It's not too late to start over. It can be done canceling the bailout and responding to the economic crisis with a cautious, measured response, such as outlined by former Speaker Newt Gingrich on Sunday, September 21, 2008:

"Eliminate the "mark to market" accounting provision which is driving companies into bankruptcy unnecessarily.

Repeal the Sarbanes-Oxley law which failed in every case this year and which burdens new companies with a $3 million-a-year accounting fee.

Join China and Singapore in eliminating the capital gains tax and watch money pour into the system from private investors at no cost to the taxpayer.

Pass a strong energy bill to return at least $500 billion a year in energy money to the United States. If we had an extra $5 trillion in energy spending in our economy in the next ten years with a zero capital gains tax and a liberated entrepreneurial sector no longer crippled by Sarbanes-Oxley we would generate the wealth to absorb all the current losses.

A No-Growth Bailout Just Sets the Stage for More Bailouts. Congress should pass no bailout without attaching a powerful economic growth component to it. A bailout in isolation simply sets the stage for more bailouts.

In the absence of economic growth the economy will decay and debts will decay and they will be back next year for even more of your money. Economic growth is the only way to get America on the right track."

Meanwhile, those responsible for the roots of this economic mess should be held accountable here and now. Former President Jimmy Carter, Representative Barney Frank (who should be removed from the House) and Former President Bill Clinton -- along with his inept treasury secretary, HUD secretary and attorney general should be cutoff from taxpayer compensation, just as has been demanded by Democrats for preventing excessive CEO salaries and golden parachute retirement packages.

Fannie Mae and Freddie Mac were gross failures of good intentions, exacerbated by typical socialist government cancers that turned malignant and metastasized, such as Jimmy Carter's 1977 Community Reinvestment Act, which irresponsibly expanded homeownership to disadvantaged people. Representative Barney Frank then spearheaded the move to expand the Community Reinvestment Act beyond reason. During the Clinton administration, Treasury Secretary Robert Rubin and HUD Secretary, Andrew Cuomo pressured banks and mortgage lenders to make home loans to those who could not afford them. Clinton's Attorney General Janet Reno threatened to vigorously investigate banks and mortgage brokers who did not comply with the Clinton Administration demands.

Four years ago, Clinton's former budget director, over-compensated Fannie Mae CEO Franklin Raines, was fired for mismanagement and lack of accountability. Congressional Republicans attempted to pass regulations, which included prohibiting Fannie Mae and Freddie Mac from accepting risky home loans and selling them to banks and mortgage companies. Congressional Democrats defeated the proposed legislation.

Federal Reserve Chairman, Alan Greenspan warned the Congress about what is happening to the economy right now. Congress ignored Greenspan's warning. The Democratic-controlled Congress did nothing to prevent the current melt-down of Fannie Mae, Freddie Mac and the banks and mortgage industry. Neither did the Bush administration. Democrats started the mess and nobody cleaned it up. As usual, the taxpaying Citizens, investors, and small businesses are expected to pay the price when they can least afford it.