I love the sub-heading for this article on MSNBC this morning: "..., banking crisis is everywhere as Wall Street crisis spans the globe." Where have these people been? I have seen reports in foreign news outlets for the last year that mirrored the ones our domestic outlets have carried. The real estate drop, the credit crisis, the job markets. All of this has been world wide from the beginning. Wall Street didn't start it; nor will bailing out our credit markets solve the problem. And I am sorry that many in the financial world are upset by the term but a bail out is a bail out is a bail out.
Congress.org has an interesting breakdown of the vote on the 'rescue' plan. Just looking at the map, most of the states' representatives were against the plan. If other state contingents followed my state's, it wasn't a Republican vs. Democrat problem. Our five Democrats voted 3 to 2 against while the Republicans voted 3 to 1 against. Only 15 states' Congressional contingents had majorities for the measure. The message I get from the results: you need to start over and get a plan that addresses more of the major concerns. Or several plans. We don't have simply a credit crisis and focusing on the credit angle is a big mistake.
For another blog that comes to similar conclusions but from a position of greater expertise go here. John Mauldin's 'Out of the Box' is always interesting and informative. He manages to explain (most of the time) complex financial issues so that they are understandable.
PureLandMountain has several excerpts from blogs he has been reading. They have interesting things to say about the bail out. I especially liked the one who is trying to figure out which 'credit card' to pay while hoping there will be a little cash to buy food this month.