Note that to pick up Wachovia’s banking operations, JP Morgan Chase had to pick up about that much in bad loans by itself.

Michael, the point is that you are misrepresenting the plan in the first place.

Okay.

You claim that we need to provide a market for securitized mortgages because so much money is tied up in those securities.

Can this goal be accomplished for less than seven hundred billion dollars?

That’s the purpose of the plan that Pelosi failed to pass. To provide a market for the securitized mortgages.

Of course, purpose does not equal results.

Could such a plan be made without having to spend seven hundred billion dollars?

That’s the purpose of the plan that Pelosi failed to pass. To provide a market for the securitized mortgages.

For a renter, it might not seem so. For someone who owns a house outright, it’s a problem but not a gynormous one. For someone who owns a house and owes money on it, it could be a disaster.

And even those who don’t owe money will feel less wealthy and restrict their spending, which is a bad thing in a demand-driven economy.

An infusion of cash is necessary, but they want the problems fixed, and there’s been precious little discussion identifying those problems. Without addressing that, the cash infusion will not strengthen markets in the long term.

What exactly is the problem, other than banks losing money on bad loans?

Your house value will go down another 50%

Cheaper housing is a bad thing?

Interesting that more Democrats voted against it than Republicans yet Nancy is out there blaming the Republicans for its failure.

Her constituents (wealthy San Francisco bankers) would turn against her.

She thinks that a financial panic will benefit Democrats politically.

The vast majority of the American people opposed the bailout.

She thinks that a financial panic will benefit Democrats politically.

I think its time to question her patriotism.

Baskin-Robbins. They’re repping the National Flavor Debate ‘08.

“Can an ice cream flavor run-off predict America’s 2008 political candidate of choice? The only way to know is to vote!

Cast your vote to boost your favorite flavor to the top of the polls. We’ll tally the votes before November’s election to see if America’s Ice Cream tastes match up with their political preferences.

Just like the Presidential election, you can only vote once!”

Yummmmmmy…..
STRAIGHT TALK CRUNCH: Caramel ribbon, chocolate pieces, candy red states and crunchy mixed nuts swirled into White Chocolate ice cream.

WHIRL OF CHANGE: Peanut-Nougat ice cream whirled with chunks of chocolate-covered peanut brittle and a caramel ribbon.

I admit to voting. The free samples sound pretty good, too.