I'm following Michelle Malkin's "live blogging" of the debate on the House floor over the financial bailout package. She's against it. I'm not sure where I stand.
On one hand, I don't want to see banks close and the impact of that on the economy. On the otherhand, there is something to be said about letting what doesn't work fail. The government pushed the "ninja loans" (no income, no job, no assets - no problem!) on banks in the first place, and encouraged Americans to buy homes. Many of whom should've never bought homes.
So if these loans fail and the banks who made the loans end up taking huge losses or failing, lesson learned, right? Yes, painful. But maybe that's just how free markets work. And injecting these ninja loans into the free market was a bad idea. But nobody cared a few years ago, as too much money was being hustled on these things.
I just don't know. It looks as if this is going to pass the House. And I'd imagine President Bush will sign it.
Thoughts?