I agree, as many people as possible should converge enmasse on Washington. There must be something we, as American citizens can do to stop this gouging frenzy. And what are they going to do with it? Were there any amendments put into it, accountabilty, oversight? And pork? Why not shore up Social Security for people who, by some amzing feat still have a job and are coming up on retirment age? Why not sit down and talk with financial experts to find other ways to fix the problems government created. I am so disgusted with government. No one on the Hill can be trusted.
Barbara
of OH
@
Oct 03, 2008 19:33:31 PM
Economy
Bill:
Perhaps my solution to the present crisis is too simple and naieve, but here it is:
1:Give Paulson his 7,000B, but resteict dispensement to LOANS, NOT GIVEAWAYS.
2.Eliminate Mark to Market accounting accounting principals.
Too Conservative, so be it, but I believe it would be very acceptable to the pub;ic.
Bill Merkel
William Merkel
of TX
@
Oct 02, 2008 13:16:37 PM
NEW 3-step plan
Years of bad decisions and stupid mistakes have created an economic nightmare in this country, but $700 billion in new debt is not the answer. As a tax-paying American citizen, I will not support any congressperson who votes to implement such a policy. Instead, I submit the following three steps:
Common Sense Plan.
I. INSURANCE
A. Insure the subprime bonds/mortgages with an underlying FHA-type insurance. Government-insured and backed loans would have an instant market all over the world, creating immediate and needed liquidity.
B. In order for a company to accept the government-backed insurance, they must do two things:
1. Rewrite any mortgage that is more than three months delinquent to a 6% fixed-rate mortgage.
a. Roll all back payments with no late fees or legal costs into the balance. This brings homeowners current and allows them a chance to keep their homes.
b. Cancel all prepayment penalties to encourage refinancing or the sale of the property to pay off the bad loan. In the event of foreclosure or short sale, the borrower will not be held liable for any deficit balance. FHA does this now, and that encourages mortgage companies to go the extra mile while
working with the borrower—again limiting foreclosures and ruined lives.
2. Cancel ALL golden parachutes of EXISTING and FUTURE CEOs and executive team members as long as the company holds these government-insured bonds/mortgages. This keeps underperforming executives from being paid when they don’t do their jobs.
C. This backstop will cost less than $50 billion—a small fraction of the current proposal.
II. MARK TO MARKET
A. Remove mark to market accounting rules for two years on only subprime Tier III bonds/mortgages. This keeps companies from being forced to artificially mark down bonds/mortgages below the value of the underlying mortgages and real estate.
B. This move creates patience in the market and has an immediate stabilizing effect on failing and ailing banks—and it costs the taxpayer nothing.
III. CAPITAL GAINS TAX
A. Remove the capital gains tax completely. Investors will flood the real estate and stock market in search of tax-free profits, creating tremendous—and immediate—liquidity in the markets. Again, this costs the taxpayer nothing.
B. This move will be seen as a lightning rod politically because many will say it is helping the rich. The truth is the rich will benefit, but it will be their money that stimulates the economy. This will enable all Americans to have more stable jobs and retirement investments that go up instead of down. This is not a time for envy, and it’s not a time for politics. It’s time for all of us, as Americans, to
stand up, speak out, and fix this mess.
Carole Gibb
of TN
@
Oct 01, 2008 13:03:00 PM
NEW 3-step plan
Years of bad decisions and stupid mistakes have created an economic nightmare in this country, but $700 billion in new debt is not the answer. As a tax-paying American citizen, I will not support any congressperson who votes to implement such a policy. Instead, I submit the following three steps:
Common Sense Plan.
I. INSURANCE
A. Insure the subprime bonds/mortgages with an underlying FHA-type insurance. Government-insured and backed loans would have an instant market all over the world, creating immediate and needed liquidity.
B. In order for a company to accept the government-backed insurance, they must do two things:
1. Rewrite any mortgage that is more than three months delinquent to a 6% fixed-rate mortgage.
a. Roll all back payments with no late fees or legal costs into the balance. This brings homeowners current and allows them a chance to keep their homes.
b. Cancel all prepayment penalties to encourage refinancing or the sale of the property to pay off the bad loan. In the event of foreclosure or short sale, the borrower will not be held liable for any deficit balance. FHA does this now, and that encourages mortgage companies to go the extra mile while
working with the borrower—again limiting foreclosures and ruined lives.
