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 5/10 Good --- www.reason.com http://www.reason.com/topics/topic/147.xml
Tuesday, March 25, 2008 --- 122 days ago http://www.reason.com/blog/show/125651.html
| Be very afraid of some of the " solutions " being proferred to the subprime-triggered credit crunch: The Fed, the Bank of England and the European Central Bank are exploring the feasibility of using taxpayers' money to shore up the mortgage-backed securities market, the Financial Times reported on March 22 [...] The only tool left may be for the Fed to help facilitate a Resolution Trust Corp.-type agency that would buy bonds backed by home loans, said Bill Gross, manager of the world's biggest bond fund at Pacific Investment Management Co. While purchasing some of the $6 trillion mortgage securities outstanding would take problem debt off the balance sheets of banks and alleviate the cause of the credit crunch, it would put taxpayers at risk. Ya think? Meanwhile, the Washington Post today asked each major presidential campaign their big ideas for Solving the Economy. Some excerpts: Barack Obama's Austan Goolsbe : Obama supports efforts to create a new FHA Housing Security Program to provide significant incentives and guarantees for lenders to buy out mortgages that exceed the value of homes and convert them into stable 30-year fixed-rate mortgages that homeowners can afford. This is a responsible plan designed to help responsible homeowners without rewarding borrowers or investors who helped create the problem by gambling recklessly or committing fraud, and it asks both sides to contribute to the solution. Obama would cou ... |
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