Congressional Neroes - Republicans and Democrats fiddle as the economy burns

Hey, WaPo -- The Washington Times called; they want their Wall Street-cowtowing editorial back-

IF THE UNITED States does experience an economic catastrophe in the months and years ahead, and if future historians wish to identify the date on which it began, yesterday may turn out to be as good a candidate as any for the title of Black Monday.

...

We understand that angry constituents have been bombarding members of Congress with e-mails and phone calls protesting the bailout. We understand that the bill did not offer enough breaks for homeowners to please the populist left and that it contained too much federal intervention to please the populist right. That's what happens in a compromise. Given the poor marketing of a proposal whose advertised $700 billion price tag will probably never materialize in full, and given the fact that the rapidly developing credit crisis has not quite been felt on Main Street, we are not surprised at the angry correspondence from voters -- or, rather, from certain self-selected voters. But among the 133 Republicans and 95 Democrats who voted no yesterday, there are certainly some who know better, and their lack of political courage is stunning. Perhaps their votes will help them get what they want in November: a return trip to Washington. But if this foolish result is not undone soon, the ensuing economic woe could make every House member's reelection victory seem Pyrrhic indeed.

I hate to break it to you guys, but we've been embroiled in an economic catastrophe ever since home prices started to collapse (and funny, no one in the mainstream took notice until Wall Street started to feel the pain). Technically, in fact, it's been a crisis, if not a scandal, ever since the debt bubble started to inflate. Anyone who does not recognize that has no business opining on solutions.

Just like a normal recession, this one started on Main Street, so that is where any legislative solutions must be aimed. Just because Wall Street made it worse for themselves because of leverage, does not mean we have to reward them for it. The financial economy is (or should be) subservient to the real economy. This is its rightful role. When the financial economy is "needed" to drive the real economy, disaster is always around the corner.