The Baumgarten Report

President Bush has just pledged to the American people that the legislative process will continue in an attempt to find a plan to bail out Wall Street that is acceptable to a majority in Congress.

The president’s remarks were directed as much toward Congress as to the rest of the nation. Warning that the result of inaction is that the American people will suffer.

“The reality is that we are in an urgent situation,” he said.

“If our nation continues on this course the economic damage will be painful and lasting.”

Bush seems to be trying to redirect the focus of the bailout from Wall Street to the American people, many of whom feel resentment that the financial industry would be saved from ruin while they are left to struggle.

“We’re facing.” the president said, “a choice between action and the real aspect of economic hardship for many Americans.”

Congress is in recess today for Rosh Hashana. But the president says members of his administration will be working with congressional leaders today in an attempt to get the legislative process back on track tomorrow.

“Congress must act,” he declared.

“The sooner we address the problem the sooner we can get back on the path of growth and job creation.”

It’s clear that if a bailout plan stands any chance of succeeding, Americans must be convinced that it’s really a bill to protect them, not Wall Street fat cats.

This is the fundamental problem with the way the first bill was pushed through the process so quickly. There was no time for the public to digest and understand it. Of course, no sooner was it presented to us than it was taken away as it failed in a rush to get it passed.

Let’s hope that, whatever plan may be now forthcoming, the administration and Congress treats it like a fine bottle of red wine. Open it up. Let it breath. Give the nation an opportunity to smell the fragrance and swirl a taste before saying, “that’s fine, thank you.”