The bail-out rears its ugly head again, this time in the U.S. Senate, which is expected to vote on it tonight.
The version that tanked in the House on Monday has been gussied up a bit. Some business tax cuts have been extended, and temporary AMT relief has been included. On the other hand, some obvious absurdity has wormed its way in, like “mental health parity”, a provision that further violates the freedom of contract between insurance companies and their customers.
And at its heart, this bill remains an attempt to reward the irresponsibility of banks and borrowers by exacerbating the federal meddlesomeness that encourages it. It is a moral hazard on the order of the New Deal.
Please call your U.S. Senators and urge them to vote against the bail-out. If you live in Virginia, your Senators are:
If you do not live in Virginia and do not know how to reach your Senators, please click here.