Category → Economic Justice
If the Federal Reserve Had Bailed Out the Homeowners Instead of Wall Street Banks, the Country Would Be Booming Now!
By Frank Glenn — If the Federal Reserve had taken the $16 trillion dollars it used to bail out Wall Street banks and giant corporations and bailed out Middle Class homeowners instead, it could have paid off every mortgage owed by everybody in America and still had enough money left over to buy anybody who didn’ t have a house but wanted one — a free and clear house.
Think of it. All the banks, their credit swap insurers, and anybody else who was on the hook for mortgage loans that went bad – would have been saved!
It would not have cost a dime more. And everybody in America owned their homes “free and clear” — and would have had tons of equity to do whatever they wanted – and the economy would have been booming! I repeat — it would not have cost one penny more than the Federal Reserve already loaned out. Just used it differently!
Too bad they didn’t use the money that way. The recession would be long past. And even the 1% would be raking in the money like legal bandits they have always fancied them to be. And the license to steal would again have become the license to strike it rich — legally. Only they would have had to do it the old-fashioned way. Work for it and earn it.
Maybe that would have taken too long?