Wednesday, September 24, 2008


It took a surprisingly long time, but as we predicted, Sen. Collins is finally describing the Bush administration's $700 billion Wall Street bailout in language that's slightly less mealy-mouthed. Slightly.

Here are the relevant excerpts from the PPH story:

Collins said she remains concerned that the plan doesn't have adequate protections for taxpayers, accountability for decisions made by the Treasury Department or provisions to hold accountable those financial executives who made poor decisions that contributed to the crisis.

"What I don't want is a plan that creates moral hazards or rewards individuals on Wall Street who made high-risk decisions and now are looking for soft landings," said Collins. "That's why there should be a means of curbing excessive executive compensation as part of this plan--but there are an awful lot of details to be worked out."


"I'm not convinced that the outline that we've been given is the right answer, but I am convinced that emergency legislation is required to prevent economic chaos here and a complete drying up of credit that would affect small businesses, small banks, automobile dealers, people who are completely blameless in this crisis," she said.
So let's review.

Collins thinks legislation is necessary but she wants "protections for taxpayers"; "accountability" for the Treasury; and curbs on executive compensation.

Doesn't that sound suspiciously like the set of principles Rep. Allen laid out three days ago?

It's a cute move, and its' probably smart politics. But no one should be fooled: Susan Collins is Wall Street's candidate in this race. She's proven it time and again.

Trying to pretend that she's Tom Allen doesn't change that fact.

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