Bernake & Schumer's B.S. solution

From the Washington Post:


"The economy is likely to slow through the first half of 2008, Federal Reserve Chairman Ben S. Bernanke said yesterday, as members of Congress called on him to take aggressive action to prevent a worsening mortgage crisis."

I have to dissagree. Like rewarding illegal immigrants with driver's licenses you do not correct bad behavior by bailing out the banks and those who got sub prime loans with a bailout as Washington seems intent on doing. Here is exhibit A:

"Among other steps, Schumer said, Bernanke should move quickly on a series of regulatory policy changes to prevent banks from making irresponsible mortgage loans and use his stature to convince the Bush administration to provide federal money for nonprofit organizations that help people with mortgage problems."

Schumer is wrong in following in the footsteps of George Bush by trying to funnel taxpayer money to these "non profit organizations". Anytime taxpayer money money gets further away from the government there is less oversight and is more open to abuse no matter how noble the idea is.