Improving Paulson's Cure

Another question: Why bail out Wall Street and not help those who are losing their homes in the subprime mortgage fiasco? Frank believes that if the government comes to hold bad mortgages under the bailout plan, it will be able to halt foreclosures. Sen. Charles Schumer (D-N.Y.) wants to give bankruptcy courts the power to change mortgage provisions to keep people in their homes.

Almost everyone in both parties, including Barack Obama and John McCain, agrees that the final bailout bill should place real checks on the power of the Treasury secretary. Such accountability provisions were a key element in a proposal offered yesterday by Senate Banking Committee Chairman Chris Dodd (D-Conn.). Even if Paulson proves to be a sainted and savvy steward, what about the next secretary?

And if Congress can appropriate $700 billion for Wall Street, where is the help for everyone else hurting in this economy? Isn't it strange that an administration that could not come up with a comparatively modest sum to increase the number of children with health insurance could suddenly find all this cash for the financial industry?

Sadly, this bailout is inevitable. But it should be done right. Congress shouldn't be bullied into passing a flawed plan that will leave the next president in an even deeper hole.

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