BIG GOVT!!

I'm sure many of you are aware by now of the latest in our economic woes. Alas, IndyMac has fallen and Fannie Mae and Freddie Mac are struggling as well. To most, this news really means very little. In fact, I would venture to say that the majority of Americans haven't a clue what this news means. Though I probably can't tell you what the future of these groups is going to be like, I can tell you how very dangerous the government's response to these issues has been. Whether you realize it or not, our government (who already has a failing economy to worry about) is trying to bail out these groups. They're going to back these groups financially in order to "get things out of the red." But at the same time, what does this say about our government? What does this say about the integrity of our financial systems? While I'm happy that everything is going to work out for the Fannie Mae and Freddie Mac's of the world, I don't think that our government should be in the business of buying out or extending credit to these groups. Capitalism is a system of risk and reward. And just because some institutions are taking more risk in some shady lending practices, that doesn't mean that the U.S. government should necessarily be there to pick up the pieces. This is a very dangerous precedent to set. In fact, I think that this action will not help at all in the effort to curb Predatory or Shaky lending.