Today Congress failed to reach an agreement on a bailout package. I say, "Good!"
I don't agree with the bailout, even though I think it is now necessary. Why am I happy it failed? This is the single largest acquisition of assets by the Federal Government in the history of our nation. Not only are there acquisitions of debt, but of mortgages, insurance and everyday loans. This is not something that should be shoved down our throats because the media has everybody in panic mode. It's time for rational thought and discussion. If it takes 2 weeks... "Greeeeat!" Just make sure that when it's done... it's done correctly. We're already facing bankruptcy of Medicaid and Social Security because they were poorly thought out and implemented. Let's not saddle ourselves with more problems and no one to bail us out.
P.S. The blame game going on by politicians right now is really pathetic. Everyone is to blame. Both parties. Greedy banks. Greedy people in real estate, construction and home owners with poor credit and no financial intelligence buying McMansions.
1 hour ago