While Obama’s team desperately cooks up one flawed plan after another to save the banking and housing systems, it’s worth noting that the private market is already doing it.
The private market’s solution does all the things the government wants its bailouts to do:
It keeps homeowners in their homes
It gets crap assets off bank balance sheets
It gets money flowing through the economy again.
The private market’s solution also has several advantages that the government’s bailouts do not.
Read the rest here. But in the meantime, take comfort that the President isn’t letting a perfectly good crisis go to waste.