Senate Foreclosure Bill Bails Out Irresponsible Tycoons, at Taxpayer Expense

Previously, we wrote about how the Senate “foreclosure relief” bill will actually increase, rather than reduce, foreclosures, while costing taxpayers a bundle, and how it contains pork for left-wing housing groups.  Daniel Gross of Slate exposes an additional flaw of the bill: it contains a “perverse, absurd, and unwarranted provision” that will bail out some financially reckless rich people and their companies, at taxpayer expense.  We earlier criticized even more costly mortgage bailout proposals by Congressman Barney Frank and Senator Chris Dodd, noting that most Americans oppose mortgage bailouts.