In addition to all those bad mortgage assets threatening the financial system, there are also hundreds of billions of dollars of troubled asset-backed securities that have been sold against auto loans, student loans and credit card loans. Should the holders of these troubled assets be bailed out too? Including them would almost surely swell the price tag of this bailout beyond the already-staggering $700 billion. Is that what's necessary to restore the nation's financial system to good working order?
Americans have been bingeing on all kinds of debt for decades. Wall Street bought it, dressed it up as fancy securities, sold it and resold it and guess who has ended up holding the bag? If you said the taxpayer, once again, congratulations.