How Many Home Loans Could You Make With $700 Billion (My Alternative to Hank Paulson)
How bad does the Treasury Secretary’s plan have to be before Congress approves it?
Well, don’t worry, Chris Dodd’s probably already written something close to what Congress will approve, but if you aren’t depressed enough yet, you may be happy to know that a real estate broker with no direct banking experience was able to come up with a better (albeit still hugely dumb) plan in a few days.
I believe you could put twenty smart guys in a room for a morning and come up with a better plan. The problem with having Congress do it is that not that they’re not smart, but that they’re owned by the wrong people.
Meantime, here’s my dumb but not as dumb as Paulson’s plan.
Spoiler alert: I manage to pay back the American people in eight years while making 13 million low-risk home loans to the American people.
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