1Oct/080
Let Risk-Taking Financial Institutions Fail
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Great article explaining why this bailout is a bad idea for the American taxpayer.
http://www.time.com/time/business/article/0,8599,1845209,00.html
"Do not be fooled. The $700 billion (ultimately $1 trillion or more) bailout is not predominantly for mortgages and homeowners. Instead, the bailout is for mortgage-backed securities. In fact, some versions of these instruments are imaginary derivatives. These claims overlap on the same types of mortgages. Many financial institutions wrote claims over the same mortgages, and these are the majority of claims that have "gone bad."