Let the bastards fail

The Congress should not use taxpayer dollars to bail out Wall Street.

This bill does nothing to fix the root causes of the current problem. The bank liquidity crisis is caused by a decade of lack of effective regulation and oversight in the banking, mortgage, and securities markets. Rampant deregulation and lax enforcement has allowed greedy and even criminal speculators to profit from unsound and deceitful business practices.

The current Senate proposal uses taxpayer dollar bills to cover up the problems temporarily. This is like using paper dollars to smother a bonfire. It may block the flames for a short while, but will eventually be fuel for an inferno.

The notion that taxpayers will profit from the 700 Billion dollar “investment” into worthless Mortgage-backed securities is as ludicrous as the claim that the Iraq war would pay for itself.

This bill is a bad law. Let the market work to kill off incompetent bankers and speculators. We will endure the tough times ahead and emerge a stronger economy without the incompetent gamblers the bailout would preserve and cause to prosper at taxpayer expense.