Derek Rose

Ron Paul on the “bailout” bill currently being redrafted by congress: I think the bailout is bad policy for a number of reasons, but primarily because it props up a system that has already failed. Supporters promise a short-term reprieve from the inevitable price adjustments in the badly oversold housing market, but it fails to address the core issues in our economy that nationwide access to cheap credit has created.

Bad debt is bad debt, and we owe it to our country to allow market forces to work freely to correct this problem. Anything else amounts to taxpayers subsidizing poor decisions on the part of major financial institutions.