Bailout: A simple (yeah, right) question

In an attempt to ease back into rhythm, a simple question. Paul Kane and Lori Montgomery bring us the news:

In a narrow vote, the House today rejected the most sweeping government intervention into the nation’s financial markets since the Great Depression, refusing to grant the Treasury Department the power to purchase up to $700 billion in the troubled assets that are at the heart of the U.S. financial crisis.

The 228-205 vote amounted to a stinging rebuke to the Bush administration and Treasury Secretary Henry M. Paulson Jr., and was sure to sow massive anxiety in world markets. Just 11 days ago, Paulson urged congressional leaders to quickly approve the bailout. He warned that inaction would lead to a seizure of credit markets and a virtual halt to the lending that allows Americans to acquire mortgages and other types of loans.

This whole episode seemed sketchy from the outset. On the one hand, the economy does appear to be falling apart, and such an event falls well within the purview of the federal government’s concern. To the other, though, it seemed suspicious that, after waiting so long to acknowledge the situation, the Bush administration wanted Congress to pass a seven hundred-billion dollar solution in a matter of days.