The initial failure this week to pass a $700 billion economic relief package in Washington must be followed by a quick compromise and resolution.

The fact that some viewed Monday's defeat in the House a victory for the taxpayers shows that our elected officials have not done a good enough job explaining to the average worker just what is at stake here.

Whether we call it a “bailout” or a “rescue” is not the point. This emergency bill isn't about giving our money to a small group of people who've made large financial mistakes, it's about re-establishing faith in Wall Street and thus stabilizing the U.S. economy as a whole.

The bill allows taxpayer money to be used to shore up financial institutions whose failures could mean economic ruin for millions.

It's certainly not a situation we'd like to be facing, but at this point the only other option would be to stand back and watch the economy deteriorate even further.

The fallout from Monday's defeat was immediately harmful: an estimated $1 trillion in lost wealth as the stock market took a nearly 800-point plunge.

Congress must act quickly and agree on a version of this bill that will get enough votes to pass, but what we want to see included is transparency and oversight with regard to the companies the government - and thus the taxpayers - will be taking over.

The way of doing business at these companies needs to be brought in line with any other struggling enterprise. The fat needs to be trimmed and cost-saving measures need to be found.

And once the expected market recovery takes place, the growth in these companies' assets needs to first be used to pay the people's money back.

The need to act is urgent, but our lawmakers need to assure us all that proper oversight will mean our $700 billion investment will not have been made in vain.