$300,000,000,000 Bailout

Yup, that's 9 zeros. $300 billion to bail out mortgage cheaters and schemers. As we have said it over and over here at the Fairbank Report, democracy is two wolves and a sheep voting on what to have for dinner.

Actually, this is a classic example of the "moral hazard" problem. When people know that they will be bailed out of difficulties, they are more likely to take on wanton risks.

You just watch and see. There will be other massive bailouts...