Wizbang has run the numbers:
If the Treasury simply took the $700 Billion and started paying off taxpayer mortgages, they could pay off every mortgage in the country worth less than $75,000... Or put another way, $700 Billion could pay off well over half of all outstanding first mortgages in the entire country.
Do you really think they need this much money?
So I say we just take the cash and pay off half the mortgages out there and see what that does to the credit market and the economy. Are ya with me?
The left has a great argument here, one that's tough to counter given the government (and President Bush's) penchant to simply cut loose $700 billion.
I'm inclined to think that we need to get rid of every member of Congress... just start from scratch. I realize that's hard given that some fought off the bailout, at least for now.
But still. I say start from scratch.
It can't get much worse.
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