Ryan: "Herbert Hoover Moment"

Young conservative Paul Ryan (R-WI), who helped lead the House GOP revolt a few days ago, just made a passionate plea for his colleagues to back the bailout.

"This bill offends my principles but I'm going to vote for this bill in order to preserve my principles... to preserve [the free enterprise system]," he said. "This is a Herbert Hoover moment.. he made mistakes during the Great Depression... Let's not make those mistakes... If we fail to do the right thing, heaven help us—if we fail to pass this I fear the worst is yet to come."

He then added a tart critique of the Bush administration's rush to pass the bill, saying its predictions of catastrophe if it's not passed have become a self-fulfilling prophecy. "I think the White House bumbled this thing—they have brought these issues up to a crescendo, a crisis so that all eyes are on Congress [so] we have to deal with this panic."

He went on to urge his fellow Republicans not to say, "I want you to vote for it, not me."