If you want to save the banks, you can easily do it for less money by saving the homes of the people of the United States. No foreclosures equals no bank failures.
The U.S. Deptartment of Commerce says that there are about 115 million households in the U.S. The leading banking industry analysts says that roughly 1 in 10 households are in financial difficulty, according to The Blade of Toledo. According to RealtyTrac in July, there are fewer than a million -- 739,000 -- currently in one stage of foreclosure or another.
If you divide the number of homes in foreclosure (less than a million) by the amount of money being spent ($1trillion) you could lend $1 million to each household in foreclosure.
This makes absolutely no common sense.
There are around 115 million households in the U.S.
You could give every single household in the U.S. $10,000 for the same money we are using to save the banks.
If you just focus on the risky households, roughly 15 million, you could give $60,000 to each with the $1trillion they areplanning.
Who are we trying to help?
If you want to save the banks, you can easily do it for less money by saving the homes of the people of the USA. No foreclosures equals no bank failures.
Dr. Glenn P. Chapman II
Port Clinton City Council, Ward 2