Racing Against Public Opinion

If you watched the Senate hearings today on the proposed financial bailout legislation, one thing was very obvious. Treasury Secretary Hank Paulson and Fed chief Ben Bernanke want this thing done yesterday. That's because every day the public has to evaluate this thing, the more likely it is they will reject it. It's not the complexity of the proposal that has people balking. It's the growing realization this mess was created by the grand poobahs of Wall Street who couldn't have cared less about the little guy and now they want him to save their bacon. The backlash is only going to grow as these lawmakers head home for the elections and hear it from the folks. Look for this legislation to be modified dramatically.