The Senate passed earlier today their version of the Bail-out bill that failed in the House.  According to the AP, both Senators McCain and Obama voted for a bail-out that also included $110 billion in tax breaks and an increase in the FDIC cap to $250,000.

This bill is bad for the country on many levels, but I'll focus on two.  First, this bill runs counter to the Constitutional mandate of the Senate.  the Public monies, and the $700 billion is just that, were never intended for use to save individuals or institutions from the consequences of their own bad choices.

Second, what right does Congress, the President, or future Presidents have to push this kind of debt upon future generations just to save the country from the pain of greed and a few political points scored just before an election?  None.  The Government wants to buy at least $700 billion worth of bad paper to save banks and mortgage owners from their bad choices and then simply throw that debt to the next generation.  what happens to the bad mortgages the Government now owns?  Do they get written off, compounding the problem? Does the Government decide after the mortgage owners, who still can't afford their mortgages, still can't pay to sell the homes it bought out from under them to other individuals or institutions?  Or does all this bad paper get sold to another institution and the whole problem recycled again?  Which ever of these questions gets answered in the affirmative will mean that the pain of this crisis will simply simmer longer until it can no longer get ignored and becomes a full blown depression.  Remember that it was the constant tinkering of the Government under FDR that prolonged the Great Depression for nearly 10 years!

If you think that the Government won't tinker this time, remember that both Presidential candidates voted for the Senate bill and approved of the bail out that the Treasury wanted in the first place.  It does not matter whether McCain or Obama is elected, they will both try as many schemes as possible to appear to be fixing this issue, all the while making it worse.

What is the solution?  Education.  Education on what the Democrats and Republicans believe in as parties and what the Constitution really means.  The Constitution dictated to the Federal Government where it was allowed to operate and where it was forbidden.  For the last nearly 100 years the Federal Government has been allowed to operate where it was forbidden.  "We the People" need to rise up and cast off all those elected and unelected officials in Washington and only support those who understand that the Constitution is the absolute limit on Federal Power, and them enact laws that support that end.  If there are no Democrats or Republicans that support the Constitution, then we need to look to other parties for those candidates.

There will be a tough road ahead no matter what Congress does, but if Congress writes bad laws and the President signs them, that tough road will be longer.  Congress needs to move to repeal the Community Reinvestment Act, and the Sarbanes Oxley Act, which will put responsibility back into mortgage lending in this country.  This is the real work Congress can do to save the economy.