Saturday, October 4, 2008

First American Bailout Bank

Probably Barack Obama had to do the expedient thing to support the banks. He probably needs their support - or at least not their animosity. But I think he could show some leadership on the order of his speech on race and religion and talk to the people. Assure us that the bailout bill isn't just a big reward for being greedy, irresponsible or improvident.

Call it an investment by the American people and tie it to some regulation, tell us how the banks will pay it back.

To me it looks like the both the Senate (and finally) the House approved the same old free-money-to the-greedy-bailout with another 100 billion in pork bribes handed out to buy votes. So now the bailout will cost Americans 800 billion. And where does that come from? Future taxes? More national debt? Free make-believe money? One big Subprime Loan to fix the problems caused by Subprime Loans.

800 billion divided by 300 million Americans is almost $3,000 each. I might like to hold $3,000 worth of stock in the First American Bailout Bank established to buy all those bad mortgages and see if they might not be worth something in ten years.

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