October 06, 2008

About that whole bailout thing...

First, it's somewhat similar to the S&L bailout, as many people have pointed out (think Keating Five).

Comparison: The U.S. taxpayers at first were on the hook for 3.4 billion dollars. But the eventual cost to the taxpayer wound up being nearly $125 billion. I hope the same markup won't apply to the $700 billion we're about to cough up (850 with extras).

The dollar comparison, though, isn't really as relevant as McCain's history of irresponsibly deregulating the lending process.

Meanwhile, Obama introduced legislation in 2006 "aimed at ending home loans based on fraud, abuse or excessive risk." He has also been aware of the increasing number of foreclosures since early 2007.

My position: Obama is the candidate best able to handle the U.S.A.'s credit problems.

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