Now the Fed is asking for $700 billion - that is not a typo - to buy bad mortgages. This is the cost of not regulating. Isn't it amazing how quickly even Republicans think government is the solution, not the problem, when the economy and the financial health of the nation is on the line? Why didn't they figure this out a few years ago, when this mess could have been prevented?
And keep repeating to yourself: privatize profit (and don't tax it sufficiently), socialize losses.