Wednesday, September 24, 2008

Bailout Plan

"I must tell you, there are those in the public debate who have said that we must act now. The last time I heard that, I was on a used-car lot," said Rep. Mike Pence, R-Indiana. "The truth is, every time somebody tells you that you've got to do the deal right now, it usually means they're going to get the better part of the deal."

Money quote by Indiana Representative Mike Pence (R).

I have to agree. At this time I think that the bailout is a bad idea. Let the free markets work and let those that will fail, fall. If congress and "community organizers" had not interfered in the first place and pushed banks into making loans to so many unqualified borrowers, we would probably not be in this mess. Additionally if the Democrats had not done all that they could to derail Freddy/Fanny reform in 06, this could have been avoided. As it stands, those of us that have been making our mortgage payments should not have to pay even more money to cover those that don't.

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