The bailout package has passed the U.S. Senate by a vote of 74 to 29.  It will allow the government to purchase mortgage related securities, it will cut taxes for businesses and the middle class, and it will weaken corporate reporting guidelines.  The only good thing I see is the increase in the level of FDIC insurance from $100,000 to $250,000.  Hopefully, the geniuses who wrote the bill will also increase funding in the unlikely case that bank failures require the fund to be used.

    This bill amazes me.  It is going to put the National Debt at over $10 trillion.  We are borrowing to buy politicians off with tax cuts for their constituents.  Think about it: If the tax cuts were an important part of dealing with the crisis, wouldn't they have been included the first time around?  If you think that is bad, the reporting requirements have been relaxed.  Companies will no longer be forced to devalue assets on their balance sheet to have them reflect fair market value.  Basically, the balance sheets of many companies are going to become useless, since they will be inflated to make the company look like it is in better shape than it really is.  The government will be allowing companies to use smoke and mirrors to dupe investors.  Thanks Uncle Sam!

     So there you have it.  Increased debt, irrelevant tax cuts to buy votes, and less regulation at a time when we should have more.  I hope the House of Representatives votes no again and sends a message to the Senate, President Bush, and everyone else who wants to bailout corporations and individuals who made stupid mistakes.