Socialism for the Rich

You know the old saying, "Capitalism for the Poor, Socialism for the Rick", and in that vein we have the large multinational banks lobbying congress for a bailout.

Bank of America is circulating a legislative proposal to create "a Federal Homeowner Preservation Corporation that would buy up billions of dollars in troubled mortgages at a deep discount, forgive debt above the current market value of the homes and use federal loan guarantees to refinance the borrowers at lower rates".

It's a bailout for the banks more than anything else, and the author of the article, NY Times reporter Edmund Andrews, notes he irony when he says:

A confidential proposal that Bank of America circulated to members of Congress this month provides a stunning glimpse of how quickly the industry has reversed its laissez-faire disdain for second-guessing by the government — now that it is in trouble.

These folks made their bed, and they had the computers and models, let them lie in it. Any bailout should be to the people at the bottom of the pyramid, not the top.