I am not in favor of this, but it would be money FAR better spent than the 8 trillion now pledged by Paulson to bailout the worst financial institutions, that had no risk control, and allowed absolute greed to motivate the most irresponsible decisions imaginable. This nation's fiscal policies have been turned into a perverse, upside down, illogical paradox.
Nah, that would be doing something for the people. Too simple a solution for politicians... no job security in it.
Christ, if the feds paid off all the mortgages, there'd be riots. The MSM would have nightly shows that have aerial footage of mansions bought and paid for by the feds, then interviews with poor schmucks living in squalor in some piss hole apartments. Buy all the ones in trouble and then turn around and sell them to the highest bidder would be much better. Let idiots take their lumps and learn their lessons would be even better.
The REAL problem is $50 Trillion in worthless CDSs they're trying to stick us with in such a way that we don't understand how we've been shafted.
U.S. Could Pay Off Every Troubled Mortgage for 200 Billion: All Mtg's for 2 Trillion the irony is that, by doing so, it would likely also have been better for the very financial institutions that are gaffing the citizenry, as they have all but been blown to smoke. this whole mess is like the balck plague...gonna wipe out masses before it has run its course. coming on the heels of, and in concert with, the US being far in debt to begin with, its not like there was any room to spare to begin with. an imperfect storm. a black hole sucking everything that comes close into the abyss.
Paulson is doing his masters' bidding. Nothing more, and nothing less. Remember how this began? The world was going to end within days if Congress didn't pass emergency legislation granting him authority to use 700 billion immediately, in any way the Treasury saw fit? Now, that number has grown 12 fold in terms of pledged taxpayer money to financial institutions. This is nothing less than criminality of epic proportions. Not every bank will fail, and not even most banks are in trouble - it's Hank's buddies, the BSDs on Wall, that are getting the overwhelming majority (as a proportion) of this 8 trillion (to date). What a snowjob they've managed to pull. The greatest heist ever.
Thats what I'm saying. The whole lynch pin of this debacle is mortgage debt. Guarantee that mortgage debt for 2 Trillion. Everything stabilizes. This monstrosity of a "Bailout" is irrefutable proof the Treasury and Wallstreet are engaged in a mass raping of America. 8 TRILLION?!?! WHAT THE FUCK.
Agree 100%. I'm no Socialist DB. The best solution is to let everyone fail and restart anew on sound footing. Save that, only distressed mortgages should be guaranteed. Yea, its a Free Ride - BUT IT SAVES THE COUNTRY 6 TRILLION DOLLARS (running tab). Defunct homeowners would still have to file for BK and forfeit assets over threshold amount. And I don't mean let homeowners stay in their homes!! Let them file for BK, kick their asses out, but guarantee payments. Thats 100% Pure GUARANTEED PROFITS FOR BANKS (**CRINGE**). How many X Trillions more do Paulson and Bernacke plan to handout in our Name? The solution was simple and relatively cheap. We've been had. Paulson and Bernacke are running a Con Job of Massive Proportion.
A few of us DO understand how badly we're being shafted. You get it, too. We just don't like the salesmanship and freejack methods used in spending our future tax revenue. Gotta choose our battles, though, and not worry about what we cannot control. Trade. Make money. Before Hussein screws up the short-terms capital gains tax... and adds a transaction tax, and... If he makes any of his tax crap retroactive, he's going to have a riot on his hands.
But of course. Why else do you think one of the Fed cronies is going to be in charge of the Treasury in two months? Then, the Fed can order new currency be made available and print it, all in the same breath. Can you say I.N.F.L.A.T.I.O.N.? I wouldn't mind it so much but the powers that be endorsed globalist trading policies without tariffs, that fucked American workers, and for some reason their wages just haven't kept up with inflation, since 1970...