Breakthrough Reached in Negotiations on Bailout

By on September 28, 2008

Apparently an agreement has been reached on the bailout boondoggle (excuse me; Rescue Plan).

There is quite a bit of outrage regarding the proposal and “RPS” at the Calculated Risk blogspot pretty much sums it up:

“Call me stupid because I’m fiscally conservative and didn’t partake at the funny money tree via HELOC’s and wildly spend on vacations, SUV’s, plasma screens, etc… Instead I did not use the pseudo-inflated equity in my home. But those that did and now headed toward or in foreclosure will have their homes reassessed and price reduced. Plus receive lower rates on principal & interest. They’re rewarded and the rest of us are picking up their bar tab.”

Sources:

http://www.nytimes.com/2008/09/28/business/28bailout.html?_r=1&oref=slogin

http://www.haloscan.com/comments/calculatedrisk/7659945991828961441/

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