And, finally, to sum up...

So, yes, I was glad to see the initial Bailout Bills fail--there was a LOT wrong with it.

And I was quick to tell people who said "The Government has to do something" "Well, no, it doesn't." Because the government cold, indeed, sit back and let nature take it's course.

That does not mean I think this is a case where "Nothing is a wise thing to do", as Will Durant so famously quipped.

Washington Mutual went under when people panicked and started pulling their deposits. Wachovia, ditto. So, the Government needs to act to restore confidence in The System. (See the previous post for a much more clear explanation of why than I could possibly muster.)

And that means making sure that, while no one is denied a loan because of the color of their skin or where their ancestors came from or their funny accent, it also means making sure that risky loans carry a penalty, AND that they won't drag solid loans--by which I mean the institutions making them and the borrowers getting them--down.

It means that corporate officials who run a corporation into the ground should not benefit.

It means that congresscritters (or whatever party!) and other government officials who benefited should pay, at least with their offices, preferably with time in Club Fed. That includes the clowns who ran Fannie Mae and Freddie Mac into the ground--although it will leave Obama without his financial adviser.

Speaking of which: I read here that "labor unions, civil rights groups and “community organizers” are coming out against the $700 billion bailout in anticipation of U.S. Senate approval of the Bush administration measure later Wednesday." Which tells me that the pork they loved in the original has been cut from the Senate version that has not been voted on, as of this writing.

Well, if it pisses ACORN off, that's a mark in it's favor. Speaking of which, I want a background check on anyone they have signed registered to vote, anywhere, and indictments for everyone involved if so much as one of them is ineligible to vote.

Meanwhile, according to the La-la Times, the modified bill includes such relevant items as "a tax benefit for bicycle commuting" and "an extension of the solar tax credit". And, "(as) a lure for Californians, two new tax breaks worth nearly $500 million are aimed at movie and television producers who make films in the United States."

So, it sounds as if the importance of going over this one item by item, word by word, is even more critical than in the original...