The Coming Democrat Depression
Fatally Flawed Social Engineering Design

Lou Dobbs Tonight -- CNN -- September 26   Dobbs: I want to turn to Professor Miron for -- the idea that this, the arrogance, the hubris involved in asking the taxpayers for another almost trillion dollars. Give us your thoughts about what should be done, where are we right now in this crisis. Miron: I think we're at a point where there's going -- there's still more pain to come, but, in fact, a lot of the pain has already come. The crucial lesson to be learned is that if you put the government in the position of guaranteeing all sorts of risky lending, which the government did by creating and then subsidizing Fannie and Freddie and encouraging Fannie and Freddie to take on huge amounts of incredibly risky debt and subprime loans, then you're going to have this problem. And so, government contributed a huge amount to the current situation. This bailout does nothing to fix that. Dobbs: Kathleen Day, from your perspective from the Center for Responsible Lending, is this bailout dealing with the issues as far as you're concerned? Day: No, it doesn't. Again, I keep going back to this, it doesn't do anything about real estate price, which are affecting -- and at the heart of this and it's hurting all the taxpayers that would be paying this. It's depleting the tax base across the country.  Watch Depression / E-Verify   Transcript   Related Video   KFI's John & Ken on the Wall Street Meltdown