Pledge drive

Our federal government is about to announce what amounts to another bailout, this time a program to help banks get rid of hard-to-unload mortgage assets.

Between the Federal Reserve and the U.S. Treasury, here's what's been pledged so far:

• $29 billion toward the purchase of Bear Stearns.
• $85 billion to postpone the collapse of AIG.
• $150 billion to backstop banks.
• $200 billion to prop-up Fannie Mae and Freddie Mac.
• $300 billion to the FHA.
• $25 billion to the auto industry.

That comes to nearly $800 billion. Now, to this dizzying number, add the cost of a new government agency taking on Wall Street's bad debts -- another $1 trillion.

When it comes to Wall Street, federal fiscal policy is all carrot and no stick. Even the FHA infusion benefits mortgage companies more than it does homeowners. As long as that's the plan, the death penalty for failure, or even malfeasance, is off the table.

Today, gleeful markets will soar. You and I will pay for their party tomorrow.