Paulson's Toxic Toxic Debt Plan

So, Treasury and the Fed (i.e., you and I) are going to buy toxic mortgage securities.

1) If these were priced fairly relative to their intrinsic value, an actual investor would have bought them. So we are forced to conclude that the government is going to overpay for them, regardless of the price they actually end up paying for them.

2) What is the immediate benefit? That investment bankers who make $2 or $3 million a year don't lose their jobs? Boo freakin' hoo.

3) If the government ends up owning all these mortgages, are they going to foreclose? No. They'll let folks keep their houses for pennies on the dollar. "American dream" and all that bull----, you know. Houses worth 2x or 3x what mine is, which I paid for all on my own.

4) How are they going to deal with all this debt? They'll monetize it, of course. Severely depleting my savings, to the benefit of those who didn't save squat.

Thanks again, Washington. I hate you all.

Edited to add:

One particularly appalling paragraph in the Paulson proposal: "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."

Not only is this a truly scary power grab, but it demonstrates a ridiculous lack of understanding of our system of government. Who decides whether a law is constitutional? The courts! Therefore, the paragraph in question is completely unenforceable. All a court has to do to review a decision is state that the paragraph in question is unconstitutional, and there's nothing the executive or legislative branch can do about it. We've already determined Paulson doesn't know anything about the economy; I guess now he's letting us know he doesn't understand anything about politics either.