Here's why Rep. Hensarling and others of his ilk are wrong

Republican Rep. Jeb Hensarling of right here in Dallas was one of the leaders of the Republican revolt against their own President that helped defeat the so-called financial crisis bailout bill. I was against this bill, but not on the same grounds as Rep. Hensarling who couldn't be more wrong on this issue.

I am convinced that, with more protection for homeowners, judicial review of Treasury purchases and more guarantees that taxpayers won't be footing the entire bill for this later, some kind of legislation could still be salvaged.

Hensarling and his crew are against any bailout. The reason they gave yesterday for voting against it -- that they were upset at Democratic House Speaker Nancy Pelosi's speech right before the vote laying the blame for the current financial mess on mismanagement by the Bush administration -- is petty. OK, maybe the timing of the speech was suspect, but what she said is absolutely true.

But even without the speech, Hensarling's crew would have voted against the bailout on the grounds that it rejects free-market principles. And you know what? He's right about that. What makes the totality of his argument wrong, however, is that it is exactly those free market principles -- which left the industry unregulated and unsupervised -- that have failed us miserably and are continuing to play havoc with our economy.

At least President Bush seems to be realizing that perhaps the doctrine he has been fostering on the American people for the last eight years is leading us on the proverbial road to ruin. Why Hensarling and his sheep can't see the same thing is beyond reasonable explanation.