Reply #14: Maybe

[Hawkowl]

Maybe the insurance plan is bad because they aren't proposing to insure mortgages but instead, mortgage backed securities. The important distinction being we can calculate how much outstanding mortgages there are, but mortgage backed securities appear to be an oxy-moron and the market for these debt instruments is between 50-60 TRILLION DOLLARS. How in the hell can we insure that?

I think an intervention is necessary but not a $700 billion give away. Use this an opportunity for strict oversight, foreclosure relief, usury laws on all types of loans and credit cards, and an equity stake for the public. We might even tax security transactions to fund this debacle.