This today at the New Republic:
Remember the classic scene in It’s a Wonderful Life? Facing a run on his building and loan, George Bailey tries to explain to his frantic customers how to look after their self-interest. “Don’t you see what’s happening?” he pleads, “Potter isn’t selling. Potter’s buying! And why? Because we’re panicking and he’s not.” President Obama’s great challenge right now is to be his party’s George Bailey.
Democrats, by contrast, have a congenital tendency to panic. Abandoning health care reform after they’ve already paid whatever political cost that comes from voting for it in both houses would be suicide. Even if Coakley loses, the House could pass the Senate bill as is, avoiding the need to break a filibuster, and tinker with it in a reconciliation bill that can’t be filibustered. The only thing preventing the Democrats from following through would be sheer panic.