Stan Collender's blog
There weren't many details available when the Treasury yesterday announced that it would ask Congress for the authority to buy Fannie Mae and Freddie Mac stock should it be necessary. Published reports like the ones in the New York Times and Washington Post didn't indicate the estimated cost but talked about it being in the billions.
There's little doubt that Congress will provide what Treasury is requesting. My question as a budget person is how it's going to be treated.
Brad DeLong has one his best posts EVER this past Friday. Don't miss it.
Andrew, as usual, has raised a number of interesting questions.
I have just one observation. Does anyone else see the excruciating irony here? The same administration that wants to do away with earmarks and asks everyone to trust the decisions to department and agency employees, refuses to trust those same employees when they make other decisions.
The word "plan" is in quotes in the title above because what John McCain announced yesterday isn't really a plan that holds together to accomplish something; it's a laundry list the candidate will pull from whenever he needs a talking point.
Want deficit reduction? I've got it. Just look at my plan.
Want an energy policy? Look at my plan.
Want taxes cut? I've got it, check out my plan.
Among many others, Brad DeLong and Economistmom have more details and an analysis worth reading. But the easiest way to determine what this was all about is to look at what the candidate actually said yesterday as opposed to teh 14-page written document. According to a reporter from a national publications who called me, McCain never mentioned the worrd "deficit"and didn't talk about deficit reduction. As a result, this paper decided not to publish a story on it. In the reporter's terms, his editors "took a pass."
Here's my "Fiscal Fitness" column from today's Roll Call.
It’s a Case of Murder on the Budget Express
July 8, 2008
There’s a great scene from the 1974 movie version of Agatha Christie’s “Murder on the Orient Express” where her iconic ace detective, Hercule Poirot, wonderfully played by Albert Finney, talks about the number 12.