BJ Lawson on the "Mother of All Bailouts," as well as some advice to those who are facing foreclosure:
The House, Senate, and President have all duly signed off on the much-anticipated Foreclosure Prevention Act of 2008 (HR 3221). The online copy of this bill weighs in at 260 pages, and is fantastic recipe for how to bail out banks and sophisticated investors while providing the cosmetic appearance of helping homeowners. Most importantly, it takes the critical step of putting our government, taxpayers, and national credit at stake for the benefit of Freddie Mac and Fannie Mae bondholders.
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