President Bush signed the housing bailout bill into law, something he promised he would not do. It does not take a genius to figure out that the housing crisis was completely avoidable. It also does not take a genius to see that the housing bailout bill is the wrong response:
Once again the burden of paying for irresponsible behavior falls on the tax payer. The bill rewards bad credit behavior, while punishing those that followed the rules and spent within their means. Additionally, this bill will increase the federal debt limit by $800 BILLION DOLLARS to $10.6 trillion dollars. The bill also features a provision requiring the reporting of ALL credit transaction that occur on-line (Visa, Mastercard, Paypal, Ebay), regardless of whether they have anything to do with the purchase of a home (????????....why!). Why would the government (in particular, the IRS) need this information, to impose NEW taxes!
The lone voice speaking out against this madness was Senator Coburn, of Oklahoma:
The Housing Bailout is just another example of Washington's "rape and pillage mentality" against the American Taxpayer. It may be time for the American Taxpayer's to consider a "pitchfork rebellion," but Congress will probably figure out away to tax the pitchforks.
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