I was pondering the bailout bill today and realized that I have an inherent conflict of interest in the matter and therefore won’t be commenting much.
I think handing Wall Street (or anybody for that matter) $700 billion is just plain stupid. Taking the risk out of financial markets removes the only downside to making stupid loans at historically low rates. And it doesn’t do a single thing to stop the foreclosures that are wreaking havoc on our country.
That having been said, I am now in the market for a house. The more foreclosures, the better for me and my family, as it increases the supply and lowers the price of the available houses. A giddy and cash-flush financial market will mean low rates on new mortgages. Win-win for me and mine.
For perhaps the first time in my life, what is good for America and middle-class Americans, at least in the short term, isn’t in my best interest.
So, to all the Congress critters out there, if you are gonna do something stupid, do something stupid for me.