Monday, September 29, 2008

Bailout Failed! Or at least postponed...

The Bailout Bill was overturned by Congress. Given my economic/political biases... I think this is pretty good news. A bailout is a short-term fix to the long-term problem of gross fiscal irresponsibility practiced by our financial sector. The derivatives market has turned Wall Street into Las Vegas. And guess what--we, the American people, are the house. And the house always wins... Things may get worse before they get better. But if we want real and lasting economic stability, we can never let the government and the federal reserve print money out of thin air (or use our tax dollars) to bail out big business and finance.


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