Assuming no miracle occurs in the next few days, it looks like Washington Mutual's going to need one of those massive, expensive-to-us bailouts. Hey, but at least the fundamentals of our economy are strong.
This goes far beyond Democratic or Republican irresponsibility. The G.O.P. has been the aggressor in pushing this idea that we should let companies pursue every possible profit angle. If they succeed, great…they keep all the money. If they fail, even if the execs make out like bandits, we pick up the tab. That's not the Free Market enterprise some make it out to be, and most Democrats have been complicit at every opportunity. Airline deregulation, which has been a long-term disaster in every possible way, was a Jimmy Carter crusade.
I think we should be a lot madder about this than we'll probably be. When it comes right down to it, most people will probably care more about lipstick on pigs.