It's Official:

Those people living down your street who were fiscally negligent, perhaps at the behest of a larger fiscally negligent lender, will be "saved." And perhaps you, who did manage to exhibit fiscal responsibility, but bought a home during a stage of inflated home prices -- there you sit, with your mortage and the knowledge that literally billions more of your tax dollars will be directed towards bailing out irresponsible borrowers and lenders.

From Politico.com:

With none of the fanfare that usually attends a landmark bill becoming law,President Bush signed the huge housing rescue bill just after 7 a.m. Wednesday, shortly after he arrived in the Oval Office.

Yes, I know that somewhere persons are fearful of Fannie Mae and Freddie Mac causing a domino-like effect cascading through many other lending institutions. I even wrote about that possibility here.

But mark my words, friends, here's the reality I predict:

Instead of dealing with the issue directly, taking the "hit" right now and up front, all we'll do is find ourselves expanding the pain and prolonging the amount of time it takes to recover.

BZ