Registered: Feb 2004
Location: in colorado somewhere!
Posts: 34566
I think there's another solution that may cost a bit more to do overall but then maybe not at all.
Have our government simply buy out all them homes going into foreclosure and sell it back to the homeowner with a real chance of holding the deed to the home. Let the companies fail.
What would happen then is the credit card would become rare and people will pay with cash for their purchases like they did in the old days.
People are all scared that's what's gonna happen anyway.
Registered: Feb 2003
Location: Vista, CA
Posts: 5516
In case anyone is interested, my post was inspired by a much better one here.
Actually, LF, I'm not all that enthusiastic about the notion of the government keeping people in their homes, either. If people pay more for a house than they can afford, they lose the house. Cases in which people were deceived or defrauded, of course, are different.
In the end, I'm sure that both groups may get some help, and that might even be for the best. But I am always uneasy with governmental power being used to shield people from consequences of bad decisions.
quote:...The time has come to stand up. The time has come for us to make a sacrifice. Do we have the courage? Do we have the ability to take the hit, so that our descendants don't have to? Can we make the sacrifice, and face the consequences of our irresponsibility--and that of those who came before us? Do we have that courage?
No.
quote:Or will we make sure that our grandchilden curse our names, as a generation of fools and cowards, who saw the problem and hid our faces in fear and shame?
“People are the only mirror we have to see ourselves in. The domain of all meaning. All virtue, all evil, are contained only in people. There is none in the universe at large. Solitary confinement is a punishment in every human culture.” - Cordelia Naismith
Registered: Jul 2000
Location: clinging desperately to my guns and religion gonna kill me some foreigners because i remember 9/11
Posts: 22435
quote:Originally posted by Talarohk In case anyone is interested, my post was inspired by a much better one here.
Actually, LF, I'm not all that enthusiastic about the notion of the government keeping people in their homes, either. If people pay more for a house than they can afford, they lose the house. Cases in which people were deceived or defrauded, of course, are different.
In the end, I'm sure that both groups may get some help, and that might even be for the best. But I am always uneasy with governmental power being used to shield people from consequences of bad decisions.
One of the things that has come out in the course of all this is that banks were flat out lying about applicant income, without the applicant's knowledge, just to push through a NINA mortgage and get that commission. They were also actively lying about alternatives to adjustable rate mortgages because they earned the highest commission on them.
It would appear 'popular' opinion is changing. Or at least thats what the lobbying groups will get printed so that everyone will think its the case. People arent currently willing to predict if the next vote will be a yes or not, but I'd be willing to bet it'll pass.
More pix: http://www.time.com/time/photogalle...1845923,00.html
"After voting against the Bush Administration's controversial $700 billion bailout package, Representative Elton Gallegly, 64, a California Republican, got on a plane to fly home to Los Angeles for Congress's three-day break in observance of the Jewish holidays. By the time he got off the plane late Monday, he'd lost $50,000 in retirement savings. "And I'm getting to the point in my life where I can't start over," Gallegly laments."
quote:Originally posted by Large Filipino Democrats fucked up there. Fanny and Freddy needs some jail time.
But this is like blaming the cops for the Son of Sam killings because we never caught the guy.
It seems to me the Dems trusted Fanny and Freddy to stay strong.
It's Fanny and Freddy that fucked up and didn't fulfill everyone's wishes.
I think it may be unfair to blame either side here but the corporations themselves.
I mean you can turn this all around and say that the Republicans wanted a bigger government here.
well, i think unlike the tech bubble the housing bubble was created by poor policy and economic socialism. Now everyone's favorite son is left to deal with it.
the people voting against the bail out are doing their jobs. and mixing capitalism with socialism is a failing path. socialism is hard enough to maintain when even ALL of your resources are going towards it, there is no way a healthy capitalist society is going to be vibrant when mixing it up with socialism. The whole structure becomes a phantom and doomed to fail.
Registered: Feb 2004
Location: in colorado somewhere!
Posts: 34566
quote:Originally posted by my minister brother in an e-mail I'm against the $85,000,000,000.00 bailout of AIG.
Instead, I'm in favor of giving $85,000,000,000 to America in a "We Deserve It Dividend."
To make the math simple, let's assume there are 200,000,000 bona fide
U.S. Citizens 18 years old and older.
Our population is about 301,000,000 +/- counting every man, woman and
child. So 200,000,000 might be a fair stab at adults 18 and up... So
divide 200 million adults 18+ into $85 billion that equals $425,000.00.
My plan is to give $425,000 to every person 18+ as a We Deserve It
Dividend.
Of course, it would NOT be tax free. So let's assume a tax rate of 30%.
Every individual 18+ has to pay $127,500.00 in taxes. That sends
$25,500,000,000 right back to Uncle Sam.
But it means that every adult 18+ has $297,500.00 in their pocket. A
husband and wife has $595,000.00.
What would you do with $297,500.00 to $595,000.00 in your family?
* Pay off your mortgage - housing crisis solved.
* Repay college loans - what a great boost to new grads.
* Put away money for college - it'll be there.
* Save in a bank - create money to loan to entrepreneurs.
* Buy a new car - create jobs.
* Invest in the market - capital drives growth.
* Pay for your parent's medical insurance - health care improves.
* Enable Deadbeat Dads to come clean - or else.
Remember this is for every adult U S Citizen 18+ including the folks who
lost their jobs at Lehman Brothers and every other company that is
cutting back. And of course, for those serving in our Armed Forces.
If we're going to re-distribute wealth let's really do it...instead of
trickling out a puny $1000.00 ( "vote buy" ) economic incentive that is
being proposed by one of our candidates for President.
If we're going to do an $85 billion bailout, let's bail out every adult
U S Citizen 18+!
As for AIG - liquidate it . Sell off its parts. Let American General
go back to being American General. Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it up.
Here's my rationale. We deserve it and AIG doesn't.
Sure it's a crazy idea that can "never work."
But can you imagine the Coast-To-Coast Block Party!
How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the $85 billion We
Deserve It Dividend more than I do the geniuses at AIG or in Washington
DC.
And remember, the plan only really costs $59.5 Billion because $25.5
Billion is returned instantly in taxes to Uncle Sam.
Ahhh...I feel so much better getting that off my chest.
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09-24-2008 09:18 PM
My Mac Mini is here! Where are the Pentagon Tapes?
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