Weblogic

Dump it in the trash where it belongs. So, there will be a freeze on credit, maybe that would be the best thing for this over indulgent age we've been living in. If you can't pay cash, don't buy it. Credit has absolutely killed our country. Why give more money to a bad situation. If I ran out of money in my checking account I wouldn't have someone to come back in and bail me out and put more money in it. That would be up to me or I'd be broke. Tough is what I have to say to rich corporation making stupid loans and then expecting taxpayers to cover their poor decisions. Sorry deal with it!!! I think every voter should check to see if their senators or represenative for this turkey and if they did, vote them suckers out of office.

Capitalism will always have its ups and downs, but a system as large as ours will always need a watchdog to keep it honest. My suspicions are there are some crooks that need to be found and some banking regulations that need to be brought back. The key for government is to find ways to restore confidence in the system. If they don't do that students will soon be learning about the Second Great Depression. Where's FDR when you need him?

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.


www.daveramsey.com

Judy, I love your ideas even though those folks now getting 6% fixed will most likely still not be able to pay so in a year (the time it takes to foreclose), we will still be in the same situation because everyone knows that throwing money at poor people has NEVER solved any problems. The Republicans were right not to sign!

ACORN needs to be investigated for the abuses of threatening to sue financial institutions if they didn't give loans to low income people who probably were not ready to buy a house because they couldn't afford to.This mess started along time ago Fannie and Freddie need to be investigated also. By the way, Obama was working with ACORN when he was a community organizer signing up people to vote (many of them illegal voters!) Good for the House for not passing this!

I'm glad this bailout failed in Congress. And I also learned which of my representatives voted no and which said yes. Believe me, the one who voted no will get my vote.

And why is George Bush so anxious to bail these corporations out? How much of the $700 billion would filter back into his own pockets? Everything GB has done during his terms in office has been based on how it would effect his pockets.

I've said again and again - if you make the mess then you better clean it up yourself. A true investigation of all of these involved in this mess will undoubtedly uncover a great deal of illegal behaviors. I'd be surprised if most of them didn't have big overseas accounts somewhere.

Go Judy!

I think it was stupid of people to lend money to people that could not pay it back and I don't think they should bail out the banks for being greedy and stupid to boot.

I think the bill should be rewritten and presented again. I think the word bailout is misused. The government should be buying up these bad mortgages helping people out. When this situation arose before, the governemnt actually made money off the deal. Foreclosures help no one. Construction is a big business in this country. Lumber, tile, roofing materials, windows, etc. have to be produced by workers, who in turn pay taxes, buy food, clothing, etc., which in turn stimulates the economy. Bush can't be blamed for everything. Greedy people are to blame. Speculators trying to line their bank accounts are to blame. Chasing the American dream of homeownership is overrated.

We need to contact every country we have forgiven debts to(Germany and France come to mind) Iraq, Kuwait, Japan, China, Korea, Viet Nam and Mexico, Puerto Rico and Cuba and demand that they help turn our Economy around or we will not be helping any of them the next time they have a country like Iran or Russia invade them and if they refuse, pull anything American out of the Country and I don't care if they are using it at the present time or if its a condom, pull it out and don't go back. We need to straighten out the USA and set an EXAMPLE for all other countries to look up to. We are going to be fighting with Russia over here before long because they are rubbing butts with Venezuela and Bolivia and they are going to be coming right on up the North American Free Trade Agreement countries because Bill Clinton made it so that all Russia or any other enemy has to do is come in and build a landing strip and they have a super highway right into the USA without being questioned. I wrote about this in "98 in one of my College papers about TWA and the International Community and how it could be done just by buddying up with the Pacific Rim and Mexico and if the next treaty that is in the making passes where Mexican vehicles don't have to stop at our borders to go on to Canada they will be in our country before anyone knows it.

I think the average taxpayer is having a hard enough time surviving without bailing everyone out....and the people who caused the problem should have to fix it. I think that the CEO's have a lot of nerve taking any money for anything when they have lost the little guys money and I think the government has a lot of nerve thinking that the taxpayers want to take care of everyone and their brothers.....Find the ones who messed it up and probably lined their pockets and throw their sorry butts in jail....Congress and Senate should QUIT voting themselves raises....live like the rest of us and quit making a bigger burden....the average taxpayer is being raped....enough is enough....

Scratch has a good point regarding forgiving debts. How many times have we forgiven other countries their debts and how many of them have done the same for us? I've said for a long time that if we would just mind our own business and take care of our own country, we would be a lot better off, and we certainly would not be owing China more money than we can ever pay back.

Helen, you're absolutely correct - ACORN bullies and their ilk (along with greedy investors) have been part of the root cause of our current mortgage and financial crisis. Obama was integral in this organization, participated, organized, trained and legally represented them!!! He still supports them. Hello, people, wake up! This "community organizer" is another name for a bullying radical demander, and they want a welfare state.

Stan Kurtz is currently investigating this further, and I think more news will be breaking over the next few weeks. Obama is the wolf in sheep's clothing, and has his ideas and values screwed up that will bring our country to its knees. We need to discern the true core of this man. (aside- perhaps Obama never really took offense to Rev. Wright's rantings because Obama truly was indoctrinated into those beliefs...now he's trying to artificially separate himself.)
I implore everyone to read, listen, explore, and really find out who each of the candidates are. And finally, put our little selfish needs and some of the more nuanced positions aside, and figure out which politician can save this country from financial ruin, culture wars, a welfare and self-entitlement society (ala ACORN), and finally, from terrorists and those who want our country and its ideals to be squashed. There's so much at stake here.
Until all of us believe it's what "you can do for your country", we will continue to self-destruct. Obama will be the unwitting (or cunning) catalyst. I think we have to vote for the lesser of two evils - and on a very simplistic level, Sarah Palin can bring a fresh, politically untainted approach and level out McCain.

This article is scary...look up for yourselves some more of Stan Kurtz' investigations on Obama's radical ties, activities, beliefs, and association with the ACORN bully group. Is this the kind of president you want??? Is this the kind of socialist and welfare society that will energize our country? THINK PEOPLE!!!!


http://www.nypost.com/seven/09292008/postopinion/opedcolumnists/os_dangerous_pals_131216.htm?page=0