What did we just do?

The Wall Street Bailout has been called the worst collapse since the Great Depression. However all we have heard from our government is that"...foundations of our economy are strong." So whats going on here?

Well in a misguided belief that the market was correcting itself our Representatives were waiting for this to blow over. They attempted to restore investor confidence by telling us that everything is fine and we will pull through. Some of them may have truly believed that as well. However this is nothing more than the disastrous policies of the "Free Market" The laisez-faire attitude re-introduced during the Regan revolution has spawned not just this fiasco but an earlier Savings and Loan crisis, in the 1980s, which required a bailout as well. A common definition of insanity is the act of repeating the same activity while expecting a different result.

The enormity of this insanity is yet to be fully realized but it's clear that de-regulation is not the answer. This is why I don't understand why there was no provision for oversight placed in the bailout bill that recently was signed into law. In fact a provision was stuffed into the bill easing accounting standards, called mark to market, to allow companies to skew their earnings reports.

It's not clear what the outcome of this provision will be but it's more of the same.....