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700 Billion Dollars

President Bush has now asked congress to authorize the treasury department to acquire 700 billion dollars in mortgage related assets. I wonder if he raised his pinkie to his lips in proper Dr Evil style?

$700 billion dollars in bad mortgage paper, and structured in such a way that we won't even be able to foreclose on the properties. Congress will hem and haw a bit, just enough to allow them some wiggle room when they are running for office again, but other then Ron Paul the lot of them will sign it over. To put it in proper perspective, thats 2k per person (man, woman, child, infant). This will raise our national debt to 11 trillion dollars. Your grandson's grandson will be paying for this, in spades.

Worse, this also removes all need for fiscal responsibility from the investment and banking communities. Why should they worry about issuing loans to folks with no means to pay it? Uncle Sam will happily take over that debt and drop it like the hot steamy load that it is on our backs.

If there was ever a time to push for political reform... this is it.