PAULSON'S PLAN DOES NOTHING TO STOP HUNDREDS OF THOUSANDS OF FORECLOSURES

Instead of adopting Treasury Secretary Henry Paulson's plan which merely rearranges the chairs on the deck of the sinking Titanic, we need a rescue plan for all those people who are currently losing their homes because of adjustable rate mortgages. All Paulson's plan does is to draw another flow chart showing who reports to whom. It does nothing to stop the foreclosure carnage.

We have recently seen the Fed guarantee JP Morgan some 30 billion dollars for any losses stemming from its plan to buy out Bear Stearns. Now we need help for those being foreclosed. A good start would be Barney Frank's plan to lower the amount that homeowners owe on their homes when their home equity declines below their mortgaged amount.

In the meanwhile, Bush and Paulson are just fiddling around while the hundreds of thousands of home-owning families are being thrown out into the street. The Fed committed money to the deal on Bear Stearns. The U.S. Treasury needs to commit money to stop the foreclosures of family homes.