No Blank-Check Bailout

The bill for decades of American greed has just come due, and deadbeats at every level of society are trying to avoid paying their share.

From street-level avaricious buyers of bigger homes than they could afford with zero down and mortgage brokers and banks willing to bilk them to the covetous upper-echelon insurance companies, Wall Street houses and hedge funds that packaged all-but-worthless indebtedness at a markup for free-lunch investors, all eyes are now on Congress to pick up the tab with taxpayer money--to buy all that trash for cash without any safeguards.

Moreover, it has to be done in a super-hurry with no questions asked or the freeloaders in the markets will go into a swoon, as they did today.

Before Congress gives the Bush Administration an economic blank check comparable to the 2002 carte blanche to shoot up the Middle East, saner Senators are asking for more supervision of the Treasury handouts, more equity from the Wall Street casinos that lost their bets and more emphasis on helping responsible home owners who got caught in the squeeze.

Henry Paulson may tell them the sky is falling, but that doesn't mean that our lawmakers have to respond like Henny Pennies in a panic.

Checking Out al Maliki

The problem with puppet governments is that they come with strings. In Iraq, Prime Minister Nouri al Maliki keeps trying to show he’s not our man but keeps tripping over his ties to fellow Shiites and losing Sunnis who don’t trust him. Now he’s losing us, too.

President Bush is expressing “frustration,” and Ambassador Ryan Crocker is echoing him: "We do expect results, as do the Iraqi people, and our support is not a blank check." So is the No. 2 commander in Iraq, Lt. Gen Raymond Odierno, using same “blank check” expression.

The American people meanwhile are picking up a monthly tab of $9 billion dollars and 100 lost lives while the President keeps saying “if the government doesn't respond to the demands of the people, they will replace the government. That's up to the Iraqis to make that decision.”

But which Iraqis and when? As we keep coaching from the sidelines and talking about checks, blank or otherwise, how do we persuade the world we’re not pulling the strings? And if they replace al Maliki, most likely with an even more openly Shiite partisan, what happens then?

When Crocker and Gen. Petraeus give us their progress report next month, Congress will want an update on al Maliki’s checking account to go with it.