Editorial: Consider bailout carefully
President Bush spoke for 12 minutes Wednesday night. In those 12 minutes, the much-maligned president called for quick action on a $700 billion financial industry bailout. "Without immediate action by Congress, America could slip into a financial panic, and a distressing scenario would unfold," Bush warned.
Meanwhile, bipartisanship seemed to be the order of the day, and we're pleased to see that both Republicans and Democrats have apparently succeeded in an effort to place a cap on compensation of "Wall Street executives whose companies would benefit from the proposed bailout," the AP reported. There is no reason, after all, why taxpayers should be funding a federal bailout while financial company executives continue to profit and have riches well beyond our grasp.
Though we understand there's a definitive need for boosting our ailing financial markets -- one, for better or worse, with some level of government intervention -- we hope there's more careful consideration than rushing to judgment. Inaction won't help anything, but we as a country -- and as a world leader -- can't afford to be wrong.