First Principles

Today the Senate is “revising” the bill to include tax breaks for middle America and business. Unfortunately, the Senate is doing nothing about the grant of massive power to the Treasury Secretary to distribute enormous amounts taxpayer dollars at his or her discretion with no oversight. Nor does the “revision” address the fact that the tax payers will be paying for these bad mortgage two times over because Congress previously bailed out Fannie and Freddie, who underwrite nearly every mortgage. I hate to beleaguer the “lipstick on a pig” analogy, but these tax breaks are the shade of hot pink on a big ol’ porker.