As noted earlier here and here, the lack of leadership involved in the current credit crisis and related Treasury bailout really has been appalling. You don’t think so? Check this out:
Houston's Clear Thinkers
Longtime Houston attorney Tom Kirkendall's observations on developments in law, business, medicine, culture, sports, and other matters of general interest to the Houston business, professional, and academic communities.
Agree completely. What they ought to do is junk the bailouts under control of czar Paulen and the IB’s and make a simple change to the Bankruptcy Code to allow a chapter 13 debtor to simply revalue the home consistent with market, in exchange for the 5 year program to pay disposable income (even if later raised during the term) toward the deficiency. Use the taxpayer as the back stop to the banks that fail thereafter–no wait, we already are the backstop so no change needed there.