EDITORIAL: The bailout that wasn't

But Mrs. Pelosi's speech was not part of the bill. But her trust was part of the bill and her speech destroyed the trust. With 40% of her own people voting against the bill, there was a lot of uncertainty. Risk analysis is based on assumptions of uncertainty. That uncertainty was whether or not this the right solution or a partisan strong arm. When she gave the speech, she validated the strong arm assumption. The author is correct with regard to a new approach to uncertainty: It should focus on solutions that they know can help solve this "crisis": free enterprise, deregulation and tax cuts.

This editorial has it right. The problems that confront the economy in the form of excessive taxation, control of illegal immigration, lack of trust in the governance of the business community, all have combined to bring this result. It is more than corporate greed, though there are greedy elements at work, that has wrought this mess.

Congress has known this was coming. The Democrats took over and had 2 years to fix this. Instead, from Barney Frank to Obama they took money from the failing institutions and did nothing. Pelosi's speech did what it was intended to do: throw the vote so she could blame the Republicans. With all the politics and trap setting by the dems on this, it is pretty clear that they are willing to crash the economy to help get Obama elected.

Many lessons can be learned and should be learned from today's so-called crisis. Paramount, is bad and inept Congressional Oversight and lack of leadership (visa-v Fan/Fred M). Barney Frank stands out and cannot escape an historical assessment as being a central culprit in facilitating Wallstreet's illusionary successes and real failures creating an atmosphere that nutures fraud and deception there. That's kind of like what happened during the Clinton regime. Congressman Frank and others like him need not continue any further in a position neither he nor they are qualified nor competent to continue to pretend to perform in the best interest of America. While functioning in their own best interest, they ultimate undermined themselves, as did their mentor B.Clinton. I hope their constituents "Drive" them out of office before their terms expire!

Clarence: We don't need to drive them out of office....Just hang them.

I agree-bo bailout!!!

That's just what we need. MORE DEREGULATION. TAX CUTS FOR THE RICH. Are you people crazy??? Isn't that what got us into this mess??? You neocons have had way too much NeoConCoolAID. And blaming the 18mos of dem rule for the failed greedy republican mess is priceless. That's why Big Mac is gonna go down hard on Nov 4. And all the little reps in congress are going down with him!!!

Columnist Michelle Malkin does not know that you need a Green Card in order to qualify for a mortgage. At least in Texas, they do. OR are there banks out there that are so irresponsible that they would sell a thirty year loan to non-immigrant?

This just keeps coming back to me, if this was such a good fix to the problem, why wouldn't all the Democrats back their leadership's bill? That to me is the big question. Not name calling, or rehashing the past or party promoting. Why didn't it have the Democrat' support? Didn't more Republicans vote for it than Democrats? Sounds like the Democrats didn't deliver to their party's leadership.

No, Dittoman, more republicans DIDNT vote for it than democrats! You either can't read or can't count. Hopefully, you won't VOTE either! Dems voted FOR IT by 2/3rds. Reps voted against it by 2/3rds. Do the mass! Jesus, is this the best you guys have?? I thought the reps were the party of business and financial acumen!! No wonder the GOP is going up in flames. No wonder George Will has thrown you under the elephant!

heartsleeve: the expression is "Do the math", not Do the mass.

This article does not go far enough. 1) Create a monetary system that is stable, and based on preserving value, rather than having the Federal Reserve constantly injecting liquidity, for the benefit of banks. 2) Create a monetary system that rewards people who create wealth, rather than those who create debt. 3) Create a monetary system that is accountable to the people, and not controlled by a bunch of unelected men in a gilded room, hidden from public view. 4) Cut SPENDING and cut taxes. Cutting taxes is great, but if you don't cut spending, then the government taxes everyone via inflation, which is much worse than an "upfront" tax. 5) Do not violate the constitution in the name of saving 401k plans and "freeing up credit markets". This "bailout" will not save the economy, which is suffering from 30-years of a failed monetary system. It will clean up the balance sheets of some of the worst bad actors. It allows bailing out of foreign banks, as well as US. It gives a huge check to Paulson & Bernanke, who will try to save their "legacy" while dishing out money to cronies and former employers (and current, in Bernanke's case). Big banks are not going to suddenly start lending for mortgages and small businesses. They just got caught with their hand in that cookie jar. They know a recession is inevitable, and they will not want devaluing assets on their balance sheets. They will want hard commodities, infrastructure, resources - in short things that have to maintain their value. They will only buy real estate and other assets when we've hit bottom. If congress cleans up their balance sheets, they will come into this recession as buyers, rather than get broken up and sold (as they should be).