I was crunching some numbers last night regarding the massive Wall Street bailout being suggested by Treasury Secretary Paulson. The suggestion is for Paulson to have discression to use a rolling $700 Billion to purchase bad (read toxic) commercial paper.
Some quick work on the calculator leaves me with this thought:
$700 Billion could buy 100,000,000 American citizens a $700,000 home. That's One Hundred Million Americans who could have their mortgage paid for (mostly) free and clear.
As for me, this Canadian would love to get even 0.000000001% of that bailout. Maybe I can claim to be a foreign bank with my own toxic paper to dump--apparently non-US institutions would qualify for the bailout too.
Which is only fair I guess, since Obama's suggested foreign banks help bail out the US economy.
Me, I could use $700,000 free and clear.
Sean
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