Financial Bailout--A Better Solution
Feb 13, 2009
According to Bloomberg, the Federal government has committed itself to $9.7 trillion worth of bailouts. Only a small portion of this has actually been paid out yet, but that is what the government says it will pay out if the big banks need it.
If the banks are in trouble because of bad mortgages, then why not just pay off all of the bad mortgages in America? $9.7 trillion is enough to pay off 90% of ALL the mortgages in America, including all the "good" mortgages.
That way, people get to own their houses free and clear and don't have to make payments at all. It would cut down on a lot of unemployement and welfare payments. Those whose salaries get cut will still be able to afford to live on less income.
The current spending bill disguised as a "stimulus" package is like a machine gun shooting all around the target but missing it entirely. It's really just an excuse to enact all those social programs that have been rejected over the years as too costly.