[cute fuzzy bunny]

Once again we learn that the prudent will pay for the mistakes of the foolish, and in the middle of it a whole lot of people who were more interested in their commissions failed to do their due diligence in a responsible manner for the customer, who was an idiot.

The agents got paid. The brokers got paid. The collateralizers took on the risk and the banks got paid for wrapping up such a tasty package for them. The homeowners turned the good part of their brains off and trusted that everyone would do the right thing for them thinking that they were going to get rich!

Now the politicians will thump their chests in an election year. Taxes will be levied. Pockets will get relined.

I say let the chips fall where they may. Risk taking has to have some form of penalty to it. Some of the stories will be sad to hear. Lessons will be learned. Wont be a lot of fun. The net result will probably be better than the US government armed with five trillion dollars spraying half of the money into the pockets of speculators and morons.

Up until I wrote this, I was securely in the camp that said that the economy couldnt be allowed to hit a huge speedbump over this, and a bailout was an unsavory necessity.

I changed my mind.