Paul Montgomery ([info]paradox0220) wrote,
@ 2008-09-30 14:27:00
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Interesting number game
"The U.S. mortgage market is estimated at $12 trillion with approximately 9.2% of loans either delinquent or in foreclosure through August 2008."

So roughly $1.1 trillion delinquent or in foreclosure.

$700 billion proposed to be given to corporations by Congress which recently failed in its current incarnation.

Heck, you could bail out almost 64% of the folks in trouble directly with that kind of money and buy their house for them. Did I do some math wrong or does all of this seem pretty crazy?

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[info]paradox0220
2008-10-02 04:35 pm UTC (link)
Rereading everything, I don't see an actual suggestion to buy the houses outright. What I was originally pointing out is that the amount of money we are talking about is so huge, that action was possible. I agree that it would be a horrible thing to do but the key is to get the government to really talk about what they are trying to do. My perception at least is that they are trying to play this whole thing off as helping the poor mortgage holders when really the goal is very different.

My take on "the real crisis" is that the US has fundamentally been living beyond its means and that it is catching up with us. Many of our assets are way over valued and a correction has to take place (while our government tries to hold that time off).

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