How does an incumbent protect himself if the market “craters”?
First, we have to assume that the PPT*(see below) is either a myth or toothless to prevent this “sucker” from “going “down”. Second, the electorate is less knowledgeable than anyone, ANYONE, on this blog and also politically naive.
When this cratering occurs, the electorate will be looking for a scapegoat and this bailout posturing allows all incumbents (D & R) to blame the other guy.
Just look at these two possible outcomes:
Market/Economy doesn’t craters before election:
a) Bailout passed and all who signed get to claim credit
b) Bailout doesn’t pass and all incumbents (except House Rs) look like chicken little
Market/Economy craters before election
a) Bailout passes and all who signed get credit and there is a subsequent incumbent massacre in House (except House Rs if they stick to their guns)
b) Bailout doesn’t pass and all the obstructionist tactics allow both parties to continue their good cop/bad cop routine of blaming the other guy for obstructionism
So unless you think that this bailout will save the day, you can’t have your name attached to any bailout. In addition, good politics states that both parties should appear to be working for the bailout to insure they can blame the other party for it’s failure.
If you are a Republican, Barney is the Bad Cop and Cantor is the Good Cop.
If you are a Democrat, Cantor is the Bad Cop and Barney is the Good Cop.
* PPT – Plunge Protection Team – conspiracy theorists felt that there was a secret team of banks and government officials that artificially manipulated the markets during down moves to prevent “plunges”. It operated as the Presidents Working Group on the Economy band now is pretty much acknowledged under the moniker of the Exchange Stabilization Fund (check Wikipedia)