Personally, I agree that the American economy is in big trouble. I agree that the government ought to take drastic steps to avert a washout. There are a number of aspects of "The Foreclosure Prevention Act" that I approve of. On the whole, however, it seems to me that this legislation is likely to do more harm than good.
Not only does this bill provide for a federal bailout of the so-called GSE’s, it also completes the invasion of privacy that FISA started. Thanks to HR 3221, the government is going to keep track of every single electronic transaction you make. Your Visa and PayPal transactions are going to go into a database (along with your phone calls and email messages.)
Read the Congressional Budget Office analysis. Here’s the press release from the House Financial Services Committee, along with the NY Times Money comment and Quicken Loans comment.
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