"Clean and quick," whistled Henry Paulson past the mortgage crematoria. The Treasury secretary's hope for expedited passage of his bailout plan may be realized, but clean and quick won't describe its implementation. You wanted a bailout; you got a revolution. This column has advocated injecting the money at the level of the collateral -- buying and demolishing the least-wanted, market-souring homes in the subprime hot zone of Florida and the Southwest. This solution really would be clean, quick, would minimize the subsidy to bad actors, could be turned off as soon as it had served its purpose, and would involve...
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