The Daily Show Bailout Plan

I know that The Daily Show isn't supposed to be serious and I'm not supposed to take things I hear on the show seriously. But.....in interviewing Gwen Ifill, Jon Stewart laid out what I actually really and truly think is a better bailout plan.

Instead of giving the banks $800 billion why not give that money to the American people to be used to pay off mortgages and credit debt?

I'm sure someone with a firmer grasp of economics could poke big man-sized holes in this idea but, on the face of it, it sounds pretty damned good to me. It would kickstart the economy like nobody's business, the banks would get a huge influx of money, Americans would pay off their debts, the economy would slam from idle to fourth gear almost overnight.

Can someone explain why this wouldn't work?

And if it would work then can someone pitch the idea to Obama? Unlike the last guy, Obama seems to actually give a damn about ideas that other people come up with.
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