In other relevant chairmen news, Barney Frank is saying that he won't be rushed into a bailout plan, oversight is essential, and struggling homeowners must be taken care of. All welcome points. It's worth noting, incidentally, that the Bush administration hasn't followed its usual habit of issuing preemptive veto threats meant to constrain congressional action. In other words, you've not had Bush saying that he'll veto any bill constraining executive pay in the hopes that Congress will back down and excise that provision. That suggests a rare recognition of their own political weakness. Were they to veto a bailout with some populist measures, there's a non-trivial chance that their veto would be overturned by panicking congressional Republicans. Or it's possible that they just have sent out the veto-happy press release yet. We'll see.
