Make the bad loans good.

Editor,

Buying bad paper from American banks caught up in the mortgage securitizing mania will not relieve European, Asian, and other banks who hold similar paper. Not as a matter of equitable wealth distribution but to stanch the bleeding at its source, the $700 bailout aimed at Wall Street should be redirected into a stream of mortgage payments to satisfy the global economy's need that those payments be made.

re: "Global Fears of a Recession Grow Stronger " (10/7/2008)