In real life, disastrous events cannot be prevented by going back in time, and do things differently, thereby preventing the disastrous outcome from coming about.

We cannot go back to the morning of 9/11 and prevent people from boarding planes that would then be used as flying bombs on the World Trade Centre in New York.

But lawmakers are a different breed. For them you need a special dispensation so that they can eventually change their minds, and still do the right thing.

This week will probably see the most important event in the lifetime of many of us, considering the downside if this event were not to take place.

On Monday the US House of Representatives got the opportunity to gloriously sink the $700-billion proposed bailout plan to get the US banking going again, and did so with glee, voting 205 for and 228 against the motion.

Lest we forget, many of these US lawmakers voted nay because of apparent voter fury about the intended bank bailout, and everything surrounding it.

This nay vote by the House instantaneously reaped the whirlwind of even greater financial panic and massive equity market sell-offs worldwide, on a scale even intimidating to US lawmakers, many apparently afterwards regretting they had voted against the motion and bringing about a deepening of the growing global calamity.

US Senate must show leadership

It apparently helped that in many cases constituents now let it be known they weren't amused about their sinking investments. Thus the stock market sell-off may have concentrated enough minds to decide what is needed.

It is now for the US Senate to show leadership. With a few bells and whistles added to the proposals (such as $100-billion of tax breaks for many favoured causes, also intended to keep the US economy afloat), it is considered likely that the Senate will pass the $700-billion bailout. The House will then get another opportunity on Thursday to think over its sins, and following Senate leadership vote once more on the matter.

By Friday, Mr Bush may sign the bailout into law, after which Congress can recess and the final electioneering season is upon us.

It would now seem highly likely US Treasury Secretary Paulson is going to get his trillion after all.

According to US President Teddy Roosevelt's dictum over a century ago "in any moment of decision, the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing".

Well, by a process of elimination, US policymakers and lawmakers have worked these Roosevelt options in reverse.

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