The money would go towards strengthening the distressed loans that everyone is going crazy about. In turn this would (should) hopefully slow the housing crash enough that some real decisions could be made about how to get on with fixing this mess. It's not the end solution, I agree. It is however a better option than smashing headfirst into a recession, possibly even a depression.

It will devalue the dollar, that much is true. Interest rates are fubared either way. Feathering the nest of elites was a major concern, but with proper oversight injected into a succeeding bill, this will be mitigated.

You seem to favor emotional appeals over a discussion of the macroeconomic reality.

And you seem to favour the "let the fuckers burn" attitude that is so similar to that which created this mess: greed and an unfounded confidence in the self.