This is the most incredible breakdown of the U.S.taxpayers financial future here in the U.S., and is important to us all. This valuable information comes to us from reporter Jesse Stanchak, and the article appears in Slate.
Here's a brief from his article:
".....The biggest question is what this plan, potentially the biggest government intervention in the market since the Great Depression, will cost. The WP says $500 billion. The NYT says possibly as much as $1 trillion. The L.A.Times thinks the price tag could reach $2 trillion. That money wouldn't all be spent at once. It's unclear how many mortgages would be bought up and how quickly. The Wall Street Journal says the government would most likely use a reverse auction model, buying up cheaper properties first and so giving banks an incentive to offer them a deal. The paper worries, however, that if the government negotiates too aggressively it will only hurt banks further....."
We all need to know more about what's in store for us, and our future.
Read more Mortgaging the Future
Read Government Debt
Source: Slate
Jesse Stanchak is an assistant documents editor at Congressional Quarterly. He covers elections in Oregon and Idaho for CQpolitics.com.
