One of the dudes who is forever in the Randy Parker Hall of Fame is a gentleman named Gordon Smiley. In the qualifying for the 1982 Indianapolis 500, he told his pit crew "I'm either going to make this race or you are going to peel me from the wall." A true gambler with the ultimate wager. Watch this short video ...
It was Smiley's fault. If your car starts to have the back end skip out from under you and slip to the right, you don't turn right to try and save it and correct the slippage. Not at Indianapolis. You let it go and take your lumps, but live to fight on. Turn right and you are dead. Financial markets have now done a "Gordon Smiley". We need to peel them off the wall. At this moment in time I don't care who's fault it is. Blame it on Fannie and Freddie, blame it on Wall Street, blame it on me. But get that package passed. In a previous posting I suggested the urgency of the economic situation we are facing. Need more proof (thanks Phil)?
Let me say it as plainly as I can...NOW! Do it NOW! Go ahead and dither with the bailout and while you do, think of the opening to "60 Minutes". The real economy is ready to do a "Gordon Smiley" next.