Time to Repeal the $850 Billion Bailout Mistake: It Isn't Working

I wrote the following in the last couple of months:

September 24th: I think that $700 billion is just the start and they'll come back and ask for another $500-$750 billion in six months. We can't afford that!

September 28th: No $700 billion ever made can stop a crash of a financial system that people have lost their trust in and believe is unstable.

October 3rd: And we've only seen the beginning of this bailout. Now everyone will want one too.

October 5th: Two states--California and Massachusetts--want money as well. The floodgates are now open; where will this end? And how many states will try to climb on this gravy train?

October 6th: Welcome to the dark side of globalization....This has been the strangest bill in quite a while; the size of it is HUGE; Wall Street didn't want it, the politicians say they didn't want it but attached $150 billion in pork to buy off their colleagues to vote for it, Wall Street put it's reaction on public display by losing hundreds of points on the days that the House and Senate voted on this bill; then they said it probably wasn't the fix that was needed. Then Wall Street lost hundreds of points more over worry that the money won't come fast enough. And the taxpayer's on the hook for the entire $850 billion package with little to no hope for a return.

Then I took a hiatus to see if this $850 billion mistake was the miracle cure that would save us. What happened?

Since the signing of the bailout of Wall Street's Folly, the DJIA has lost another 1,950+ points. The federal government increased it's bailout of AIG from $85 billion to $150 billion. Now they're talking about bailing out the auto industry. And many companies that have been thrown a lifeline are sustaining HUGE quarterly losses.

And the U.S. government is up to about $5 trillion in additional debt, trying to solve this mess.

The bailout isn't working; the money's being eaten like candy, and the problems are continuing to cause mayhem in the American and global economies. I get the impression that this bailout money is being thrown away.

They need to repeal the entire mess. The bailout of Wall Street's Folly was ill-conceived, and we simply cannot afford to bail out industry after industry, as the politicians now seem to be hell-bent on doing.