Why didn't House Dems pass bailout when they had votes on Monday? It's sickeningly political

House Democratic leaders had the votes last Monday to pass their generous $700 billion bailout plan for Wall Street hogdogs, but they didn't. Why?

Because Dems wanting to pick up seats in the general election did not want to be stuck as solely backing a Bush administration plan that had no guarantee of correcting what was wrong. They wanted GOP House members also on the hook. And now they have balked, because their constituents along with those of the Dems are dead set against this bailout.

Now Rep. Barney Frank, D-Mass., says he expects a deal by Sunday. Good luck. I don't believe he is going to get it. GOP House members know the bailout is a loser at the polls in November. Economic data this week has been very weak on home prices and GDP growth, showing that once a bailout would be passed, the economy would still go into the tank. Earnings worries will grip the market next week and push stock prices down regardless.

A private bailout of Wall Street is being pushed by House GOP members. But this group of politicos is not the most virtuous bunch. I'm equally suspicious of their efforts.

Some financial-types now are talking about how the markets could get along without a bailout. That's good. There are going to be big layoffs -- plan or not. Twenty-five years of excess and deregulation will not be corrected by any plan.

America will have to tough it out.