I have to say I for one am not looking forward to the ass raping I am about to receive. 700 billion divided by the approximately 150 million of us who pay taxes equates to a little less than $4700 a person. The price tag is high, but not too hard a pill to swallow, but the act which causes the bile to rise up into the back of my throat is that there is no lesson learned. Consequence for actions is a great motivator, one finger in the light socket and a child learns that this is not a wise decision. Everyone gets a pass in this one, clearing a path to grander more calculated levels of financial malevolence. Let it all burn, let consequence take its rightful place and you will see a stronger financial system where common sense is the norm instead of the aberration. If we continue to throw good money after bad to buy something we know is worthless, we deserve the consequences.
I have some concerns about the vagueness of the plan and the fact that not all facets are being considered.
After the federal goverment buys said debt, are they in fact the owner of the house represented by the debt? If said house is in foreclosure, is the federal goverment on the hook to maintain it? What will the federal goverment do with said properties it owns? Will they make it goverment housing? If they own the property, and they are not interested in turning a profit because they are not business, and they do not rely on revenue generated to fund their operations, will they sell these properties at a loss in effect resetting the property values to whatever arbitrary level they deem acceptable? If the property values are significantly harmed, what will happen to the responsible people in the neighborhood, who paid their mortgages, won't this be adding insult to injury?
