A few years too late, but fine. It has to be addressed and with Congress breathing down the backs of the Fed, there is suddenly great interest. On the flip side, just what do you think Wall Street is thinking now that they are being assisted with a bailout plan? So the lesson learn by Wall Street is to get while the gettin' is good and then Uncle Sam will bail everyone out? Same goes for the buyers who jumped on to the bad loans and are now asking for a bailout.
The Fed needs to quit propping up every bad business idea that comes out of Wall Street and start thinking about consumers. Congress is going to have to promote the issue of responsibility as well because bail outs are only showing support for failures to accept personal actions. There should be no doubt that plenty of people were tricked into bad loans, but there were also plenty of people who did not make the jump into the market because they had reservations.
Should those people and the people who acted responsibly be punished? We needed a voice when this problem was unfolding, both on the issue of Wall Street greed and buyers blissful ignorance that defied traditional logic. It is getting there, slowly, but we need to quit doling out bailouts like this unless we want to create more trouble later. If Congress wants to give free money to everyone, fine, but that's not what they are doing. They are rewarding both rich and poor who gambled and lost.
