Soros Has a Different Rescue Plan in Mind

Soros' rescue plan has distinct benefits. It would obviate the need for the government to analyze the value of a myriad of opaque and unusual financial contracts that have plagued financial institutions. Taxpayer money would be invested more efficiently and with much less financial risk. Finally, it would help stop the hemorrhaging in the housing market by deterring foreclosures.

Soros has been a controversial figure in the political arena. Republicans have hammered him for his support of Democrats, including his involvement in partisan political action groups like America Coming Together (ACT). He has endorsed Sen. Barack Obama (D., Ill.) in the presidential race. Soros reportedly has contacted Obama's campaign about Obama's plan along with Democrats in Congress.

The Senate votes today on a plan slightly different than the one that failed in the House on Monday. The Senate version includes greater FDIC protections to consumers -- up to $250,000 for deposits rather than $100,000 -- and a fix for the alternative minimum tax.

Should it fail, the Congress could have a reasonable alternative in Soros' rescue plan.