Measured Rescue for Main Street

The pending deal. WSJ:

Thanks to the House GOP's intervention, the Paulson plan is also better than it would have been. Republicans helped to eliminate the Barney Frank-Chris Dodd slush fund for liberal housing lobbies; a plank to let judges shield deadbeat homeowners from bankruptcy laws; and a ploy to stack bank boards with union members.

The details of the taxpayer "protections" in the bill also seem workable, at least based on what we had heard by deadline yesterday evening. Banks that sell more than $300 million in securities to Treasury will only be able to deduct from their taxes $500,000 in compensation for their five most senior executives.

A measured rescue for Main Street. The vote's this afternoon.