Now It's OK ?

By Tim Philbin

At $700 billion the so called "bailout bill" was just too expensive. It was a designed to help rich Wall Street types. At least that is what we were told by both the politicians and their friends in the media.

It was a three page piece of legislation that would alleviate the credit crisis facing the financial markets. But it gave too much power to the Treasury Secretary without solving the underlying problem.

Those problem were the direct result of lax lending standards initiated and encouraged by members of congress through quasi governmental agencies known as Fannie Mae and Freddie Mac

No wonder Americans called their elected officials in the US House and by a margin of 100 to 1 TOLD them not to vote for the bill.

The Senate decided to weigh in with their solution. They offered up a new piece of legislation. This one, 451 pages long, costing about $850 billion also had no investigation or resolution of the underlying cause. This time it was a GOOD bill that would save "Main Street" not Wall Street.

They almost dislocated their shoulders patting themselves on the back for showing "leadership" in resolving the problem.

What they failed to mention was the money they porked up the bill with to make it "sweeter" to members so they could win votes.

No wonder we have the problems we do in the financial markets with these kinds of thieves overseeing the American piggy bank.