Last night the U.S. Senate passed their version of the bailout plan. I see the bailout as more of the same. Here's why -

The intended result of the bailout is to ease the credit crunch we are experiencing in the markets. How did we get to this credit crisis? By issuing high risk loans, resulting in too many home owners not being able to pay their mortgages, thereby mortgage-backed securities investors ended up holding a lot of bad debt.

News alert:

Credit is debt!

So, by bailing out Wall Street, the Government will ease the credit crunch and Wall Street will issue more debt. Is this not dumb? Will the cycle never end?

Let's face it - Americans love debt. Our economy thrives on it and relies on it.

What's going to change with this bailout? Nothing. I see more of the same.

And Wall Street will be laughing all the way to the bank, while working class folks pay through their noses for the Street's greed and mistakes!

Pierre Cutler
The Sacramento Executive