…there is no plausible political rationale for supporting it other than to appease credit card companies. As Paul Krugman pointed out today, the bill makes no exceptions for families wiped out by medical expenses (which make up more than half of all bankruptcies) or for bankruptcy cases involving active-duty soldiers, yet it leaves any number of loopholes in place for large corporations. The political imagery here so obviously benefits anyone who’d oppose the bill you’re left to conclude that the only way a congressman could possibly support it is through a craven and reflexive willingness to do the bidding of big business…Moderate Democrats have been under assault from grassroots liberals lately for selling out Democratic values in their rush to appease conservative interests. I normally think this criticism is highly misplaced, and that moderates have exactly the right instincts when it comes to social issues and foreign policy, even most economic issues. But in this case the moderates proved the liberals’ point for them, which could set back the cause of moderates within the party for months, if not years. It really is a colossal, inexcusable mistake.
If this bill exposes just how little the conservative economic agenda has to do with expanding individual freedom, and just how shameful an abrogation of moral responsibility “New Democrats” are guilty of, I’m of course inclined to disagree with Scheiber that that’s a bad thing. But I’m glad we can both agree that the bill itself is a trainwreck.