Dave Ramsey, Neal Cavuto, and Former Gov. Mike Huckabee agree on this plan. The rest of the world thinks the sky is falling and Government has to fix it.
[John K. Matyi] I will post this without too much of a comment [I've never been known to keep my mouth shut], but I will say this. It was the government policies (Freddie Mac, Fannie May, Mortgage brokers on commission, etc.) that allowed (some actually say caused) this crisis. that is why the guy "on Main Street" is so angry about this. The politicians think we, the guy and gal on the street are stupid.
If you agree with this advice, send this post to your senators, representatives, friends and loved ones (OK, send it to the people you don't like also). Put the pressure on our elected officials to at least read this and then tell you why they do or don't agree. Your grandkids future may rely on your actions.
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Three Steps To Change the Nation's Future
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.
Categories: Capitalism, Neal Cavuto, Dave Ramsey, Fannie Mae and Freddie Mac, Bailout, Socialism
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Wednesday, October 01, 2008 9:04 AM
JOHNMATYI.COM wrote:
[John K. Matyi] This is an UPDATE on my recent post on this site regarding the so-called 'Bail-Out' bill. I want to make this as easy as possible for people to make their voice heard. I called the Washington, DC office of Spencer Bachus this morning at 8am and was able to talk with a young lady who asked me a few questions, but more importantly she took notes. I also called Senator Shelby's office, reached voice mail, but his box was full and not taking any messages.
I think it is very important to call your Representative as it is the house members who kept this bill from passing. Especially when it had so much liberal add-ons it looked like a Christmas tree. We need to thank them. On the other hand, if you really want to drive them crazy, ask them to explain the bill to you and why we need to spend another trillion dollars (we have already spent 600 billion). Even if you just call and tell them "I'm mad as Hell and I’m not gonna’ take it anymore; it will be doing something.
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Wednesday, October 01, 2008 1:30 PM
JOHNMATYI.COM wrote:
[John K. Matyi] This is an UPDATE on my recent post on this site regarding the so-called 'Bail-Out' bill. I want to make this as easy as possible for people to make their voice heard. I called the Washington, DC office of Spencer Bachus this morning at 8am and was able to talk with a young lady who asked me a few questions, but more importantly she took notes. I also called Senator Shelby's office, reached voice mail, but his box was full and not taking any messages.
I think it is very important to call your Representative as it is the house members who kept this bill from passing. Especially when it had so much liberal add-ons it looked like a Christmas tree. We need to thank them. On the other hand, if you really want to drive them crazy, ask them to explain the bill to you and why we need to spend another trillion dollars (we have already spent 600 billion). Even if you just call and tell them "I'm mad as Hell and I’m not gonna’ take it anymore; it will be doing something.
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Wednesday, October 01, 2008 8:30 PM
JOHNMATYI.COM wrote:
[John K. Matyi] This is an UPDATE on my recent post on this site regarding the so-called 'Bail-Out' bill. I want to make this as easy as possible for people to make their voice heard. I called the Washington, DC office of Spencer Bachus this morning at 8am and was able to talk with a young lady who asked me a few questions, but more importantly she took notes. I also called Senator Shelby's office, reached voice mail, but his box was full and not taking any messages.
I think it is very important to call your Representative as it is the house members who kept this bill from passing. Especially when it had so much liberal add-ons it looked like a Christmas tree. We need to thank them. On the other hand, if you really want to drive them crazy, ask them to explain the bill to you and why we need to spend another trillion dollars (we have already spent 600 billion). Even if you just call and tell them "I'm mad as Hell and I’m not gonna’ take it anymore; it will be doing something.
You can go to Senators of the 110th Congress to find contact information. You can go here to locate your appropriate member in the House. When you get a response, please let us know by adding a comment to this post.
“Politics is the art of looking for trouble, finding it whether it exists or not, diagnosing it incorrectly, and applying the wrong remedy.” —Ernest Benn
Thank you, you are a TRUE patriot!!!
God bless you for all your work.
Shirley & Craig Markley
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You just made my day. I really appreciate your support.
John
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