Financial Bailout

It probably isn't obvious to many that the government needs to do something, but the proposed $700 bil purchase of troubled securities is indeed necessary. Our credit markets have ground to a halt; financial institutions are no longer lending to one another, transforming a bank's daily operations into a potentially crippling endeavor.

The plan is not without its faults; given the dire implications of market failure, we must live with an imperfect solution. However, the chief architects, Henry Paulson and Ben Bernanke, are already acquiesing to important provisions, including independent oversight. One sticking point is the idea that the Wall Street executives must be punished for the market's collapse. We can't risk further harm to the economy by diverting our energies to finding a scapegoat for our current troubles. Urgent action on a solution is needed now; punitive actions on individuals, if warranted, can wait for later.