In this country’s fiscal meltdown, there’s no room for ideologues, for the action required by Congress necessitates throwing pure ideology – both political and financial – out the nearest window.

Neither political party, for example, has a monopoly on wisdom. Stubborn adherence to free market doctrine by Republicans and complicity in deregulation and populist policymaking by Democrats are this scenario’s foundation.

Economic theories appear unsound. Capitalism was exposed by market inability to control itself. Yet capitalism also comes away looking good, because spasms of government bailouts are bad fiscal policy.

Our government is not built for this type of relief, and shouldn’t, in theory, get involved. Unfortunately, this dogma wilts against the reality of maybe the biggest financial meltdown in world history. Sometimes, in crisis, a civilization must compromise with its principles.

Now, unfortunately, is one of those times

Congress is mulling a $700 billion bailout of the financial markets, by transferring a robust power to the country’s top economic minds at the Treasury and Federal Reserve. Together, these august institutions will use the full faith and credit of America to rebuild the economy.

They should get the chance. But their mission must go beyond fixing what’s wrong . These institutions, the White House and Congress must also take appropriate steps to insulate taxpayers from current – and future – harm.

They are the only innocents in this saga. Wall Street and Washington – in concert – are culpable yet, in great irony, they’re also the only ones who can help. Protecting American taxpayers – where the buck stops in this crisis – should then be their utmost concern.

A forfeiture of profits in return for this bailout – as insurance against taxpayer support – is also a logical request. Under normal circumstances, this would sound way too socialistic for our tastes.

These circumstances are anything but normal, however.

New rounds of regulation should also prevent the shadowy economic alchemy that fostered the crisis, while billions in bad debt must be quarantined, stabilized and then slowly released back into the wild markets.

Where Washington and Wall Street must be most controlled is the future; their shotgun marriage is only a short-term remedy. In the bailout, their grounds for divorce must be spelled out, because, again in an ideal world, they must operate with some independence.

Markets move too fast for government and government is too restrictive for markets. Our economy is built upon the notion that these entities cannot co-exist. That’s why seeing them at the same table, in the same capital city, getting on the same page about a crisis for which they’re both responsible is frightening.

Congress is faced with a once-in-a-lifetime upheaval in which no philosophy or ideology fits.

It is government improvization. After being so wrong, Wall Street and Washington must now do right.

The country, the world, is holding its breath.