TARP—The numbers don’t make sense
September 30, 2008
As congress gets ready to pass the $700 billion Toxic Asset Recovery Plan, here are some interesting numbers:
The number of homes currently in foreclosure is over one million. Let’s be really really pessimistic and assume two million more homes should be or will be foreclosed. So three million homes.
Now let’s multiply those three million homes by $100,000, assuming pessimistically again that’s how much each home is underwater.
That means we are very pessimistically assuming that three million homeowners each need $100,000 to get totally current on their mortgage payments.
Multiply that out and it’s three hundred billion dollars. So why do our politicians need $700 billion to fix the situation!?
Something doesn’t add up.
From Reno, Nevada, USA
