This whole mess seems to revolve around Congress trying to make housing "affordable." The way to make housing "affordable" is to let people keep more of their money. (Hint: They can afford more that way.) And if we don't want to be in this mess again, then don't allow - or compel - banks to lend money to people who can't afford to pay it back. Duh.
Hattip: Creative Minority Report.
UPDATE: Back in 2004, Slate asked this question about Raines at Fanne Mae:
Is he the perpetrator of an accounting crime, the target of a political witch hunt, or the victim of an overzealous bureaucracy?
I think we know the answer now. You know if Raines had been a Republican, he'd be under indictment by now. I mean, this is way bigger than Enron. But unlike Enron, Congress caused this disaster - and defended Raines.
UPDATE: Here's a rather creative site (NSFW!) for helping you, the average consumer, participate in this bailout Congress is proposing.
UPDATE: Roger Kimball has much more - with lots of links - concerning "Who Let The Cash Out!?!" (Who? Who?) I predict that we'll be hearing a whole lot of the "we-shouldn't-focus-on-placing-blame-but-focus-on-solving-the-problem" meme from the Democrats and the Mainstream Media.
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