It appears that congress has finally found common ground between Republicans and Democrats. So why not give them some support from both sides to make sure we get this thing done proper?
Now that the economic stimulus bill is in the Senate, it seems that real progress is being made insofar as bailing out bad mortgage owners. Now my knowledge of the bill itself is limited, but it's my understanding that $800bn+ is far in excess of what it would take to bail out all homeowners facing foreclosure. At least last I checked. Correct me in the comments if I'm wrong.
And assuming I'm not wrong, wouldn't it be most prudent to have the government simply back the toxic MBS's that were issued on behalf of a corrupt ratings and investment banking industries? It seems that this would be the best shot in the arm for what has gone wrong, but I'm uncertain of all the other financial smoke and mirror schemes that are in play here as well.
But if bailing out homeowners is being touted on both sides of the aisle, it seems to me that now is the time to strike. Obama would look like a champ since he supported that measure during the campaign. There looks to be flailing conservative support of the idea. Could this be the magic bullet we've been looking for? Hardly, I suppose. But maybe it's a start.
Sorry my diary today is more questions than answers, but let's open it up for a small discussion shall we?