Woke up this morning and said to myself, “What the heck?” I believe in capitalism, which means I believe in profits and losses. This bailout plan is about the feds trying to pretend there are no losses from the housing bubble. As Sen. Richard Shelby says, there’s not even any guarantee that the bailout will fix the problem — we might pay $700 billion for nothing.
So, forget it — I’m against the bailout. Get the government out of the way and let the market fix itself. It always does. That would mean short-term economic hardship for a lot of people (your 401K is going to go south for a while), but in the long run, the preservation of free enterprise is more important that the immediate pain of the correction.
UPDATE: “Chickens coming home to roost”?
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