I told you so.

To all my fellow taxpayers who took out loans and dutifully paid them back and continue to live within your means I say Hola suckers! As the Washington Post article today the Bush administration is set to announce a plan to bailout those sub prime loan borrowers and of course it involves some of your tax dollars. Here are some of the money quotes:

"The administration's plan appears to be winning support on both sides of the aisle. And perhaps as
importantly, it has backing from key private-sector players, including nonprofit groups, mortgage lenders
such as Countrywide Financial and big banks such as Citigroup. "

Imagine that! The banks and mortgage lenders that gave out these sub prime loans, the non profits that will get an influx of taxpayer money to help support it are all for the plan. Who would have thunk!

"In some ways it's worse than a taxpayer bailout," said John Berlau, director of the Center for
Entrepreneurship at the institute. "It pressures an industry to essentially alter the terms of millions of
contracts, and it's going to make investors think twice about investing in America again."

Not to mention that no one will take loan agreements seriously and those who invest in mortgage backed securities may no longer take the risk.

"Yesterday, lawmakers expressed concern over the accountability of nonprofit groups that would receive
public funds under the administration's plan. Some taxpayer money -- about $200 million -- would go to
nonprofit groups staffing a national credit-counseling hotline for troubled homeowners. Some
Republicans worried that about the expanding role of local housing authorities, which can be difficult to
police."

Yes, hola sucker taxpayers for less than a quarter of a billion of your taxpayer dollars your government will be giving this money to "non profit" organizations. Yeah, what could possibly go wrong with this idea. They are "non profit" but, that does not mean they will be non corrupt with our tax dollars. Stay tuned!