Wednesday, June 18, 2008

A Country Wide Bailout?

Richard Armey gets it right on ill-advised legislation that would transfer the risk of bad loans from companies like Countrywide to the federal taxpayer:

In a free market, businesses take risks and reap either profits or losses. But markets only work when businesses are held accountable for their bad decisions. The message this proposed legislation sends to the market is clear: Big lenders like Countrywide who make bad bets can count on generous bailouts -- and responsible renters, homeowners and taxpayers who pay their bills on time can count on getting stuck with the tab.

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