McCain would buy bad homeowner mortgages

[The Kin]

http://apnews.myway.com/article/20081008/D93M1JEG1.html

Drudge picked it up! So this $300 billion program would be in addition to the $700 billion + pork bailout bill and seems like a phase 2 of the $280 billion housing rescue bill not too long ago.

I hope congress knows what it's doing by issuing that much debt during a time of stock market uncertainty... Or maybe the Fed will buy it so they can increase their balance sheet and print more money against their assets.

Either way, we're fucked.

 

[slaphappy]

So $700B was supposed to be a number so high that the world knew we were serious. Were we not serious? We are buying the bad paper from the financial institutions based on these bad mortgages, and then we're going to buy the mortgages, lower the value, and give the difference back to the banks.

Is it really that stupid?