Every economist and professional smart guy I spoke to during the past week -- whether liberal or libertarian -- had the same conclusion regarding the need for a Wall Street bailout. They advised that no matter how distasteful, Congress and the American people need to come to the rescue of once high-flying financiers.

And I agreed. Besides, a bailout is in my own self-interest, given that securities make up the majority of my family's investments. I understand that prolonged market uncertainty can trigger a recession, which can domino into a depression.

Yet I cheered Monday when the news came over my radio that the U.S. House voted down the $700 billion bailout bill. Despite all the knowledge in my head, my cheer reflected the anger in my gut about the absurdity of it all.

Here was George W. Bush, a president who has taken deficit spending to new heights, asking Congress, a body that lacks the discipline to pass a budget, to bail out Wall Street tycoons, people whose greed and avarice created a liquidity crisis at a time when the world has never been richer.

My anger isn't limited to Washington and Wall Street, but it's a good place to start.

* WASHINGTON: Our elected leaders are so mired in partisanship that they refuse to govern in the public interest because part of that public includes members of the opposing party. Crisis is the only mode they'll respond to, and even then they govern primarily to gain political advantage.

The power grab attempted by the Bush administration to set up the Treasury secretary as an unelected economy czar was borderline undemocratic. The speed with which the Democratic-controlled Congress demanded passage of a 100-page plus, $700 billion rescue plan was lawmaking at its worst.

Folks on Main Street have a lot of questions, such as, why is the number $700 billion? Is it only half of what's needed? Or is it double what's needed in order to provide a cushion against the unforeseen?

It's our money. We deserve answers.

* WALL STREET: The greed Wall Street has displayed over the past decade has given capitalism an undeserved bad name. These titans of business prostituted the mortgage -- a simple home financing tool that has lifted millions into the middle class -- into a reckless security aimed at the credit depraved. And they did it in full view of countless numbers of corporate board members who checked their common sense and sense of decency at the boardroom door. Show me a Wall Street board of directors and I'll show you a collection of fools.

* ACADEMIA: I don't know exactly what's being taught in business schools these days, but I'll give you subprime odds that ethics isn't required often enough. I have been amazed at the failure of business scholars to treat ethics as a serious academic subject since the Enron collapse and debacle. The most common objection I come across is the difficulty in determining which ethical code should be taught.

Here's my suggestion. Start with do unto others as you would have them do unto you. Everything else should fall into place.

* BIG EDUCATION: It's ironic that the return we're receiving for the hundreds of billions we're "investing" in public education is a nation of financial illiterates. Over the past few months, I have been stunned at the economic ignorance of people who agreed to sub-prime and adjustable rate loans. They seemed not to understand that nothing -- even housing prices, even the housing market -- is immune from economic risk.

We are currently paying the price for not ensuring that every graduating senior understands the fundamentals of the free enterprise system -- things like supply and demand, risk and reward, and capital and credit.

* US: Increasingly our society is becoming comfortable with the notion of receiving something for nothing. I thought mortgages that offered to finance 125 percent of a home's value were destined to be a short-lived product. Who would want a home loan larger than the property's worth? Moreover, what financial institution would want to invest in people dumb enough to take such a risky deal?

Sadly, more than enough to trigger a financial meltdown.

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