It will not be financed with cash, of course. Instead, the money will be borrowed. Think about that--borrowing to pay off for bad borrowing.

It will not be financed with cash, of course, instead,the money will be borrowed from China, who we are already borrowing from to finance the war in Iraq and all the other stupid national debt that the Republicans and Bush administration has got us into, including the money to give his tax cuts and the stimulas money to get us out of the financial trouble, which didn't get us out of anything or we wouldn't be having to borrow another $700 billion. And where did China get all that money to loan us? From all the jobs that have been outsourced from the USA and us having to buy the same products that our labor force was producing here. Now we are buying those products from China, among others, and sending billions or trillions of our dollars to them every year. So, in effect, we are giving them the money to loan us while millions of Americans are out of work and can't pay their home mortgage's which has contributed to us having to borrow the $700 billion to help Wall Street and the other fat cats that holds the mortgages. Plus we are enabling China's labor force and India, among other countries, to have enough money to buy automobiles which has caused them to buy more oil and made the oil prices to sky rockett. In other words, the republicans have shot all of us in our own foot

Assuming the USA population is 300 million, and dived that into the $700 billion we are currently borrowing, it comes out to $233,333.00 for every man, woman and child in the USA. It will never be paid off in our lifetime or probably our grandchildren and great grandchildren. I can't believe the American citizens have allowed the republicans to get us into such a devasting financial situation to leave to our decendants to have to pay off,

By the way, to put $700 billion in perspective, it is the equivalent of a one-time 55 percent income tax surcharge on every American.

It's not just that the organizations which created these pointless mortgages turn out to have had all the profits and incurred none of the risk, though that makes a mockery of capitalism now that the risk has ended up on the shoulders of the tax payers to be paid off over the next few years. That's bad to the point of criminality.

The worse aspect is that this new entity, call it the Bogus Bank of America, now holds a notional $700 billion in housing stock, none of which (by definition) is worth the paper value the Bogus Bank has paid the original mortgage companies for. The Bogus Bank is going to hold onto the properties, if I understand the plan correctly, until the property market edges up to such an extent that each of the held properties can be sold at the notional value. That, it strikes me, is a guaranteed cap on property prices until the last of the stock ends up sold. For the entire time that the Bogus Bank holds any property, the property market is depressed to their sale prices. And boy, they're holding a whole lot of property.

I think that locks the property market into stagnation for the next decade instead of allowing the losses to be taken on the chin by the shareholders of the firms responsible for the bad deals. The shareholders end up with their profits guaranteed, their losses revoked. America as a whole ends up with static house prices indefinitely and a huge unsought personal tax liability to pay off sooner rather than later.

How much will the price of gasoline be then?