Craziest Idea/Response to Rescue Plan You've Heard

[volinbham]

I'll start. On the Dave Ramsey show tonight a caller suggested:

The government gives every homeowner up to $200,000 towards their mortgage. If you only owe $125,000 that's all you get. Plus you have to be a U.S. citizen of course.

To pay for it, we raise taxes.

Worse, Ramsey said it made as much sense as going $700 billion in debt.

This is what we are dealing with people.

[OrangeEmpire]

Originally Posted by volinbham

I'll start. On the Dave Ramsey show tonight a caller suggested:

The government gives every homeowner up to $200,000 towards their mortgage. If you only owe $125,000 that's all you get. Plus you have to be a U.S. citizen of course.

To pay for it, we raise taxes.

Worse, Ramsey said it made as much sense as going $700 billion in debt.

This is what we are dealing with people.

That is what I have heard.....

I am all for it!

[volinbham]

I doubt your boy Bloomy would endorse it

[allvol123]

Awesome idea. Tax people and then give people money, that always works. They use that money machine in DC that turns 1 dollar into 2 dollars.

[OrangeEmpire]

Originally Posted by volinbham

I doubt your boy Bloomy would endorse it

I am a broken record....... he is better than the trash we have to vote for by light years!

[notverycrucial]

Demand Congress limit the proposed bailout to ONE MILLION DOLLARS!

[volinbham]

Originally Posted by notverycrucial

Demand Congress limit the proposed bailout to ONE MILLION DOLLARS!

Talk to the hand cause the face ain't listening.

You ain't all that and a bag of potato chips.

[notverycrucial]

i guess that wasn't my best work... wasn't my work at all.

[WA_Vol]

I thought Jim Cramers comments on the street that this will lead to a great depression was pretty irresponsible and irrational. A bill is going to get passed.

[WA_Vol]

Originally Posted by volinbham

I'll start. On the Dave Ramsey show tonight a caller suggested:

The government gives every homeowner up to $200,000 towards their mortgage. If you only owe $125,000 that's all you get. Plus you have to be a U.S. citizen of course.

To pay for it, we raise taxes.

Worse, Ramsey said it made as much sense as going $700 billion in debt.

This is what we are dealing with people.

Dave Ramsey's solution to all the world's problems is stop spending money, be frugal.

I'll take Warren Buffet's opinion on the bailout over Dave Ramsey's.

[MG1968]

I like Newt's plan, eliminate all capital gains taxes and fix something called "mark(et) to market lending"

and any plan should include the complete destruction of the subprime lending schemes.

[joevol320]

Originally Posted by OrangeEmpire

I am a broken record....... he is better than the trash we have to vote for by light years!

he is..... if you need a babysitter or nanny.

[BigPapaVol]

Originally Posted by MG1968

I like Newt's plan, eliminate all capital gains taxes and fix something called "mark(et) to market lending"

and any plan should include the complete destruction of the subprime lending schemes.

can't completely wipe out subprime lending because it includes huge swaths of good loans, but you can do away with pick a payment style notes and liar loans. Additionally, gov't assistance payments should not qualify as income for determination of debt to income ratios.

Mark to market lending is what kills lender capital ratios for sure, but if they don't have it, how does the FDIC determine the solvency of a bank.

Maybe we revisit the capital ratios and what we consider capital for lenders and insurers, but what we have is a pretty strong system. Marking to market forces quarterly evaluation of portfolio value.

I'm not sure I understand the elimination of all cap gains taxes. Did he have strong reasons, as that would be a huge lick to gov't receipts. Maybe he's advocating that all cap gains income be ordinary income?

[KB5252]

Originally Posted by oklavol

Dave Ramsey's solution to all the world's problems is stop spending money, be frugal.

I'll take Warren Buffet's opinion on the bailout over Dave Ramsey's.

I'm not a fan of his but you have his message wrong. His solution is to save money, pay cash and don't use credit, live on less than you make!

Sounds like some advice our government could use doesn't it?

[dan4vols]

It sure does, how about these wall street wizards and all the combined CEO's as well as the boards of directors show us how sorry they are for being greedy and mismanaging and donate their entire salarys for a year. That would start impressing me.