Quote
The Bush administration sketched out a multi-faceted effort on Friday to confront the worst U.S. financial crisis in decades, outlining a program that could cost taxpayers hundreds of billions of dollars to buy up bad mortgages and other toxic debt that has unhinged Wall Street.

President Bush, flanked by Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, acknowledged that the program will put a "significant amount of taxpayers' money on the line."

The administration is asking Congress to give it sweeping new powers to execute the plan. Paulson said it "needs to be big enough to make a real difference and get to the heart of the problem."
MSNBC

So now that the socialization of the economy is taking on massive proportions, at what point if any will anyone take a critical look at this? Neither McCain nor Obama seem willing to offer any leadership, Congress seems willing to do anything asked of it, and for the most part major decisions about the direction of our nation are being taken by non-elected officials.

This proposal for the government to take over all the bad debts just seems crazy to me. It is likely to

1) end up adding trillions of dollars to the national debt; and
2) offer no incentive to private entities to avoid making the same mistakes in the future.

Just crazy.

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