Newt Gingrich has a plan that sounds a whole lot better than a $700B bailout of Wall Street.
Via The Corner at National Review Online:

"Four reform steps will have capital flowing with no government bureaucracy and no taxpayer burden.

First, suspend the mark-to-market rule which is insanely driving companies to unnecessary bankruptcy. If short selling can be suspended on 799 stocks (an arbitrary number and a warning of the rule by bureaucrats which is coming under the Paulson plan), the mark-to-market rule can be suspended for six months and then replaced with a more accurate three year rolling average mark-to-market.

Second, repeal Sarbanes-Oxley. It failed with Freddy Mac. It failed with Fannie Mae. It failed with Bear Stearns. It failed with Lehman Brothers. It failed with AIG. It is crippling our entrepreneurial economy. I spent three days this week in Silicon Valley. Everyone agreed Sarbanes-Oxley was crippling the economy. One firm told me they would bring more than 20 companies public in the next year if the law was repealed. Its Sarbanes-Oxley’s $3 million per startup annual accounting fee that is keeping these companies private.

Third, match our competitors in China and Singapore by going to a zero capital gains tax. Private capital will flood into Wall Street with zero capital gains and it will come at no cost to the taxpayer. Even if you believe in a static analytical model in which lower capital gains taxes mean lower revenues for the Treasury, a zero capital gains tax costs much less than the Paulson plan. And if you believe in a historic model (as I do), a zero capital gains tax would lead to a dramatic increase in federal revenue through a larger, more competitive and more prosperous economy.

Fourth, immediately pass an “all of the above” energy plan designed to bring home $500 billion of the $700 billion a year we are sending overseas. With that much energy income the American economy would boom and government revenues would grow."

Want to know how the current financial crisis came to be? The teacher is in.
"The Great One" explains it all.

Bill Whittle - The Undefended City posted at National Review Online
"It is the small-town virtues of self-reliance, hard work, personal responsibility, and common-sense ingenuity — and not those of the preening cosmopolitans that gape at them in mixed contempt and bafflement — that have made us the inheritors of the most magnificent, noble, decent and free society ever to appear on this earth. This Western Civilization… this American City… has earned the right to greet each sunrise with a blast of silver trumpets that can bring down mountains."

Read the whole thing