Subscribe to:
Post Comments (Atom)
skip to main |
skip to sidebar
A group of friends tipping a glass to good times and drinking life's cup dry
Distinguished Contributors
Blog Archive
Visitors
6 comments:
Clayton's Common Sense Fix:
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-step 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.
...Okay, so that is actually the words of radio talk-show host Dave Ramsey. He's the king of financial common sense, and I believe he makes some very intelligent points.
In the end though, I'm just glad to have a job in this economy right now... and I'm in construction!
Wouldn't it be great if we were all so diligent in our study and involvement in church govenment as we are in civil?
John... how well timed your remarks are my friend. I finally got around to printing the BOOK that you and the other fellas wrote in the previous thread on women as deacons. Holy crap kid... you get on high horse and ride like lightening don't ya! I'm poking fun. I did find it quite informative... I'm also going to pull up some of the articles you referenced and review a little deeper.
I'm not involved in the PCA myself, nor am I involved in church government at my own Anglican church. I do serve in several venues and am involved in a few Bible studies with other members and non-members alike... but I would not classify my role as a governing one in any of those settings.
I don't feel I have been called (at this point) in my life to be involved in church government, nor have I been called to peruse a role (above voting)in our national establishment of government at this time in my life... or probably ever.
At the risk of mixing thread topics here, I will throw this out:
John, you posed a very interesting question that made me stop and think last night. I will bypass the paraphrase or P of P for lack of confusion and quote you directly:
"...is there as sacred-secular dichotomy in regards to authority? Did Paul mean only “spiritual authority”, as only elders possess, when he says no women should hold authority over men?"
well... is it every okay for a woman to hold authority over a man? I don't know the answer.
Clayton: I've seen Ramsey's plan elsewhere and it seems like a good one. Certainly better than our current solution of replacing debt with more debt.
John: Yes, there is always a temptation to feel like current events are more real than the affairs of the church. A constant reminder of the reality and urgency of the church is always needed, unfortunately.
I find it quite depressing to realize we no longer live in USA but the USSA (United Socialist States of America). And it's only getting worse... Is Baldwin the answer?
Post a Comment