In an interview with CNBC’s Erin Burnett, John Bogle, The Vanguard Group founder & former CEO, shares his thoughts on the mortgage crisis. He says that the TARP program hasn’t even begun to address how to buy trouble assets from banks. Instead, he says, it has focused on injecting capital into institutions. Bogle thinks that “Dubai would pay more than Washington, DC for capital in these banks” — meaning that the cost of obtaining capital from the government is very cheap for the banks. He thinks helping out the last line of mortgage holders is critical to this recovery — re-writing terms, maturities and interest rates, mortgage by mortgage, is what needs to happen, he says.