Bribery bought bailout passage

October 4, 8:54 AMPolitical Issues ExaminerJudah Freed

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The Senate-modified financial industry bailout bill yesterday passed the House of Representatives and swiftly gained the signature of President George W. Bush to become the law of the land. The central economic concept behind the "solution" remained as flawed as ever, but enough pork barrel provisions and special favors were packed into the bill that it won enough votes for passage.

Essentially, the bailout bill became law only because enough legislators were bribed into going along with the proposal. The law could not pass muster on its own merits. Such corruption is what got us into this mess in the first place.

The only silver lining I see under this dark cloud is that the marketplace is driven more by emotions than by reason or common sense.

No matter how wrong-headed may be the recovery mechanism we've just enacted, if passage of the bailout bill helps restore confidence in our financial insitutions, so cash and credit begins flowing again, that could be enough to forestall a national and global economic depression. We must wait and see.

I still wish we had taken the time to think it through and do it right.

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