Up the Flagpole

All the players in this historical financial drama are rushing for the final curtain, but many in the audience are saying, “Not so fast!”

This is coming largely from free-market advocates who say that Congress hasn’t taken the time to explore cheaper alternatives to the $700 billion bailout plan. They say the crisis mentality is largely artificial and has a political motivation, as members of Congress are really trying to get this done so they can rush home to their districts and campaign. The worst thing, the critics say, is that there is no guarantee this bailout plan will work, that it’s simply a symbolic gesture.

Symbolism is not the frivolity that some think it is. Those in the marketplace – including the foreign markets – expect somebody to do something. The plan is almost secondary to the action of adopting it. It’s truly a Hail Mary pass – but sometimes prayer is a last – and necessary -- resort. Or at least it’s important to see some folks on their knees.

Now the compromise plan isn’t making anyone very happy, but that’s why they call it compromise to begin with. It appears there will be no golden parachutes for the CEOs of the failed companies and that there will be congressional oversight so that the $700 billion isn’t doled out all at once. The CEO issue is the one that’s really resonating with the average bear – even though cutting back on compensation only represents a drop in a very large bucket.

To make a leap into the presidential race for a moment, the idea that a black man could actually be elected to this country’s highest office, even if he does lack some experience, is really resonating with people in the rest of the world, with whom our relationships are currently in the toilet. If symbolism is a little thing, give me a better explanation for the candidacy of Sarah Palin.

Sometimes, it’s all about running things up the flagpole.

There, now I’ve said it.