Congress was given a choice. Do something, or face global economic meltdown.
Reports are coming in today from the New York Times of the late night meeting between the Fed, Treasury, SEC and the leaders of Congress.
As Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the Banking, Housing and Urban Affairs Committee, put it Friday morning on the ABC program “Good Morning America,” the congressional leaders were told “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications here at home and globally.”
“What you heard last evening,” he added, “is one of those rare moments, certainly rare in my experience here, is Democrats and Republicans deciding we need to work together quickly.”
You do have to wonder if this was an example of coordinated financial terrorism.