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I am a self proclaimed coffee addict and Executive Director of a non profit missions agency working primarily in the Mexican cities of Oaxaca, Guadalajara, and Ensenada. I've been married for over 30 years to Chelle, and we have one grown son, Joseph, a graduate of Auburn University in Alabama.

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Wednesday, September 24, 2008

A Plan I Can Support

In light of this weeks economic news, here's an idea I could support.

Since this meltdown has been precipitated in part because of falling home values and the failure, or decision of some, if not many, to pay back mortgage loans, let's do this.

Use the $700,000,000,000.00 [700 billion dollars] to pay off peoples mortgages, or catch them up on their payments.

Everyone wins. Homeowners win because they will be in a better ownership position. The failing banks win because they can get bad loans off their books. The economy wins because consumers, having more liquid cash, can increase spending and restart it.

The GOP is happy because they can avoid bailouts. The Dems win because it puts $$$ in peoples hands.

Your thoughts...

A friend of mine called today (Sept. 30, 2008) to tell me that the Editor in Chief of Fortune Magazine advocated this exact principle today on one of the NPR programs. Interesting isn't it?

Thanks Chelle for your help and ideas on this one!

Comments on "A Plan I Can Support"


Blogger Bullfrog said ... (5:43 PM) : 

The Dems want to put $$ in people's hands? Where on earth did you get that idea?

Let's look back about 20 years and figure out where exactly this mortgage mess started (and no, this is not "Bush's fault" as Pelosi and her ilk would like you to think). Ann Coulter hit the nail on the head in describing how we got into this mess:http://www.anncoulter.com/


Blogger Dave Miller said ... (6:55 PM) : 

Bullfrog, any attempt to assign blame to a single part is just spurious.

Let's assume the Dems started us down this road. The GOP in the years since whe they had control after the Reagan election and after the 1994 mid terms, and again after Bush won in 2000 could have made a mid course correction by calling publicly for more regulation and a change in policies.

To his credit, McCain did just that, only to be silenced by his own party, the same party that for the most part never supported his candidacy.

The entire rush to deregulation began back with Carter, but the blame comes full circle today as both parties shoulder the blame for this one.

I am disgusted by the partisanship on this one.

Washington has blown this big time and we will be paying for years to come.


Blogger Mike's America said ... (8:49 PM) : 

Dave: Failure to place blame where it belongs is nothing but enablement for corrupt irresponsible politicans.

They count on that "both sides are to blame" routine to excuse their actions.

P.S. I like your idea, but what about us folks who don't have a mortgage or car payments? Shouldn't we get something too? Maybe MORE!


Blogger Dave Miller said ... (11:18 PM) : 

Mike, you'll get yours as the economy expands, you know that.

Think of it as trickle up!


Blogger Patrick M said ... (7:11 AM) : 

Dave: Can they top off my student loans while they're at it?

Government's role in this bailout should not be to "fix" the market by throwing money into it. It should only be to stabilize it long enough to let it rebuild itself. Then any money that was put in comes right back out. Wiping out the individual debts sounds good, but is in the same line of thinking as the Bush "stimulus checks" and the $1k checks Obama wants to throw to the poor at the expense of the EEEVIL Rich." It becomes another government wealth redistribution scheme.


Blogger Mike's America said ... (3:27 PM) : 

-Dave: Here's another idea: Let's take the $700 Billion that goes overseas EVERY YEAR to pay for foreign oil and gas and keep it right here by drilling for American energy.

We could take the taxes and royalties generated by that wealth and buy everyone a new car.


Blogger Dave Miller said ... (6:55 PM) : 

How about we also invest some of that that $700 billion in hybrid or some other technology to cut our oil use.


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