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:	post by Samantha at 2008-10-05 04:17:35

monster_island said

$700,000,000,000.00

Look at that number. It's amazing. Yet to hear our leaders talk about it, they need every penny to prop up the mortgage lenders. They don't. And I figured out how to put it in terms anyone can understand:.

At first, I saw that number and I had to ask... How many bad mortgages are there? Then after playing with that hypothetical in my head I wondered, how many mortgages are there in active in the whole country? So I looked it up. According to this 2006 pdf from the U.S. Census, there are 33 million owner occupied dwellings with first mortgages active.

Hmmm 700,000,000,000 / 33,000,000 = Over $21,000 cash the government could just give to everyone with a mortgage! What kind of stimulus would that have on the economy to hand 33 million people $21,000?

The Bottom Line: If the Treasury simply took the $700 Billion and started paying off taxpayer mortgages, they could pay off every mortgage in the country worth less than $75,000... Or put another way, $700 Billion could pay off well over half of all outstanding first mortgages in the entire country.

Do you really think they need this much money?

So I say we just take the cash and pay off half the mortgages out there and see what that does to the credit market and the economy. Are ya with me?

If they gave that money back to the taxpayers, it would get a lot of people out of debt, which would definitely stimulate the economy. Say, if everyone over the age of 18 who isn't on welfare got a share of that money... just a rough estimate, but that would be at least $5000 per person. I could finally afford to get rid of my old credit card debt (from when I was in college and got laid-off from my stupid job due to the crappy economy and couldn't land another job for a few months because the economy sucked so bad) get my student loans in better shape, AND buy a better car! That would definitely stimulate the economy.

I think the economy is in such a crappy state because household incomes haven't risen enough to match the rising cost of living. People simply can't afford to live. A small percentage of the population is ridiculously rich while everyone else (including the middle class) is getting poorer.

A generation ago, it was much easier to get by. I remember, after my cousin got married, my uncle was lamenting about how much it sucks to be in my generation. He and my aunt bought their first house when they were in their early 20s. He had a bachelor's degree and worked full-time. My aunt had a high school diploma, and I think she either worked part-time or not at all because she was pregnant. They could afford a house. Now, my cousin and his wife, both in their late 20s, who both work full-time... one has a bachelor's degree... the other a master's... All they could afford was a 2 bedroom condo. WTF?

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