The more than perfect storm

The Dow dropped over 750 points this afternoon, after it became clear that the House of Representatives would not pass the much-needed $700 billion bailout bill. The bill is meant to restore some confidence in America's financial systems by removing some of the so-called "toxic" debt from the ledgers of flailing banks and other financial institutions.

The situation we're in is a perfect storm in more ways than one might think. There are the obvious factors that have contributed: The greed on Wall Street, the Community Reinvestment Act (which may be the single root, if there was one), the enormous national debt (have you ever seen $11 trillion written out? $11,000,000,000,000...now you have), and the large amount of credit which is the shaky foundation of our strong economy of the past several years.

The one that might not be so obvious is the one that has been staring us in the face, every day for the past several months: We are now about 50 days from electing our next president, as is evidenced by the major posturing on both sides of the aisle. The bailout plan failed to go through today, and whoever has a finger is wagging it, placing blame.

The Dems are blaming the Republicans for failing to deliver a rescue plan to the American people, although 95 of their own Blue voted against it themselves. House Speaker Nancy Pelosi didn't help the bipartisan effort at all when she railed against the Bush administration and the Republicans just prior to the vote. No doubt that turned a few GOPers off. I'm not alone in speculating that what she did was purposeful and calculated. She knew that she'd piss them off enough to where they'd vote Nay out of spite. She could then turn around and place the blame on the Republicans for the failure of the package. After all, she's had a full two weeks to state her opinion...why give it right before the vote?

As for the Republicans, other than a demonstration of opposition to Pelosi, why would they have voted No to the deal? Several of them stated that they were just reflecting the will of the voters back home. Indeed, the vast majority of voters are furious about the costly bailout and the perception of reward for the Wall Street Fat Cats who got us in this mess. Indeed, there is much in this legislation that flies in the face of free market sensibilities and capitalism. Indeed, it is the job of the Representative to bring this sentiment to the floor of the House.

Sometimes (in rare circumstance), however, it must fall on the Representative to depart from the will of his or her constituency and vote, instead, for the choice of wisdom. That time is now. The people have been heard, the dead bill is proof. But the people do not realize just how dire the situation is.

Hope of the bailout is all that has been propping up the market, for 2 weeks now. The only reason we haven't seen the Dow drop below 10,000 is because hope was on the way. That hope was delayed today, perhaps for good reason. Now that the point has been made, though, it's time for politics to take a backseat, and for Republicans and Democrats to do what is right, come together, and pass this relief package, for the good of the nation and for the good of the furious public.