Bailout OK, I suppose, as long as rum flows

Last week in this space, I expressed my personal opposition to the Wall Street bailout, which officially will go down in history as the controversial Emergency Economic Stabilization Act of 2008.

Most of our nation's leaders, including the two leading candidates for the presidency, voted in favor of burdening American taxpayers with $700 billion more in debt PLUS another $150 billion in pork-barrel earmarks.

What started as an almost unfathomable amount of money morphed into something even more unfathomable within a matter of days. Not surprisingly, all it took to sway most lawmakers' opposition was, among other things, tax breaks and credit extensions to such entities as film and television productions, Virgin Island and Puerto Rican rum, auto racing tracks, wool research and, whatever this means, "certain wooden arrows designed for use by children."

Say what?

Dear readers, we have been hood-winked once again by a majority of our national leaders. Our government created a $700 billion Treasury fund that aims to improve the liquidity of our markets for mortgage-backed securities, and the liquidity and solvency of firms that hold such securities.

Wall Street fat cats will take this money and, in my estimation, high-tail-it out of town. The CEOs and banking leaders will soften their falls from grace first, and taxpayers might never see the relief they hope for to obtain the credit necessary to re-finance mortgages, acquire student loans and buy automobiles.

I am, however, glad to know that the man who represents us in the U.S. Congress, Republican Rep. Jeff Miller of Chumuckla, twice voted against the bill last week. Miller did not ignore hundreds of e-mails and phone calls from his constituents, who by a 4-to-1 margin opposed the bailout.

Miller said, and I quote: "We cannot sacrifice the long-term freedom of this country for short-term financial gain."

Amen, brother!

Now that the bailout is law, let's see some dad-gum action. The President said earlier this week it would take time for "the rescue" to begin to kick in. The benefits won't be immediately evident.

Monday, the Dow Industrial Average dipped below the 10,000 mark for the first time since 2004. How low will it go? When will we officially be in a depression?

I know this much: I'm already depressed about it. And I bet you are, too.