Congress must heed clarion call, act on bailout
James KlurfeldThe failure of the House of Representatives to pass the $700 billion financial bailout bill Monday reveals two very disturbing aspects of our modern political culture: the triumph of ideology over common sense and the cowardliness of too many elected officials who won't do anything that jeopardizes their chance of re-election.
The bailout package is far from perfect, but it does represent the best effort of Republicans and Democrats, the executive branch and legislative leaders, and the Federal Reserve and the Treasury, to deal with a crisis that threatens the very foundation our financial system _ indeed that of the world.
And for all the complexity involved in the deal, there is a basic principle involved: restoring confidence in the financial markets.
But there is a cadre of ideological conservatives in the House who would rather adhere to their free-market, small-government beliefs than find a solution to a dangerous problem.
The ideologues are best illustrated by Rep. Darrell Issa, a Republican from California, who said that he could not support the bailout because it would be like placing a coffin on top of Ronald Reagan's coffin.
You can't make up stuff like that. But given the seriousness of the financial crisis, his statement isn't funny, it's bizarre. And it becomes dangerous because there are others in the Congress who are as ideological as Issa. Having covered the Reagan administration, I'm quite certain that Reagan would be listening to his financial experts and explaining, in his best avuncular style, why the bailout package is necessary. One of Reagan's redeeming qualities was his ability to apply common sense when the chips were down.
Maybe even worse than the ideologues are the cowards. There are very few politicians these days who are willing to say that higher taxes might be necessary to pay our bills.
Or that we have to make some changes to entitlement programs such as Medicare and Social Security, in order to keep them solvent for our children and grandchildren. Or that to deal with the current fiscal crisis, the government must intercede in the markets with a massive amount of taxpayer money.
The explanation for the House defeat of the bailout bill was that telephone calls to congressional offices were running 95 to 1 against it.
A representative could be risking re-election by supporting that bill! So be it. There are fates worst than losing at the polls. A financial collapse would certainly be one of them. There are times when legislators can't just put their finger up to the wind _ they have to lead.
Give presidential candidates Sen. John McCain and Sen. Barack Obama limited credit for supporting the bailout package.
After all, if something isn't done now, one of them will inherit a terribly damaged economy that will dominate his first years in office. In fact, even with the bailout, the economy will be a serious problem for the next administration.
But I don't hear a clarion call from either of them to get behind the program and work together to solve this crisis. McCain, in particular, has been erratic.
Obama has been steady, but too cautious.
What's at stake this week and in the coming months is the very ability _ the willingness _ of our country to take the steps necessary to deal with its future.
Over the years, I've always believed that no matter how cumbersome our form of government, no matter how deeply felt were our differences, in a crisis, serious people can come together and solve problems.
When I heard that the House had voted against the bailout Monday, it shook the very foundation of that belief.
It looks like the House will have another chance. For all our sakes, I hope that the serious people can prevail.
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ABOUT THE WRITER
James Klurfeld is a professor of journalism at Stony Brook University. His e-mail address is james.klurfeld@stonybrook.edu.
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