Thad McCotter voted against the bailout yesterday. I have no idea what his problem with it was; no person who watches Washington closely will say that he's got a genuine principle against appropriations small or large. Furthermore, the most credible guy in either chamber on wasteful government spending was on board with the bailout as a necessary evil. Thad McCotter, however, joined with a bunch of other Republicans who got either got their feelings hurt by that mean old Pelosi or laughingly thought that this was the time to try and restore their credibility on fiscal matters with the American people and voted against what is, by all accounts, an urgently necessary measure to save the American economy. Way to go, Thad. Maybe you can figure out a way to make the American economy run on your sense of self-satisfaction.
What's Thad McCotter's alternate solution? Apparently, Firing Hank Paulsen:
Shortly after the House dramatically defeated a $700 billion bailout bill that remains in limbo for the time being,Republican Policy Committee Chairman Thaddeus McCotter (Mich.) called on President Bush to demand Paulson’s resignation.
Paulson, who represented the administration in talks on the economic rescue package, “no longer serves a constructive role in the enactment of the legislation necessary to end this period of financial difficulty and uncertainty,” McCotter said.
McCotter also called on Bush to calm the “global investor panic his administration has exacerbated” and to pick a different person such as former Treasury Secretary James Baker III to attend future Congressional negotiations on the bill.
There's so much stupid in here it's hard to know where to start. Bush is trying to calm the global investor panic (that his administration had nothing to do with), and Hank Paulsen has been the main catalyst in trying to get this done. Meanwhile, you and some other House GOPers were busy floating proposals that didn't address the basic problem (the lack of a market - any market at all - for MBSes) and had precisely zero chance of passing, especially in time to avert a crisis. The problem right now is not that Paulsen hasn't been serving a constructive role in the enactment of legislation, the problem is that McCotter and some of his pals haven't been playing a constructive role in anything.
The solution to this crisis doesn't require that we fire Hank Paulsen. It requires that we fire Thad McCotter.