Tuesday, December 4, 2007



So now Hank Paulson, Treasury Secretary for the free market Bush administration, is proposing that Congress authorize state and local governments to issue tax exempt bonds in order to refinance the shaky mortgages that permeate our financial system.

Mr. Paulson’s, and Mr. Bush’s, proposal amounts to ordering local governments to use their limited authority to issue municipal bonds, bonds that are normally, or at least properly, issued to finance local capital projects like streets, sewers, etc., and to put the taxpayer backed full faith and credit of local governments on the line in order to bail out foolish people who “bought” more house than they could afford and the even more foolish people who lent them money. Effectively, the free market Bush administration is once again using the jackboot of government to force the financially prudent to bail out the financially fatuous.

Hey, you can’t vote Democratic! Why, they’ll expand the scope and power of government in order to reward the indolent and irresponsible!

1 comment:

Matt said...


This seems like they are trying to put a bandaid on gushing wound