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Like so many constituents I am flabbergasted at the proposed scope of the financial bail-out. $700 Billion dollars and counting? Absolutely unreal.
I performed a little sanity check to see what kind of numbers I could come up with if I were running the show.
I've heard that there are about 2 million houses in foreclosure or in some sort of financial straights.
Le't assume that the amount in question from those home mortages is about $100,000. This assumes that the borrowers were unable to afford a house much more expensive than that.
Take 2 million houses at $100,000 apiece and I come up with a cool $200B. You take that many and give it to the people who are in foreclosure. Perhaps this number is off a little, but it can't possibly be off by $500B.
Is this socialism? Perhaps, but not any more than the the payouts which would otherwise go to the scam artists who made this mess. People could stay in their houses with pride of ownership. The investment companies can go out of business which they should considering the lousy management that they have displayed.
If nothing else, consider it a give from the investment firms to the people who they screwed.
