Thursday, October 30, 2008

To Each According to His Ability to Default

Officials with the Treasury and the Federal Deposit Insurance Corp. are crafting a plan under which the government would guarantee the mortgages of as many as 3 million homeowners now struggling to avoid foreclosure.

There is nothing wrong with bankruptcy, it was designed for situations like this. Another guaranty/bailout though is adding further potential increases in the national debt and creating incredible stress points in the entire government financial system.

The National Debt has increased $880 billion since the beginning of September. It now stands at $10.53 trillion.

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