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Let me see if I understand this correctly.
If you totally pigged out on the sub-prime mortgage scam, bought an oversized house, took a ton of cash out and then failed to make the payments, it is now the official policy of the U.S. Treasury and the FDIC that you deserve a bailout.
If you bought a house with a reasonable down payment, did nothing wrong, used your savings to send kids to college and met all of your obligations, it is the official policy of the aforementioned institutions that you simply suck it up and make your payments on time. Does this strike anybody else as fundamentally wrong?
With all due respect to Sheila Bair, the well-regarded head of the FDIC, the bailout – which looked so necessary a few weeks ago – now resembles a “Three Stooges” sketch. That would be the sketch in which the stooges find themselves in a rowboat with a nasty leak in the bottom. Their solution: drill another hole to let the water out.
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