This is a class blog for the students of POLSCI 421: Party Politics in America at the University of Wisconsin–Milwaukee.

Friday, September 19, 2008

Bush Urges Congress to Enact Rescue Package

Almost by definition a crisis will shock the system it is occurring in. It's fascinating to watch the political system, and in particular the party system, absorb and react to the ongoing economic crisis.

It's easy to mumble vague sentiments about coming together or issue attacks at your rival partisans. But it will be more interesting to see who gets to (re-)build the new regulatory regimes and institutional structure of capitalism that is currently being handled by Treasury Secretary Paulson and the Federal Reserve. Congress will likely not sit on the sidelines for too long.

See also this WSJ article:

"Why does one person have the right to grant $85 billion in a bailout without the scrutiny and transparency the American people deserve?" asked House Speaker Nancy Pelosi (D., Calif.), a reference to the loan the Fed gave AIG with the Treasury Department's blessing.


More in the NY Times which features supportive Democratic Senators.