Welfare for Wallstreet? or Protect the Poor from Preditors?

I’m sure someone who understands macro and micro economics can explain this better, but I have a suggestion to W and his bail-out, bandaid for wallstreet…

Take the 700 Billion and make it available to HOMEOWNERS who are about to loose their ONLY home because of the housing and mortgage crisis. Their mortgages could be rewritten and made more affordable.

Freddie Mack and Fannie May will HAVE TO help administer this process (to help pay off their bail out) other mortgage companies can also help if they want.

The US government will NOT become a mortgage writer, but will give oversight to see it is properly administered.

The result – the money goes directly to HOMEOWNERS who need it. The mortgage crisis is eased, (relatively quickly) investments are strengthened, and the rich don’t get help, fixing a problem, their greed helped create.

Could it work?

4 thoughts on “Welfare for Wallstreet? or Protect the Poor from Preditors?”

  1. Sorry, on facebook notes your text said “70 billion.”

    I think it makes more sense to by equity in the banks than buying their bad debt.

    Then we might have some funds available to help individuals sort out their own bad debt issues.

  2. As I’ve heard more about this I think the “bail-out” needs to be passed . (With tight guidelines and restrictions )

    – if it will really buy-up bad assets (much of which are mortgages that have lost value) the transfer of support to the homeowner should be direct and quick –

    With all this mess, I wonder is McCain or Obama wish someone else was applying for this job they about to walk into?

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