$700 Billion Could Pay Off EVERY Sub-Prime Mortgage

by: Jacob Freeze

Tue Jan 13, 2009 at 13:02

President George W. Bush's (decided) Monday to act on Obama's behalf and ask Congress for access to the remaining $350 billion of the money Congress authorized to rescue the nation's financial sector.

What a beautiful bipartisan moment!

Meanwhile Democrats were promising to make the next $350 billion give-away much more transparent than the previous $350 billion give-away, which means about as much as saying that a peanut is much more massive than a subatomic particle.

What else could you do with a grand total of $700 billion, except give it away to the same sub-prime speculators who destroyed the American economy?

Well, since sub-prime mortgages comprise less than 7% of all mortgages in the United States, meaning 7% of $10 trillion, meaning $700 billion...

You could pay off all the sub-prime mortgages in the United States for the same amount of money that Bush/Obama are disappearing into an (almost) unaccountable give-away to financial speculators.

So why is it so much more bipartisan to give away $700 billion to financial speculators instead of (for example) erasing all the mortages that made this huge mess?

For Barack Obama, it's just a matter of paying his existential debt to Penny Pritzker, the Queen of Sub-Prime Banking who created him out of nothing.

But what is it for the rest of us?

The Meltdown We Really Can't Afford

by: Living Liberally

Mon Oct 20, 2008 at 13:45

Hey, ho, where's the cash flow? Wasn't the bailout supposed to get those streams of credit flowing again? But while the titans of trickle-down and the free-reign rainmakers pray for new rivers of revenue to float their boats, some venerable bodies of water beyond the canyons of Wall Street are in danger of literally evaporating--and all the money in the world won't bring them back once we pass that terrible tipping point.

London Bridge isn't falling down, but the river it spans may be drying up, according to the Guardian:

"Britain's rivers could nearly run dry because long hot summers caused by climate change will not be sufficiently compensated by wetter winters...the overall average trend is towards drastically reduced river flows across the country."