One Idaho congressman, Mike Simpson, voted for the $700 billion Wall Street bailout on Monday. The other, Bill Sali, voted against it. Who was right? Like the rest of the nation, we wish we knew.
Simpson is correct that it's essential to get credit moving again. Without it things will get very nasty, very fast - even in the Magic Valley.
As an economy, Idaho can't farm, can't dairy, can't work without credit.
But Sali, an uncompromising conservative if there ever was one, also has a point - and the sympathy of most Americans.
Why should we be stuck bailing out a bunch of greedy - perhaps criminal - bankers, brokers and lenders?
Yet the reality is that in one form or another, some bailout package will soon be approved by Congress and signed by President Bush. It will probably be far more modest than the plan scuttled by the U.S. House of Representatives, but it will include a significant taxpayer contribution to buy up the so-called toxic mortgages.
Until that happens, the country would be best served by everybody taking a deep breath.
The economy continues to function and will do so as long as credit is either flowing freely or there is the prospect that it will soon.
In the meantime, the bailout package that finally becomes law will probably be a better bill than the one rejected by the House on Monday - less taxpayer liability, more lender accountability and a smaller price tag.
Simpson announced more than a week ago that he would vote for a bailout and criticized Sali for refusing to do so. Although it would be astonishing if that position cost the five-term Republican re-election in 35 days, it showed courage.
But we can't criticize Sali for saying no. The unfairness of asking ordinary, bill-paying, law-abiding Americans to clean up capitalism run amok sticks in the craw.
And although the 1st District Republican is unlikely to vote for any bailout bill, he's had a hand in forcing Congress to pass a better one.
It took appalling mismanagement of America's economy 80 years ago to create a coherent, modern financial system. The 2008 credit crisis will likely force another transformation.
Let's hope the biggest change - finally - is a national consensus that unchecked greed inevitably leads to disaster. And that bankers, brokers and lenders just can't be trusted to regulate bankers, brokers and lenders.
Our view: Congressman Mike Simpson made a principled - and unpopular - decision in voting for the $700 billion bailout bill on Monday. But was it the right decision?
What do you think? We welcome viewpoints from our readers on this and other issues.
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