I'll be honest, I never wanted to write up a diary piece like this. A week ago, like many of you, my feelings on "bailing out" Wall Street was equally negative. Why? Why in the name of all that is decent should we clear up the bad judgment of folks who really do not care about the common folk?

For years, folks who would be identified as the type who would get the jobs of running organizations like Goldman Sachs or Lehman Brothers, were considered "Masters of the Universe." For them, we, you and I, were the dirty lowers against their kind. We existed to supplement their income. But now the veil has been lifted, and we see now that they are not masters of anything but their own greed and stupidity.

The current debate seems to be centered around whether to spend $700 Billion taxpayer dollars bailing out the Wall Street crooks that have been stealing from us for decades, or to spend a smaller amount.

No one is asking the question of: Will this bailout do any good?

Here's a point you should all understand: We've already spent more than that bailing out Wall Street this year, and we have nothing to show for it. Why should this latest bailout be any different?

The Ultimate Question

So deadly I wonder if few dare to even ask it?

Can these massive bail outs cause the United States to default on it's own debt?

There. I said it.

Honestly I don't know the answer but it is something I sure want answered. Otherwise it's like we have the bad uncle here, the gambling addict who we bail out and bail out yet he keeps ending up in Las Vegas only to be killed by a gang of loan sharks after we're out our life savings.

Is that scenario possible?

Let's find out.

Economists are now tallying up the numbers and estimating the effect of the latest bail out on the federal deficit and it ain't pretty.

Bloomberg is now reporting

It's a Bunch of B.S.

You heard it. He said it.  Representative Peter DeFazio called Treasury Secretary Paulson's Bail Out Bill a bunch of B.S.....

The Reaction?    Damn straight Congressman DeFazio!

If only we had more of you to represent us!

Anyone not familiar with Congress Representative Peter DeFazio of Oregon, you should be.  This is one guy who cannot be bought and speaks some obvious truth and votes accordingly!  Pander?   Not this guy and he sure as hell isn't pandering in this speech.

Senator Clinton is on CNBC right now, she just met with the Fed.  She's wanting to resurrect or bring about a new version of the Home Owners Loan Corporation (HOLC). The fact that all existing mortgages could not be renegotiated to make them more affordable makes her uncomfortable in regards to support for the Paulson plan.  She wants that in the plan or at least an accompanying legislation passed at the same time.

When asked about Representative Barney Frank's statement about executive compensation.  She also came in favor of curbing CEO's of financial companies' bonuses and pay.  So long as we're providing tax dollars, she says, then they can't get their old rewards. 

" We shouldn't be running a long-term bail out program."