Submitted by carey singer, Sep 25, 2008 08:35

This is not the time to compound the errors of an incompetent administration with ill considered emergency actions. Let's first understand what brought us here and where we stand. In their quest to reach the heights of financial success the "Nimrods" of Wall Street have created a financial tower of Babel-without proper government inspection and regulation. Stung by their own inability to understand or control the complex investment and debt obligations used to construct their tower, these architects of disaster now look to current and future citizens of our country to provide a safety net for their fortunes. They claim we are all housed within the same crumbling structure, and without support, it will crumble destroying all within and without. A well considered and followed rescue plan for a crumbling structure is to begin removing the inhabitants from the lower floors first! The "first responders", (taxpayers), should offer to purchase the mortgage of any mortgage holder of a single or two family home, (where the owner resides and has no second home), for 50% of the mortgage price. In turn the owner would have his mortgage fixed at its current rate of interest against the lower mortgage amount. The balance of all other mortgages could be guaranteed for a fee by a consortium,( including the United States) of investors if, with the holder's agreement, the fixed interest of the balance outstanding on the mortgage is or was reduced to the prime rate + 1% for a 30 year term or less. Those on the higher floors of the Babel Tower would have to take the risk associated with their climb, and could be offered lesser amounts for their assets, or be free to sell them in the open market. United States owned Financial Institutions could access funds through the Fed, with appropriate fees, security and possible equity. Foreign owned institutions would stand in line behind their US counterparts for Fed funds, going to the head of the line if their governments or the international Bank guaranteed their loans.

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