Additional Pork - $150 Billion
Dow (-484) in 3 Hours - $600 Billion
Total Carnage to You, The Taxpayer - $1.45 Trillion
Democratic lawmakers insisted that the Treasury use its authority to help restructure many subprime mortgages so that at least some troubled homeowners could avoid foreclosure.
But the Treasury’s auction plan will make that difficult. More than 90 percent of all subprime mortgages are part of giant pools, or trusts, which sell mortgage-backed securities to investors around the world.
Before the government would be able to modify any mortgage that was in a trust, securities experts said, it would have to acquire agreement from 100 percent of the bondholders. But a senior Treasury official said the government would probably want to buy no more than half of the securities tied to a trust, which would hamper winning agreement from all investors.
So in truth this bill won't help homeowners either... So far this bill has NOT:
- Helped homeowners
- Stabilized the stock market
- Protected 401k's and IRA's
- Added transparency
- Protected taxpayers
- Unlocked financial backed commercial paper (non-financial is fine and has been)
- Stabilized the housing market
- Lowered mortgage or credit card rates