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Argument: Mortgages should be propped up from bottom-up, not top-down
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"We Need Another Choice". Daily Kos. 23 Sep. 2008 - "There's another approach [other than the $700b bailout]. I'd be much more eager to hear about an approach that propped up the mortgage markets from the bottom, at the consumer level, rather than trying merely to limit the damage at the investment level. Homeowner mortgage restructuring, very steep tax rebates to offset mortgages -- there's a lot that could be done for a trillion dollars. By stabilizing and reducing mortgage losses, we establish a floor for the credit default swaps that are causing the current problem. Similarly, a few hundred billion dollars worth of on-the-street national investments would result in a tremendous economic boon."
