This is absurd.
Warner writes:
With the defeat Monday of the plan to reward mortgage lenders and their often well-paid leaders with $700 billion for making numerous loans that should have never been made, I’ve got a different idea, one that would help tens of millions of Americans:
Apply $700 billion directly to borrowers’ mortgage payments, helping everyday citizens along with the mortgage companies.
I suppose that’s why Tracy is a member of the biased liberal media. Let’s just give more handouts to those that are financially distressed because they couldn’t afford the mortgage in the first place.
About 50 million homes have mortgages, a recent Census Bureau reports estimates. That $700 billion could go toward the next $14,000 in payments on each of those homes.
Does he really think they’ll give the money to the banks? And where’s the payback? There is none. I wonder what he was drinking when he wrote this.
AWB
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Tracey Warner=Karl Marx (with a little bit of Stalin rollled into him)
Hey, if congress is hellbent on passing a bailout package, I say give it directly to the homeowners, regardless of mortgage. If it is given directly to homeowners, it will make it back into the market and into banks. If I understand correctly, the problem isn’t that lenders are broke, they just have to keep cash on hand to cover their debt load. They can’t lend any out.
I say give it to the people. As long as you can prove U.S. citizenship status and that you hold title deed to a property, you are eligible. Sure a lot of it will not make it to the lending institutions, but much of it will. If grandpa and grandma can finally pay off their mortgage, or if a couple pays down their mortgage to eliminate their PMI, who gets the money? The lending institution.
And honestly, do you really expect any “payback.” They’re not going to give up one square inch that has even a remote possibility of being profitable. Remember when we gave “amnesty” to Cuban refugees? Castro emptied his prisons and mental hospitals and put them on boats to the U.S.
What I prefer is to back them on paper like the FDIC without spending a penny. Tax them on a bell curve to lower capital gains tax for a period then make it back up when they’ve recovered. It gives them incentive to make hay right now.
If CEO’s deserve their salaries because they are so smart, let them be the ones to figure out the mess they made for themselves and save their jobs.
My guess is GRAPE Kool-Aid…EXTRA sugar.
BTW, Kenny & Jay:
you’re both correct.
Kenny may have the best idea yet.
It’s socialist for sure but…… try this.
Take 500 Billion. Devide it by the number of U.S. citizens (no green cards, illegal aliens, etc.) over the age of 21.
Give (yeah, I know) each those people the amount you come up with. Then collect the 35% tax due on this money right back to the IRS (what’s 35% of 500 billion?). Even we are dumb enough to NOT pay off our debt, most of that money will go right back into the economy.
Many of these default mortages would be paid (banks should love that).
Many of us would buy new cars (GM, Ford, etc. would love that).
Fewer jobs would be lost (families would love that).
America, what a country!
Wall Street smiles and makes more ridh traders(they like that).
Politicians could go back to their areas and brag how they “saved us all” (who cares about that).
Please, someone with more time than I have, please do the math. Tell me where this fails.
Ahhhhh… that would be RICH traders!!!
uhhhhh, 500 billion divided by 200 million is $2500 bucks a person…That ain’t gonna pay off much TiredoldTrooper.