Why the Bailout Was a Bad Idea

So remember that $700 billion figure that someone at the Federal Reserve just made up on the spur of the moment? Remember how it became the holy grail of the bailout, and how that $700 billion given to banks was going to help them restore credit to American consumers and make it easier for the economy to recover?

Well, not so much.

It appears, according to this article citing an executive at Chase Bank, that the main purpose of all that money is to allow banks to use our money to buy other at-risk banks.

Read it for yourself.

And let's see if it's too late to get our money back...