Tuesday, September 30, 2008

Nancy Pelosi is a shrewd political operator.

She's seen Obama's poll numbers go up, as the country's financial institutions have gone down the toilet. So, what does she do when it comes time for her to make a speech about the bailout? Why, she gives an utterly ahistoric, completely partisan rant, thereby guaranteeing the bill would be voted down.

Pelosi wants this bill dead, and is judging the sound and fury will raise Obama while signifying nothing for everyone else.

The House will not reconvene until Thursday. The FTSE is up today, while the DAX and CAC 40 are holding pretty steady. DJIA futures suggest there'll be a big uptick in the market today. All this without political intervention. So, she may well get her wish.

Of course, there'll also be a large number of people looking at the US Congress and asking what use it actually serves.

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