According to this listing, on CNN.com,
the government bailout monies have been pledged as follows-
1,700,000,000,000 (Other Financial Initiatives)
11,000,000,000,000 (Other Housing Initiatives)
Note- this is the total monies pledged, not all of it has been used.
If one totals up the amount, and divides it by 200 million ( a rough estimate of people over 18 in the country that have a mortgage), there appears
to be more than enough money to pay off mortgages, with some left over.
Just imagine if the government, instead of giving the banks etc... this money- they had just went ahead and paid off all mortgages in this country.
Poof. Banks get the money owed, people have their biggest bill paid off, and therefore can pay down their other debt, and financial security is had
I realize this is an ideologic approach,
and many poor people do not have a mortgage,
however, imagine if the money had been used in this way.
Seems to me that the economy would've been strengthened much more.
I realize I will get responses of "people need to take care of their own bills", "the goverment
shouldn't pay off anyone's house" etc...
But it seems to me that this kind of "bailout" would have been most beneficial to
American citizens and the economy, period.