Senate passes bailout

[KMAN]

This has probably been posted a thousand times but here is Dave Ramsey's Common Sense Plan...

This guy is one of the smartest money guys I know so why wasn't this even considered??? It would have saved tax payers Billions!


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.(quote)


We are at a crucial time in our country's financial history. We need everyone's help! Here are 3 steps you can take that will change our nation's future:

Pray for them to resist a spirit of FEAR and to embrace WISDOM. Even if you don't like them or agree with them, pray for them and tell them you are praying for them. There is a spirit over this problem that must be broken. Also, most of the media personalities are afraid as well and that is affecting their reporting. Pray for fear to be removed from them; they are making this worse.

 

[DiamondDave]

Perhaps there is a silver lining in this mess, after all DD.

At least NOW we can all see that the divide has never been about left and right.

It has ALWAYS been about inside V outside.

You and me and my guess is everyone on this board (and the thousands like them, too) are on the OUTSIDE.

We're all Bozos on this bus, amigo.

There is still a FAR difference between the modern 'left' and 'right'... and I will continue to battle against the 'left' that has become more controlled by extremists on that side, than ever before...

But you are right.... there is a big problem of Washington insiders... these under the table dealers... these people with more pork in their diet than Homer Simpson at a Rib and Bacon Festival,,, Where I am pissed at many Republicans is where they have gone away from the conservative ideals. Where they have bought in to this big government corruption and payoffs way of doing business...

Now I am all for voting out the Repubs that are doing this... calling them to the carpet for what they are doing.... but I will not just inherently vote in a Lib for the sake of doing it... I will support a true conservative candidate who sticks to the ideals, to displace the Repub... but I do not think a liberal extremist, such as an Obama modeled candidate, would receive my vote in this case.. for the stances of the far left are just as evil as the pork barrel corruption

 

[strollingbones]

what's worse:

getting shot though the heart or just knifed through the heart.

either way you're dead just like this bill

either way freedom is dead.

this is one of the most disgusting money grabs in history. and it's OUR money and no one cares. seriously it makes me sick.

i care...apparently the majority of americans who are against this bill care....its the elected officials who dont seem to care. Its the mass hysteria by both parites....commerce will fail my ass. Large corps will fail..it will be hard times but people and commerce will continue. after all they have forgotten that it is people like us who create daily commerce and will continue to do so...but must we support large greedy corps?

 

[glockmail]

I hate it, but think there's no choice.
We've been waiting on a loan approval, a better deal than our credit union offered, and it's been eight day's since we applied and the phone just isn't ringing.
I'm willing to bet if the bailout is passed, phone rings the next day.
I'll let you know how it goes.

Of course there's a choice: no bail out. So some over sized, over-extended banks fail and guys with credit ratings less than 700 can't get loans. Entrepreneurs will swoop in and buy up the failed banks, disembowel them, streamline them, split them up, and a slew of smaller more efficient banks will emerge. All will be right within a year.

 

[Baruch Menachem]

Even if the bailout were a good deal, the pork added in the senate just makes it worse.

There is a provision in there that pretty much ends private insurance. So we get hillarycare next year too, as private insurance will go away.

McCain voted for this. Screw him. He screwed us. Whenever he was needed, he was elsewhere, kissing ass.

My senator voted for this. No matter. he will be unemployed come January anyway. With this bill, I might be able to join him

(Not voting for the Obamination either.)

 

[editec]

Now I am all for voting out the Repubs that are doing this... calling them to the carpet for what they are doing.... but I will not just inherently vote in a Lib for the sake of doing it... I will support a true conservative candidate who sticks to the ideals, to displace the Repub... but I do not think a liberal extremist, such as an Obama modeled candidate, would receive my vote in this case.. for the stances of the far left are just as evil as the pork barrel corruption

Understood.

And that is how the game keeps getting played out isn't it?

It's the divide and conquor Good cop/Bad cop politics game.

You've undoubtably held you nose and voted for a RINO as many times as I've had to hold mine to vote for a DINO.

Push comes to shove (like it is now when the curtain is parted and we see what crap they're passing off as honest economics) and we BOTH see that their primary interests is keeping the ECON game that is screwing the AMERICAN PEOPLE, going.

Although I have absolutely no doubt that you and I might disagree about social issues, those issues are NOT usually important to the leadership of either party.

Hell they're NOT really important to this nation's health, overall, are they?

But since the things that really matter (and they're all economics issues) are seldom before us and we end up voting based on issues of NO REAL importance (to them).

Three perfect examples of the issues that divide us that don't REALLY matter to this nation's overall health:

1. Abortion is NOT important to the masterclass

2. Gun control NOT impoprtant to the masterclass

3. GAYS NOT important to the masterclass.

Important to most Americans? Hell Yes

To the masterclass who are ripping us off?

Not one bit.

THAT's the game, dude.

Keep us at each other's throats about things the masterclass doesn't give two shits about, either way.

Keep our attention on things that DON'T MATTER to a nations health, while they systematically rape this nation and the people in it economically.

And YES, that is why they control the media, and NO that is why the media is neither liberal or conservative, it is merely a glittering object they shine in front of us to keep us occupied while they rape the economy.

An example from out past....

The civil war.

Was it about states rights? No.

Was it about slavery? No

It was about the economics of slavery.

 

[DiamondDave]

Unfortunately, editec... I have also voted DEM... as stated many times.. I line up the candidates for each office I am voting for... make a scoresheet on the issues that matter for me.... score each candidate and vote for the one that most closely aligns with my thoughts on the circumstances, issues, etc... so I have voted DEM for Congress, and several local offices in recent elections

 

[editec]

Unfortunately, editec... I have also voted DEM... as stated many times.. I line up the candidates for each office I am voting for... make a scoresheet on the issues that matter for me.... score each candidate and vote for the one that most closely aligns with my thoughts on the circumstances, issues, etc... so I have voted DEM for Congress, and several local offices in recent elections

Yeah and I have voted R.

Father forgive us for our sins.