Friday, October 03, 2008

The New Bailout Bill

As the bailout bill will more than likely pass today, I must be clear in that I DO NOT support this.

Least of all do I support allowing for the recalculation of principal on mortgage loans.

Folks let's be clear, this is not a fair bill and it is a government intervention that should never happen. I'm draconian in this issue. Let the market fail. Let us look back and learn from our mistakes so that we don't fail again.

This is bad parenting and the precedent it sets is appalling and will likely come back and bite us in the ass.

Panic has been created; and our legislative branches have been urged. No financial bill amounting to $750 billion dollars should be taken lightly, with no investigation with no assurances this will not happen again. Or that this will even work and not add to the deficit.

As I write this, the bill is at the halfway mark of Yea's to pass. God help us.