And rightly so. From ABC News:
Its ambiguity: Very short on specifics and oversight, they say. Its fairness: Because taxpayer’s will be subsidizing the risk investors “chose” to take. And it’s long-term effects: The economists say paying for it will take a generation
“Ben Bernanke likes to say there are no atheists in fox holes, well General Bernanke just called in from the fox hole and said we want a nuclear strike. It’s that radical and we’re going ‘is it really that bad?'” said John Cochrane, finance professor, University of Chicago
The Democrats should be right along with this as well. I understand something must be done to keep credit flowing within the banking system. But people should also be held accountable for their mistakes. Why should we as taxpayers, who pay their mortgages, bills, and taxes on time be forced to bail out folks who gambled?