Expat

UBS: U.S. Bailout for Homeowners Will Arrive by October

I know the blogosphere is filled with "I told you so's", but I told you so. A month or so ago i was mocked for saying the government would end up simply buying all mortgages at or near par. I was told this was simply ridiculous.

Now I reading articles in "serious" publications with suggestions like paying mortgage holders the difference between the mortgage and the present value (want to guess where valuations will go if that takes effect?), freezing mortgage payments for x number of years, and, finally, demolishing any home unsold and unoccupied for x period.

As long as we have lost all semblance of rationality, why not simply cancel all mortgages (government pays off all lenders), government buys all new, unsold homes from builders at cost plus ten percent, anyone without a mortgage gets a one-time tax-free payment of $200k, and income tax is eliminated on the first 100k of income.

At this point, who cares? Make our kids pay later, those spoiled ungrateful brats. Kill the USD and make the Arabs and Chinese pay. Free Hummers for everyone. More subsidies for ethanol. Bring back coal-fired trains and factories. Ten weeks vacation.

Costly, you say? Dude, we OWN the frickin' printing presses. We can do whatever we want.