Last night, Bob Corker and Jim DeMint managed to scotch the bailout deal by demanding an immediate cut in the pay of UAW autoworkers. I get the politics of the move, and even the superficial sense of fairness. If the taxpayer is going to pay to save these jobs, then why shouldn't the workers take a hit? But it's a helluva game of chicken, and for very little payoff. Next month, Obama becomes president, and Democrats emerge from the elections with either 58 or 59 votes. At that point, they can basically build whatever bill they want. The only way that doesn't happen is if the deal falls apart and the auto companies collapse before late-January, which probably sends the country spiraling into a depression of sorts. So heads DeMint and Corker ensure that the final bailout bill has no Republican principles and tails they go down in history as the shortsighted opportunists who helped throw the country into another depression. Or maybe they just compel Bush to use TARP funds to bail out the auto makers with no conditions. Either way, it's hard to see the upside here.
