SmallGovTimes.comBailout cure worse than disease By: News Bites | Published on 07/29/08 With President George W Bush no longer threatening a veto, the subprime mortgage and Fannie and Freddie "bailout" bill was able to sail through the US Congress. In anticipation of its enactment, congress had the foresight to raise the national debt limit to US$10.6 trillion. Who says that politicians don't plan ahead? Once signed into law, the budget-busting legislation will hand the administration a blank check to prop up the ailing home lenders. The ultimate cost is anybody's guess. I believe that the price tag will be higher than just about anyone imagines. Treasure Secretary Henry Paulson's Bazooka will be locked and loaded with enough fire power to blow what's left of the US economy into the dustbin of history. Original URL: http://www.smallgovtimes.com/story/08jul29.cure.disease/index.html |