2. Cancel ALL golden parachutes of EXISTING and FUTURE CEOs and executive team members as long as the company holds these government-insured bonds/mortgages. This keeps underperforming executives from being paid when they don’t do their jobs.
C. This backstop will cost less than $50 billion—a small fraction of the current proposal.
II. MARK TO MARKET
A. Remove mark to market accounting rules for two years on only subprime Tier III bonds/mortgages. This keeps companies from being forced to artificially mark down bonds/mortgages below the value of the underlying mortgages and real estate.
B. This move creates patience in the market and has an immediate stabilizing effect on failing and ailing banks—and it costs the taxpayer nothing.
III. CAPITAL GAINS TAX
A. Remove the capital gains tax completely. Investors will flood the real estate and stock market in search of tax-free profits, creating tremendous—and immediate—liquidity in the markets. Again, this costs the taxpayer nothing.
B. This move will be seen as a lightning rod politically because many will say it is helping the rich. The truth is the rich will benefit, but it will be their money that stimulates the economy. This will enable all Americans to have more stable jobs and retirement investments that go up instead of down. This is not a time for envy, and it’s not a time for politics. It’s time for all of us, as Americans, to
stand up, speak out, and fix this mess.
Carole Gibb
of TN
@
Oct 01, 2008 13:00:04 PM
Bailout
Newt Gingrich seems to have the perfect solution to the whole financial crisis. Why can't he communicate it to Senator McCain?
Bill Merkel
of TX
@
Sep 30, 2008 11:49:34 AM
Bailout is wrong
This whole bailout deal is wrong.That isn't how capitalism works. If these banks over extended themselves they should pay the price.The American people should not be held hostage by a bunch of billionaire bankers and politicians. Let the banks collapse that made the bad loans,that's the capitalist way. The FICA is the insurance to protect the customers deposits. All this bailout amounts to is putting more of our taxpayer money into this corrupt system. The people responsible for this mess will pat nothing while collecting millions in compensation. The politicians want to pour money into it because it means more political donations. No bailout is what is best for America. It's time Americans quit living on credit and learn to save. I have had financial trouble myself in the past but received nothing from the government and didn't want anything. I made the mistakes and now I have to start over,something these people need to do also.
Roger French
of TN
@
Sep 30, 2008 11:44:31 AM
Meltdown
Have asked Carl Rove or Newt Gingrich if they have the ability to make their recommendations directly to the Republican campaign? Or,woulld you make the recommendation?
At this stage of the game, who cares about fairness and balanced?
William Merkel
of TX
@
Sep 29, 2008 23:42:03 PM
bailout
Are all of the news people stupid. The reason the American people are against the bailout is every day they see Frank and Dodd on television basically saying give me 750 billion more dollars to steal. I got everything out of Freddy and Fanny for my friends with some campaign funds and who knows what else. You don't give a bank robber the combination to the safe.
David CONRAD
of AL
@
Sep 29, 2008 20:36:39 PM
WHERE HAS HE BEEN?
Excuse me - I thought the president was the elected leader of the executive Branch
WHERE HAS HE BEEN?
Ben Farly
of KS
@
Sep 29, 2008 13:09:30 PM
Thanks, Bill, for saying what needs to be said.
They are all lying to us.
We need to get rid of them. Before we clean up the kitchen, we have to get the hogs out of it.
Barbara of OH @ Oct 03, 2008 19:33:31 PM
William Merkel of TX @ Oct 02, 2008 13:16:37 PM
Carole Gibb of TN @ Oct 01, 2008 13:03:00 PM
Carole Gibb of TN @ Oct 01, 2008 13:00:04 PM
Bill Merkel of TX @ Sep 30, 2008 11:49:34 AM
Roger French of TN @ Sep 30, 2008 11:44:31 AM
William Merkel of TX @ Sep 29, 2008 23:42:03 PM
David CONRAD of AL @ Sep 29, 2008 20:36:39 PM
Ben Farly of KS @ Sep 29, 2008 13:09:30 PM
Randy of SD @ Sep 29, 2008 13:04:57 PM
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