What Do the Dutch Owe America's Taxpayers?

The rebound of the U.S. housing market may end up benefiting Dutch taxpayers. According to Bloomberg News, the government of the Netherlands is poised to make a profit of as much as $1.1 billion from selling toxic mortgage bonds acquired from ING Groep NV in early 2009. Citizens of the Netherlands may also want to think about cutting regular Americans a check as compensation for saving them when they really needed it. The gains the Dutch are about to realize from the sale of these bonds represent the value of the government’s subsidy to excessive risk-taking -- exactly what helped put us all in this mess in the first place.

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