Back to the Times, the editorialists there call upon Congress to act:
Clear thinking about complex issues is never easy to come by in Washington, D.C., especially just weeks before an election. But having made a convincing case that crisis is upon the nation, members of Congress need to buckle down, put partisan interests aside and develop a course of action that people can accept.I agree.
The only objections I have to that which the boys at the Times write are these:
1) Is the following necessarily true?
"The 228 representatives who voted against the bailout either didn't believe the warnings or cared more about their political future than the nation's economic future. The latter should be ashamed."
I'd like to think there was a third option in play - many members truly believe a government bailout is, in the long run, only going to prolong the agony (much as the New Deal prolonged the Great Depression). Then there is the socialism argument. Then there's simply the uncertainty of it all. Will the bailout work? Even the experts tell us they can provide no assurances.
Which brings us to number (2):
The stock market dropped 777 points yesterday. As a result, investors lost the equivalent of $1.1 trillion. In one day. Is an infusion of a mere $700 billion from the federal government over time going to stop the bleeding? Nobody knows. Nobody ... knows.
Still, we need to rely on the experts at times like these. That's why I read the Wall Street Journal cover to cover these days. These guys are the best at laying out the problems and offering up solutions of anyone I have access to. And the WSJ editorial page says this is our last best shot at avoiding collapse.
If the WSJ says so, I tend to believe it.