Editorial reaction to $700B bailout plan

Here is what some newspapers had to say about the Bush administration's move to ask Congress for $700 billion to buy up troubled mortgage-related assets from U.S. financial institutions:

— The Philadelphia Inquirer:

"The unprecedented taxpayer bailout of Wall Street and the banking industry is as necessary as it is infuriating. Spawned by greed and reckless lending, the worst financial crisis in decades has left policymakers without any good options for fixing the mess."

— The Los Angeles Times:

"The main question for politicians isn't whether to act — the comments Friday by congressional leaders and top administration officials made it clear that Washington will undertake something extraordinary — but what to extract from the companies that are helped and how to prevent the problems from recurring."

— Fort Worth (Texas) Star-Telegram:

"It's crucial that trust and confidence be restored in the markets of the world's largest and most-powerful economy."

— The News Tribune of Tacoma, Wash.:

"Hard-core free marketeers are grumping, but federal officials have little choice but to pay the price for past failures to regulate."

— The Anniston (Ala.) Star:

"Simply put, something had to be done. The path chosen seems as sound as any available."

— Rochester (N.Y.) Democrat and Chronicle:

"The taxpayer once again is digging deep to rescue private companies that played fast and loose with America's financial security. It has to be done ... (b)ut from this must come reform — and consequences for those who pushed us to the brink."

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