Brian C asked:


Isn’t this socialism?

WALLACE: But, Senator, you voted for the $700-billion bailout that’s being used partially to nationalize American banks. Isn’t that socialism?

MCCAIN: That is reacting to a crisis that’s due to greed and excess in Washington. And what this administration is doing wrong, and what Paulson is doing wrong, is not going out and buying up home loan mortgages, home mortgages, and giving people new mortgages at the new value of their home so they can stay in their home. They’re bailing out the banks. They’re bailing out these institutions.

WALLACE: But you voted for that.

MCCAIN: Of course. It was a package that had to be enacted because the economy was about to go into the tank…. That’s the reason why we have governments, to help those who need help, who can’t help themselves, and when time of crisis to step in and do what’s necessary to preserve the lives and futures of innocent people. It wasn’t Main Street America that caused this. It was Washington and Wall Street.

MYLES

Stephan asked:


The government is shelling out 700 billion dollars to buy the bad loans that are putting the big banks in danger. We are told that the bad loans consist mainly of unpaid mortgages (sub-primes etc). So the government is effectively buying 700 billion dollars of housing. If we estimate the price of one house between 100k$ and 350k$, then the government should be acquiring 2 to 7 million houses. That is, unless we are being misled and that these bad loans were made up of a lot more than just home mortgages…

WAYNE

khulet asked:


I’m trying to discover the # of US home mortgages and auto loans financed by banks in the US and the average value of each type of loan. It’s for a school project.

ANTOINE