and Freddie Mac came under siege on Capitol Hill, as Republicans tried to slow it down and Democrats moved to marry it with a program the White House has threatened to veto.

They have some redeeming social value, at least for the moment. But I am reminded of the bad old days of the Clinton administration, when Republicans would on issue after issue threaten to do the right thing, but cave under pressure just after they made as many enemies as possible for threatening to do it. That way they could also make enemies for doing the wrong thing, and reap the worst of both worlds.

It’ll be interesting to see if this one follows that old pattern.