The first thing young doctors learn when they answer a resuscitation call is – the first pulse you take is your own. In other words, a life is in your hands, the decisions you make are critical and are literally life and death. Slow down, think clearly, be calm, get the best information, prioritize and make the right decisions. In the midst of what is often chaos, with a lot of well meaning people in disarray, you have to think clearly and critically.

After the bailout bill was defeated in the House last Monday, the stock market had its biggest drop in history. We heard “financial Armageddon”, “global catastrophe”, “economic collapse”, “market meltdown” and “credit paralysis”. The next day, the market gained back two thirds of it losses. Overnight, banks froze up and the LIBOR, the overnight interest rate that major banks lend to each other and major corporations shot up to a record 6.88%. The LIBOR has been spiking after all the major events in the last few weeks. However, just like all the other spikes, it dropped today by almost half to 3.79%. From Spring 2006 to Spring 2007 the LIBOR was nearly constant at 5.25% and no one was clambering to give away $700 Billion.

The TED spread, the difference between the LIBOR and the T-bill rate also went down. It compares how banks judge their risk of lending to the 100% safe treasury bill.

Wall Street only dropped a miniscule amount today.

Slow down, take your pulse. Get the critical information. Do not believe others. Get and believe the information and data in front of you. We are still here and there has not been a financial Armageddon and the markets have not melted down.

As I write the Senate is voting on the bailout bill. This can only be termed madness. A rush of lemmings off the cliff. The thinking of World War I. A small spark, an assassination by unknown anarchists, leads to 13 million deaths, countless injured and maimed and no one knows why and they can’t stop it. It goes on until both sides are exhausted. This is a stampede. Crazed with fear by “experts” who are not looking at the latest information.

I’ve said it before, there is something very wrong. Are the banks that are remaining manipulating the credit markets to assure the bailout and save their own skins – or – is this a jackpot payoff to the FOGs – friends of George?

There is no financial meltdown occurring. The LIBOR rates will decrease as they have after every spike and banks will lend. Lehman fails, LIBOR spikes to record levels; Lehman is swallowed and bought, LIBOR falls and banks keep lending. The data tells us differently than what the “experts” are auguring.

Bernie Sanders has it right in his Senate address. If we want to truly get this economy moving, invest in our infrastructure. Build the alternative energy sources. End our dependence on foreign oil that puts us at an enormous trade imbalance. Invest in solar, wind and yes, nuclear. If we are going to bailout, bailout the homeowners. Certainly they are no more responsible than the banks that engorged and enriched themselves with reckless no money down and no documentation loans.

Now its up to the House. Slow down, take your pulse, calm down and make the right decisions. This is life and death.