More thoughts on the failed House vote
In no particular order… So, the Dow went down 777 points after the vote; for theday, the S&P 500 is down even more in percentage terms (over 8.8%); the TED spread jumped by 20%. Way to go, Congress!!!! As I’m typing this, the House of Representatives’ web server appears to have crashed. I wonder why? ...
In no particular order... So, the Dow went down 777 points after the vote; for theday, the S&P 500 is down even more in percentage terms (over 8.8%); the TED spread jumped by 20%. Way to go, Congress!!!! As I'm typing this, the House of Representatives' web server appears to have crashed. I wonder why? I think Nate Silver slightly exaggerates the extent to which financial markets anticipate political outcomes. This point, however, is spot-on: "the schadenfreude of certain liberals on this issue is absolutely obnoxious. A lot of people are going to be hurt by this, and not just those in the investor class. I tend to see this more as a failure of our democracy than a reaffirmation of it. The congressmen who are retiring this year -- and who therefore can perhaps be described as the most neutral arbiters of the public good -- voted overwhelmingly for this measure." Tyler Cowen asks, "If things do not totally tank right now, Paulson and Co. truly have zero credibility -- for better or worse -- the next time they claim that some particular policy action has to be done." I need to know the definition of not totally tanking here. Things can undoubtedly get worse, but I'd call today's events a pretty decent signal of what's to come. Um.... some good news -- oil will be cheaper.
In no particular order…
- So, the Dow went down 777 points after the vote; for theday, the S&P 500 is down even more in percentage terms (over 8.8%); the TED spread jumped by 20%. Way to go, Congress!!!!
- As I’m typing this, the House of Representatives’ web server appears to have crashed. I wonder why?
- I think Nate Silver slightly exaggerates the extent to which financial markets anticipate political outcomes. This point, however, is spot-on: “the schadenfreude of certain liberals on this issue is absolutely obnoxious. A lot of people are going to be hurt by this, and not just those in the investor class. I tend to see this more as a failure of our democracy than a reaffirmation of it. The congressmen who are retiring this year — and who therefore can perhaps be described as the most neutral arbiters of the public good — voted overwhelmingly for this measure.”
- Tyler Cowen asks, “If things do not totally tank right now, Paulson and Co. truly have zero credibility — for better or worse — the next time they claim that some particular policy action has to be done.” I need to know the definition of not totally tanking here. Things can undoubtedly get worse, but I’d call today’s events a pretty decent signal of what’s to come.
- Um…. some good news — oil will be cheaper.
Daniel W. Drezner is a professor of international politics at the Fletcher School of Law and Diplomacy at Tufts University and co-host of the Space the Nation podcast. Twitter: @dandrezner
More from Foreign Policy

At Long Last, the Foreign Service Gets the Netflix Treatment
Keri Russell gets Drexel furniture but no Senate confirmation hearing.

How Macron Is Blocking EU Strategy on Russia and China
As a strategic consensus emerges in Europe, France is in the way.

What the Bush-Obama China Memos Reveal
Newly declassified documents contain important lessons for U.S. China policy.

Russia’s Boom Business Goes Bust
Moscow’s arms exports have fallen to levels not seen since the Soviet Union’s collapse.