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A bucket full of pork lard
The total amount of money at risk from “toxic” mortgages assuming the
prices are inflated as much as 50% is considerably less than $500 billion. The govt could buy a share in these mortgages and get rid of the mortgage insurance set the interest at 4.5% thus lowering the payments radically and assume a part ownership in the property so that if sold they get a percentage. Zero down mortgages are STIL BEING PUSHED. Stop this nonsense that caused the problem. Give a $30,000 tax credit/employee to any company that hires a new employee in 2009 and keeps him for a year with either an additional smaller tax credit in subsequent years of they pay back the tax credit if they lay him off. For a million new employees, this would cost the govt only $30 billion dollars. For a whole years worth of the sort of lay-offs we saw this past month it would only take $180 billion. THIS WOULD DEFINITELY PRODUCE NEW JOBS. Instead, we have a trillion dollar lard bucket with only 90 billion in infrastructure. The rest is pure pork lard. |
#2
posted to rec.boats
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A bucket full of pork lard
"Frogwatch" wrote in message ... The total amount of money at risk from “toxic” mortgages assuming the prices are inflated as much as 50% is considerably less than $500 billion. The govt could buy a share in these mortgages and get rid of the mortgage insurance set the interest at 4.5% thus lowering the payments radically and assume a part ownership in the property so that if sold they get a percentage. Zero down mortgages are STIL BEING PUSHED. Stop this nonsense that caused the problem. Give a $30,000 tax credit/employee to any company that hires a new employee in 2009 and keeps him for a year with either an additional smaller tax credit in subsequent years of they pay back the tax credit if they lay him off. For a million new employees, this would cost the govt only $30 billion dollars. For a whole years worth of the sort of lay-offs we saw this past month it would only take $180 billion. THIS WOULD DEFINITELY PRODUCE NEW JOBS. Instead, we have a trillion dollar lard bucket with only 90 billion in infrastructure. The rest is pure pork lard. ------ I too have had problems with the math of these bailouts. Say you are porking $2T dollars which is where it is headed, and there are 80M homes, that is $25K per home. While it is somewhat less than that per worker, why not allow a tax credit to workers of say 25% of federal taxes if redirected to paying down the mortage. If you can show you have clear title, you get cash, otherwise it must be mortgage buy down. That will reduce interest payments by $100/mo. for all. If you do not own a home, you have up to 3 years to claim the credit IF used to buy a home, 20% down. Which would put some life back into real-estate as inventory decreases. Trouble with giving it to companies, once their obligation is complete the new hires will be fired and no lasting value. Just delaying the inevitable. But as equity in a home it improves the bank's rating on the load/equity positions and leave value. Unlike GM bailouts where the money evaporates to rich creditors not wanting to face the piper, it also addresses the middle class cash flow position. To cover the debt, downsize government. Statism types hate this but the sad fact is our society can no longer afford expensive behomoth sized government. |
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