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I'm afraid you are wrong. What you are talking about is doing anything to keep the debts on the book, passing the cost to the people -- the very people who are indebted. That's what the global crisis comes down to: a refusal to allow bankruptcy, on every level -- personal, corporational and national.

Edit: Spelling.

If normal people were in fact getting bailouts they would be getting their mortgages paid off whereas the Fed is just making the paper value of the assets based of those mortgages higher than their probable market value.

Bullshit.

You add up the value of every home default in America and it's way, way less than the trillion dollars that the banks were bailed out for.

Homeowners weren't bailed out, the banks were bailed out.