Readers may recall I included an excerpt of an e-mail from a Congressional staffer in our weekend takedown of the bailout bill, which got pointed to widely, including on some political sites. This in turn has elicited more observations from insiders, this one a Congressional aide.
Not only do the markets not like the bill, it turns out we should give our elected officials a tad of credit. Most of them aren’t too keen about it either:
From the members’ meetings that I’ve been in today, I can tell you that large portions of the rank and file from all across the spectrum really don’t like this bill. Leadership is trying to ram it through, and Barney Frank, who’s been great all Congress has totally turned into Paulson’s lapdog. Very disappointing.
That also suggests that letting your Senators and Congressmen know you are unhappy with the bill (assuming you are) is not an exercise in futility, and may give them the push they need to break with their leadership.