Government is debt sponge

[Christopher]

Administration seeks to free frozen credit markets

WASHINGTON – The Obama administration launched a new effort Monday to end a paralysis in lending, saying it will team with investors to sop up a half-trillion dollars of bad assets from banks that have been reluctant to make loans to consumers and companies.

Link -> http://news.yahoo.com/s/ap/20090323/ap_on_..._pe/bank_rescue

Doesn't matter the quality of the asset, doesn't matter who's responsible! If you have bad debt due to bad purchases, worthless assets, or just plain rotten behavior, no worry. Government will purchase it. According to a recent article, Obama's team is going to buy bad debt. That's not debt that might return a profit to taxpayers, it's garbage. Governments are investing in garbage.

Well, I have some debt too, and if I could get rid of that debt, I'm sure I'd feel more free to purchase things, thus helping the economy. Will the government purchase it?... No wait, it's going to tax me the several thousand dollars I need to pay off my own debt and use it to help others? But won't that just contribute to the problem of the frozen economy?!?

Someone help!

Christopher