I'm watching the senate hearings and just heard that Paulson et. al. are asking that student loans and credit card debt be added to the bundled mortgage payments that are being addressed right now.
The total amount of all that debt bundled together is why $700 billion is being asked for. And these folks don't know that that amount will be enough even to cover the mortgages.
In fact, the talking heads are now talking about INCLUDING 'ANYTHING' IN THE DEBT TO BE ADDRESSED. and they're unwilling or unable to say what 'ANYTHING' actually includes.
I just wrote my senators asking them to unbundle the 3 different types of debts.
I also informed them that I'm more likely to be willing to underwrite student loans that have already been granted, if needed, than I am to rescue people who overused their credit cards.
I think we can make the case that such loans are an investment in our nation's future-- while people overusing their credit to buy shoes can't be similarly justified. but that's just me.
In any case, tho, I believe further hearings should be held to address the different types of debt. This is especially true since, even Paulson admits, no one actually knows HOW MUCH the mortgages alone are going to cost us. That's US -- the taxpayers.
So, please -- if you think the different types of loans should be un-bundled -- write your senators and let them know your views.