
Journal Journal: The wall street bailout
I've been looking at all the wall street bailouts happening with a sense of profound disgust. I've read that we've already guaranteed upwards of a trillion dollars, and it looks like we're about take some more. http://biz.yahoo.com/ap/080918/wall_street.html?.v=44
When this mess started blowing up last year, if the government nationalized fannie and freddie, bought all the housing loans under 500k made since 2004, chopped 25% off the amount owed, then made the people pay back the rest at say 4% interest would we be in better or worse shape? I don't think it would have cost anymore, but can't find the numbers (Google doesn't always work). If I am going to be forced to bail out wall street money mavens, i'd rather see some actual normal people get some good. This plan would make it so wall street gets bailed out and people get helped. We still could put unscrupulous lenders in Jail, make the SEC regulate wall street again, etc.., but can someone tell me if this would work (even now) instead of just giving money to rich corporations?