Let's not rush to blow $700 billion

A Wall Street 'rescue' must be done right, and hastily committing our money -- and our children's money -- is wrong, wrong, wrong. Congress needs to pin down the details first.

Stop the $700 billion stampede. Despite the table pounding by Treasury Secretary Henry Paulson and President Bush, the world, even Wall Street's world, won't come to an end if Congress doesn't pass a plan next weekend to bail out the nation's financial system.

No. 1: Don't solve a problem with a problem

Paulson says the crisis is so pressing that we need to rescue Wall Street immediately -- and then later develop new regulations to prevent this problem from ever occurring again.

Absolutely, 100% WRONG. Once Wall Street has got its hands on taxpayer money and is starting to breathe easily again, the federal government will have lost all of its leverage to force meaningful change on the financial system.

No. 2: Catch the crooks

Paulson has demanded that Congress and the courts waive all authority to review the decisions of the Treasury in running this bailout. Congress shouldn't buy this grab for legal immunity. It's absolutely, 100% WRONG.

You've got to be kidding! Wall Street CEOs could lie to the Treasury, inflate the prices of their securities, fraudulently misrepresent what they were selling to taxpayers, and, if the Treasury decided to look the other way in order to get the markets back on their feet again, no one could take anybody to court, recover any damages or even hold a meaningful congressional hearing on the issue.

To read the entire article:

http://articles.moneycentral.msn.com/Investing/JubaksJournal/lets-not-rush-to-blow-700-billion-dollars.aspx