Robert Freedman, Senior Editor

With Wednesday's Senate vote, 74-25 in favor of the economic stabilization package, the federal rescue legislation moves closer to enactment. The House, after narrowly voting down the package earlier this week, is expected to take a second stab at the bill on Friday. Whatever the outcome, the vote is likely to be close once again, and for good reason.

The hundreds of billions of dollars worth of mortgage-backed securities that are weighing down the balance sheets of Wall Street bankers put the country in unchartered economic territory. There's uncertainty among lawmakers as well as financial industry experts about how the rescue package will ultimately play out in the market.

This uncertainty is felt by real estate professionals, as you can see by taking a look at the spirited discussions taking place at the popular Active Rain network and other online communities. Among those discussing the stabilization bill are practitioners who don't believe the plan is the best way to tackle the credit crunch.

Would a massive infusion of public spending impact real estate in unforseen ways over the long run? NAR has made clear that failure to address the credit freeze immediately could lead to devastating consequences, not just for real estate. As NAR President Richard Gaylord says, a persistent credit freeze could lead to a "sharp rise in unemployment and severe hardship for many ordinary Americans" and far more costly financing for those who could get it.

Given the sheer size of the stabilization bill, it's not surprising we're seeing such a mix of opinion on what is the right course of action, including among real estate professionals. Healthy back-and-forth discussion shows real estate professionals are taking the time to educate themselves about the important issues of the day that can impact their business and their customers.

NAR leaders, in strongly backing the bill, aren't out to bail out Wall Street, bring back the go-go days of 2004, or nationalize our financial system. They're acting on the belief that failure to act today will bring terrible consequences tomorrow ... not just for Wall Street, but for Main Street as well.