Φ Opposes the $700B Bailout

New to the blogroll is a link to an online petition opposing the mortgage bailout. For the same reason that borrowers don't deserve to have their poor decision making underwritten by the government, lenders ought not have the consequences of their bad decisions socialized to the rest of us. These two groups should work out their issues with each other.

Whatever a "credit freeze" is, it hasn't led to a slowdown in the number of credit card offers I receive in the mail: approximately 1 to 2 per day. I can believe that there are bad credit risks out there who are no longer receiving these offers with the same frequency, and no doubt this means that they must reduce the volume of Chinese crap they buy. It's about time.

But lest I seem unreasonable, I propose a compromise: when Frank Raines, and the politicians who took his money, are put to busting rocks on a chain gang, that sight may well be worth the $700B they're asking. Until then, the answer is no.