The Bailout That Wasn't and What Might Be Next

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bush.jpgThe Wall Street rescue would have cost $700 billion taxpayer dollars. Its failure in Congress cost $1.2 trillion in private investment in just one day. President Bush warns that millions of Americans face "the real prospect of financial hardship" if the government doesn't take action. More important than stocks is the tightening of credit. A lot of the votes against the rescue came from members of Congress who feel vulnerable in next month's election. They were swamped with phone calls, letters and e-mails from both the Left and the Right. Are the interests of Wall Street and Main Street fundamentally different or really the same? Would any government action be better than none? Are we seeing "a political version of climate change" and a "new era of class warfare?"'




Warren Olney