Monday, September 29, 2008

Bailout Vote Fails

And I'm glad. Hooray for liberty! Now hopefully Congress can keep it from getting passed. These CEO's and CFO's should be prosecuted, not bailed out. The free market can solve this much better than socialism!

1 comment:

briefs said...

I too am glad the bailout bill failed, but I won't join you in the "jail" the CEO's populism. They ran their companies under the rules set by the government. It's not their fault the rules were dumb.

Eliminate CRA
Eliminate or reform "mark to market"
Drop capital gains taxes to 10%
Privatize Fannie and Freddie

None of those good ideas were the job or the CEO's of companies originating loans or packaging them for bond conduits. As a matter of fact, the failure was in bond investors buying without drilling down into those bond conduits to see what was really in there.

We cannot legislate due diligence.