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.
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!