"Why is this money not restricted to buying actual mortgages?"
Because it's those paper assets that threaten to vapor-lock the credit-derivatives market. That's a $62 trillion pyramid.
Yes, exactly and it's why I demand that not one dime goes to buy those paper assets. And while they're at it, please stop telling lies about how these assets are not valued at zero and that someday we can recoup much of this money once the market stablizes. That's all BS and every thinking person who can read and bothers to do so knows it.
Face it folks, the people pushing this bill, both Republicans and Democrats are lying to you. Read the language and you'll see this is for the purchase of "mortgage related assets" not mortgages.
This is still a sham and the minor modifications we've achieved so far are nothing but throw-away items. This bill remains a travesty.
A side-by-side comparison between the original and the one now being considered is available here from Roy Blount's office and I'll just summarize the key missing points below (as I see them)
Why does this bill not drop the capital gains tax altogether (2 years is a start, but I'd like to be rid of it completely)
Why does this bill not dictate that this money be used ONLY for the purchase of mortgages, not "mortgage related securities"
Why does this bill not dictate that this money be used ONLY for the purchase of mortgages FROM US Institutions (no foreign investment banks)
And why has John McCain not grown the gonads to stand up and publicly describe in detail how we got here and how our "affordable housing" initiatives actually caused this and name names. I want to see Barney Franks, Chuck Schumer, Nancy Pelosi, Harry Reid and Barry Obama named specifically and the real information on how this happened made public.
Why is this money not restricted to buying actual mortgages?
Why is this money not restricted to assisting American companies?
Ask your representative and push them to answer!