Fear of Clowns

"Faith may be defined briefly as an illogical belief in the occurrence of the improbable."
- H. L. Mencken
gozz@gozz.com

Tuesday, October 07, 2008

Agree with McCain on this - sort of 

I would order the secretary of the treasury to immediately buy up the bad home loan mortgages in America and renegotiate at the new value of those homes -- at the diminished value of those homes and let people be able to make those -- be able to make those payments and stay in their homes.

Is it expensive? Yes. But we all know, my friends, until we stabilize home values in America, we're never going to start turning around and creating jobs and fixing our economy.

However, this was the proposal I supported - as proposed and explained by two Yale economists two weeks ago before the Wall Street bailout was enacted - as an alternative to the Wall Street bailout.

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