Since terrifying analogies are now de rigueur for describing the economy (worst since the Great Depression, you know) let’s try another: The mortgage crisis sweeping Maine and the nation is just like the Titanic.

The comparison is easy. The economy and the liner were grandiose behemoths sunk by unforeseen obstacles. We know what happened to Titanic after it foundered; we’re waiting to see what depths the economy will sink.

The stronger parallel is the subsequent rescue. Neither Titanic nor the economy had enough lifeboats when tragedy struck. And just like the natural hierarchy aboard the luxury ship, passengers in steerage are left most vulnerable.

With the bailout of Bear Stearns, the Federal Reserve gave a first-class ticket-holder a financial lifeboat. Now Congress wants to rescue homeowners, before the doomed economic vessel claims them all.

There’s a critical difference. The Fed moved to preserve the economy, fearful of ripples from Bear Stearns’ collapse. It acted to save the market. Congressional proposals to rescue homeowners, however, are not motivated by a similar desire. Lawmakers instead are deciding who deserves to be saved.

All troubled homeowners need rescue. Some were hoodwinked into predatory, subprime loans. Others fudged mortgage applications to inflate income, or accepted loan terms that were attractive at first, but deadly after awhile.

Some of them were building speculators, out to make a quick buck. Some were people who just wanted a home in an era of inflated values. Some believed the bank when they were approved for mortgages well past their dreams.

The reality – just like the Titanic’s – is there are not enough lifeboats for everybody. Inevitably, this means somebody is going down with the ship. Congress, as the rescuers, has taken the responsibility for deciding who.

But whomever and however Congress helps will be called unfair. Aiding the 9 million homeowners with mortgages greater than the home’s value will ensure some people who knowingly spent beyond their means are “rescued.”

Focusing on foreclosures alone – where some 1.3 million subprime mortgages are in default – means some homeowners who chanced risky loans will have their debt backed by the faith and credit of the government.

And millions of homeowners with responsible mortgages, who neither spent beyond their means nor embraced dicey terms, but whose tax dollars will support the bad decisions of others, will receive no government rescue.

Rhetoric from Capitol Hill supports saving defrauded homeowners and those facing foreclosure, while allowing others to suffer their decisions. This is the political approach – assigning blame and helping the unfortunate.

Which deviates from Bear Stearns, because the investment bank – in no way – merited solvency on the credit of taxpayers. The political decision would have been to let them twist. But a bailout was best for the market, which in turn, is best for everybody: homeowners, taxpayers, lenders and builders alike.

Congress must make a market decision regarding homeowners. There are not enough lifeboats.