Bailout Must Address The Foreclosure Crisis

From The Boston Globe, September 24, 2008

Congress and the Bush administration must address the underlying issue in the financial crisis - foreclosures. The only real solution is to restructure mortgages based on what the homeowners can afford. This solution can be achieved on scale with little or no taxpayer money.

This unprecedented bailout of the predators is beyond comprehension. Wall Street and its advocates say the crisis is so complicated that no one could have predicted it. Yet now the administration is so sure of the solution that the American taxpayer must sign a blank check for $700 billion to purchase these "toxic" mortgages and bail out these companies. We have trusted the government before and are still paying the price in Iraq. Now Congress is ready to support it on a second request for a blank check.

Read the full story in The Boston Globe.

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