The new economic reality. With the bailout bill passed and signed, the reality is beginning to settle in. Treasury Secretary Paulson has a lot of work to do before the impact of the bill will begin to be felt - months from now. The bill is a tourniquet to stop the economic hemorrhaging. Much more remains to be done, but must wait until after the elections when we may have a Congress capable of actually addressing the underlying issues.

In the meantime consumer spending plummets.[1] It's gonna get worse before it gets better. Where is FDR when we need him?