Is this a good idea?
The Bush Administration proposed a massive economic bail-out this week but the details are still sketchy (non-existent?) McCain condemed this (rightly so) and Obama praised it (dude, what are you smoking?) The "left" is praising this because it has the appearance of helping out the little guy. The "right" is praising this because the Bush Administration proposed it. The financial markets are praising this because it allows people controlling the money to move their investments to safer investments.
BUT, do we want our government to take over between $500,000,000,000 and $1,000,000,000,000 (no one is really sure how much it will cost!) of our nation's bad debt? Who pays for this? The U.S. taxpayers will pay for this. Maybe the economy will benefit some from this, but at a cost of an additional trillion dollars in federal debt the Chinese?
Do we want the government controlling this much of our economy by holding bigger stakes in financial institutions?
Mr. President and Senator Obama: The free market works WHEN you make solid investments and manage your money in a fiscally responsible way. When you don't, things like our current crisis occurs. The government must not be in the business of bailing out bad business decisions, even when they are massive.