Bush plan: $700 Billion for bad mortgagesUnregulated capitalism doesn't work. It has never "worked" in that "working" includes a healthy economy that is stable in the long-term and provides for a solid middle-class (the back-bone of any stable economy).
Published: Saturday September 20, 2008
By JULIE HIRSCHFELD DAVIS, Associated Press Writer
WASHINGTON - The Bush administration is asking Congress to let the government buy $700 billion in toxic mortgages in the largest financial bailout since the Great Depression, according to a draft of the plan obtained Saturday by The Associated Press.
The plan would give the government broad power to buy the bad debt of any U.S. financial institution for the next two years. It would raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion to make room for the massive rescue. The proposal does not specify what the government would get in return from financial companies for the federal assistance.
And if anyone thinks it's going to end here... Well, let me see about flipping you some "prime" Florida real-estate...