Is it time to try bailout Plan B?
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Re: “$700 billion doesn’t go far in bad times,” Oct. 5.
Congress has approved this gigantic bailout plan; let’s call it Plan A.
Plan A offers trickle-down economics. But what if Plan A fails?
Plan B works from the bottom up. Seven hundred billion dollars should be spent making the mortgage payments for defaulting homeowners who apply for aid and qualify. The government would then own property instead of the toxic mortgage waste paper. The program would also be easier to monitor.
Also, making mortgage payments would spread the cost over several presidential terms, which would reduce the debt from each fiscal year’s budget.
The bailout would directly aid the defaulting homeowners -- not the financial wizards who created the problem.
Gerald Sozio
Los Angeles
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