Financial Meltdown

No matter what the Treasury Department does with the $700 billion that Congress has given them to save our economy, it will not be a fair disbursement of our money. Only the banks that got us into this mess in the first place will benefit directly.

I have a better idea. Use the $700 billion to pay off as many existing mortgages for primary residences as possible. That would reward those people who have managed their finances responsibly and also provide liquidity (cash) for the banks and mortgage companies. If your mortgage payoff is less than $100,000, you would stand a good chance of being one of the lucky ones who suddenly own their homes free and clear. Your mortgage lender would have money to lend to other home buyers and be able to stay in business.

You would also be in a better position financially to spend more money (responsibly, of course) to stimulate the economy. At the very least, you would not risk being added to that large group of irresponsible home buyers who wind up in foreclosure.

"But that's not fair. I don't have a home mortgage." Okay, is it more fair for the government to just give the money to the banks? At least with my plan, the banks would benefit only indirectly while a large number of (mostly deserving) taxpayers would benefit directly.

Low income homeowners (with typically lower mortgage balances) would probably benefit more than high income homeowners.

The chances that my plan would even be considered..........ZERO.