Yesterday, the House rejected the massive, irresponsible bailout that would transfer bad Wall Street debts onto the backs of the American taxpayer. The package reflects the typical attitude of Congress: throw money at the problem, but don't address the root causes of the problem.
This is like a bunch of inept doctors treating a gunshot victim. The victim comes into the ER bleeding heavily and the doctors rush around to stop the bleeding - the immediate problem that they see. After getting the bleeding under control, the doctors close up the wound without removing the bullet or treating the resulting infection. So, even though the doctors were able to keep the victim from bleeding out, he still dies.
Harvard economist, Jeffry A. Miron, has a great column on the underlying causes of the crisis and what should be done to solve the problem.
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