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Radical bailout plan has a jawdropping price tag
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[QUOTE]Originally posted by Pagan: [QB] [QUOTE]Originally posted by glassman: [qb] you know what makes me angry? there was a simple way to fix all of this last year without anybody feeling this much pain... i outlined it here, and it involved making anybody who was in mortgage trouble a 7,10, or even 15 year balloon note at a reasonable (5-6.5%) rate. it would have removed the profit from people who bought too much house and allowed a 5-10 year breathing space for the economy to recover enough so that people could have possibly sold their house in a couple of years without a loss... it would have had to been from congress tho, and Congress didn't do a dam thing... [/qb][/QUOTE]Sounds like your just putting off the crisis of today until those balloon payments come due. Lets get it over with now. We can't wait for a total collapse of the financial sector then try to pick up the pieces. That might lead to trillions in recovery costs. It's kinda like a band-aid on a hairy arm, just tear it off and get it over with and recover. Oh, it WILL take years to recover from the 700BB bailout, but it has to be done IMO. [/QB][/QUOTE]
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