With Congress demonstrating a lack of brains, a heart and courage in its gross mishandling of the credit crisis, and with President George W. Bush reduced to a powerless humbug, Washington is starting to resemble the characters from “The Wizard Of Oz,” rather than living up to the the hopes and dreams of the Founding Fathers who set up this great republic. It's time for more dramatic action, and insurance lobbyists can help.

Instead of leading this nation in a time of crisis, Congress has behaved like a bunch of frightened children, cowering as the phones ring and the e-mails pour in decrying the “bailout of Wall Street.”

Terrified of being voted out by an angry mob furious over a Wall Street “bailout,” lawmakers caved under the pressure, rather than stand tall and explain to one and all how if nothing is done, we run the risk of seeing credit dry up entirely, sending the entire economy into a death spiral many businesses and individuals may not survive.

Meanwhile, President Bush, looking as bewildered as if he'd just stepped out of a car wreck, keeps pleading pathetically for public understanding and congressional support, while everyone shouts out, “Pay no attention to the man behind the curtain!” The “wizard” of Washington has certainly been brought down to size by this crisis.

House Speaker Nancy Pelosi, D-Calif., playing the role of Dorothy, skips along the yellow brick road to Capitol Hill, seemingly oblivious to the mortal dangers surrounding her. As her faithful dog Todo, I give you House Minority Leader John A. Boehner, R-Ohio, who reluctantly got on board with his Democratic counterpart, yet his bark was far worse than his bite, as he couldn't deliver enough fellow Republicans to approve a rescue package even after declaring that the fate of the country hangs on your vote.

People just don't get it–inside Congress or around the country at large. No one seems to understand that to stand still would amount to cutting off the country's nose to spite its face.

Unless Congress acts to clear up the bad loans clogging the credit markets, you won't be able to borrow affordably (if at all) to buy a new home or car, build any commercial properties, or launch, sustain and expand your business.

The fact that Wall Street rallied yesterday means nothing. In the long run, it's the credit markets that will save or sink this titanic economy, now that the subprime iceberg has been hit.

If ignorant voters and gutless lawmakers prefer to let the free market have its way, we're all going to be in huge financial trouble–insurance companies and brokers included. A rapidly slowing economy and collapsing investment markets would make life unbearable indeed for this industry.

President Bush has botched this problem from Day One. Instead of delivering lame pleas from behind podiums in the safety of the White House, he should have called a joint session of Congress to read lawmakers the riot act, and to forcefully make the case to the American people that inaction would prove suicidal.

Actually, this lamest of lame ducks can still take that step and get a rescue package passed. Any of you in the industry with any political pull at all–and insurance has loads of high-powered lobbyists–should begin pushing for such action right now, before it's too late. Demand more dramatic action from the White House, and call short-sighted legislators to help them see the light.

Of course, it doesn't help that Congress does not appear to have the economic background to cope with a financial meltdown as complex as this.

Indeed, a Center for Economic and Entrepreneurial Literacy analysis of economic education among congressional members revealed that less than 15% of current members have degrees in the business, economics, or finance fields.

But it's not only Congress that is lacking in economic fundamentals. The glaring ignorance of our citizenry is equally apalling.

“The lack of personal finance education in America has resulted in widespread financial illiteracy throughout the country,” the group said. “That illiteracy has been partly to blame for the current credit crunch, as Americans at all income levels acted recklessly by taking on too much debt.”

Financial literacy is woefully inadequate in this country, and we have been advocating for increased education in economics and personal finance in American public schools, said James Bowers, managing director of the Center for Economic and Entrepreneurial Literacy. But after watching the events of this week, a crash course on Capitol Hill might not be a bad place to start.

He noted that more than eight in 10 members of Congress received no formal schooling in economics or business, adding that “its interesting that those who are responsible for solving the biggest economic crisis in generations dont have the educational background to know the difference between commercial paper and copy machine paper.

We can't just click our heels three times and keep repeating that there's no place like home. Call the White House and every member of Congress you've lobbied in the past and demand action now!

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