$700 Billion Rescue Plan

Simply put, this legislation needs to happen.  Set aside the silly hyperbole of the left and the self-righteous indignation of the right, without a comprehensive plan to create a market for collateralized debt obligations (CDOs) and credit default swaps (CDSs) the US (and the world, for that matter) economy will seize up.  People who believe this won't impact them are delusional.

Let's be clear, this is more about saving the economy than it is about bailing out "greedy, rich guys" on Wall Street.   Unfortunately, those that understand the true implications of our current situation are unable to effectively communicate to Main Street.  Conversely, those who ostensibly could explain the reality of our current situation, our politicians, haven't a clue about what is going on.  Our politicians collective ignorance of even elementary economics can't been underestimated.  Furthermore, the pols can't rely on the political talking heads to feed them talking points because they are equally clueless.

 The result is playing itself out in mind-numbing Congressional hearings.  Forget what is going on in the shaky equity markets, the credit markets (that have been remarkably prescient) are pricing in a deep and dire economic future.  Can we be saved, probably, in spite of the professional political class.  Don't even get me started on the crazed statements by McCain who now seems to be running for the position of the country's crazy uncle.  There's a lot to like about the guy, but he appears increasingly unhinged, more like those crazy Vietnam vets I worked with during summer breaks than a credible world leader.