RECKLESS RESCUEPALOOZA

The federal government's Rescuepalooza has brought us to this: We are now pledging American tax dollars to bailout or beef up not just American banks, banks' customers, automakers, insurance companies, homeowners who can't pay their mortgages, and quasi-governmental mortgage firms. We are now rescuing other countries...

The Federal Reserve last week announced it would commit up to $30 billion each to Brazil, Mexico, South Korea and Singapore so they can more easily swap their currencies for dollars. That came in a week that saw the Federal Reserve, Treasury, and Federal Deposit Insurance Corporation announce (singly or in combination) an astonishing amount of new spending, including:

• Allocating money to accept up to $600 billion in liabilities on three million troubled home loans.
• Possibly using taxpayers' money to buy shares of U.S. automakers to funnel them another $25 billion, each.
• Another $21 billion for American International Group (AIG), on top of $38 billion last month, which came on top of $85 billion the government loaned it just a few weeks before that.
• A cut in the Fed's benchmark interest rate to 1 percent, continuing the easy-money policies that helped cause the housing bubble that sparked the financial crisis.

All of this has sent the projected federal budget for the new fiscal year to $1 trillion and skyrocketed the national debt to $11 trillion, up from about $7 trillion when Bush took office. This will be repaid through taxes and probably higher inflation that will reduce our standard of living...

[and sends the unambiguous signal to large-cap corporate American that reckless is ok - the taxpayers will bail you out]

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