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buying mortgages to put a floor under house prices. Bad idea.
Either you pay too much, the tax payer is stiffed and bank executives and shareholders make out liker bandits...
Or
You pay too little, the the tax payer gets a bargain in the short term, but you stand the risk of spreading massive insecurity throughout the banks as their assets are marked to new, low valuations.
Fiddling with assets in the banks is a bad idea.
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"I do not agree that the dog in a manger has the final right to the manger even though he may have lain there for a very long time. I do not admit that right. I do not admit for instance, that a great wrong has been done to the Red Indians of America or the black people of Australia. I do not admit that a wrong has been done to these people by the fact that a stronger race, a higher-grade race, a more worldly wise race to put it that way, has come in and taken their place." - Winston Churchill, 1937 --{ORLY?}--
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