Whenever Dana Milbank appears on MSNBC's Countdown, I cringe. There's something about the way the guy does analysis that just rubs me the wrong way. Despite all that, this story by Milbank about a Senate Banking Committee hearing on the bailout of Bear Stearns is brilliant:
Fortunately for Schwartz, he had a sympathetic audience in the banking committee, whose members have received more than $20 million in campaign contributions from the securities and investment industry, according to the Center for Responsive Politics. "I want the witnesses to know, and others, that as a bottom-line consideration, I happen to believe that this was the right decision," Chairman Chris Dodd (D-$5,796,000) said before hearing a single word of testimony."You made the right decision," Sen. Evan Bayh (D-$1,582,000) told the regulators who worked out the loan guarantee.
"The actions had to be done," agreed Sen. Chuck Schumer (D-$6,162,000).
Only a minority of senators, particularly those with smaller pieces of the campaign-cash pie, dissented. "That is socialism!" railed Sen. Jim Bunning (R-$452,000). "And it must not happen again."
Hey Dana - more like this, please!
Hat Tip: Mike Lillis
Subscribe to this blog's feed
