Here is an article where Newt Gingrich questions the idea of a bailout.
And here is one that show McCain tried to stop this problem (the entire collapse) a few years ago. Clearly a biased article, but if true, very interesting.
And here is one opinion, from a leading economist, who served under Reagan, that we shouldn't do a bailout at all!
Note that Congress can't even figure out to close the markets for a few days or a week in order to have time to solve the problem. Isn't closing the market more sensible than seizing banks like Washington Mutual and selling off to JP Morgan?
Bottom line is that Congress is trying to figure out a solution WITHOUT KNOWING HOW MUCH BAD DEBT Wallstreet has. This is the biggest problem they face, lack of critical information.
The other big problem is that I don't hear of enough help for the average people who are actually the driving force in the economy. If we all hold on to all our money because Wallstreet blew it, then no one wins, we all lose.
Remember - the only defense is being informed and being actively involved.
It's not only your right, it's your obligation.