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  • #16
    <BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by 4now:
    <span class="ev_code_RED">For any of you that missed this in USA TODAY in December.

    Sounds like a plan</span>

    A plan offered by a concerned citizen


    The US government offers every US citizen
    a 30-year mortgage at a 1½% fixed rate of interest.

    All financially qualified US citizens, not just those in immediate danger of default, would be able to finance a new or existing primary residence, with a $500,000 lifetime limit of government capital for everyone.

    Right now, the US Government is lending money at low interest rates to many companies. Why not lend it directly to the people?

    Why the plan will work:

    It will stop home prices from falling.
    It will prevent most foreclosures and turn the housing market around.

    It will let everyone save and spend more.
    When the US Government refinances a 7% mortgage at 1½%, it will cut your monthly payment almost in half. On a $200,000 loan, the payment will decrease from $1,330 to $690. And when you save or spend that extra $640 each month, it will stimulate our economy.

    It will increase credit availability.
    As existing mortgages are paid off with lower rate government loans, the holders of those mortgages will have a cash inflow that will allow them to make new loans to people who, because of lower mortgage payments, will now be qualified to purchase other things on credit. Instead of a trickle down plan to stimulate the economy, this is a trickle up plan that moves funds into the financial system by starting with the people.

    It will create jobs.
    With increased credit availability and more money being spent, companies will decrease layoffs and expand new job creation.

    It will increase tax revenues.
    Government tax revenues will increase for two reasons. First, taxpayers will have a smaller interest deduction, because they will pay less interest on their mortgages. Second, as the increase in spending and credit availability stimulate the economy, tax revenues will increase over time.

    It will not increase the deficit.
    This is a government loan program—not an increase in government spending—so the money will be repaid.

    It will reverse the economic decline now underway.
    Saving people’s homes while increasing consumer spending and solving the financial industry’s credit crunch will stimulate the economy, resulting in increased tax revenues and a reduction in the deficit. We also believe this plan will increase home values, which will offset some of the financial losses experienced during the past few months..

    It will reduce the losses of mortgage holders.
    In order to work, the plan would require the government to oversee the refinancing of existing mortgages in a way that takes account of falling market values. The new loans will keep many near-default citizens in their homes; and even though lenders may take losses during the refinancing process, the forced fire sales will end, which will let them reclaim a larger percentage of their capital investment.

    It is better than what Washington politicians are doing now.
    Although it is possible to poke holes in anything, the foundation of this plan is sound, which is why it will do more than anything being discussed in Washington to turn the economy around quickly and promote prosperity for the coming decades .

    It can be implemented immediately.
    This plan should be implemented immediately, because the economy is getting worse each day. Washington politicians doled out billions of dollars to big corporations over a weekend. So they should be able to put this plan into action in 30 to 90 days.

    US citizens deserve and need this plan.
    The American people who helped build this country deserve and need a plan like this—a plan that will help them directly while also stimulating economic prosperity, just like the GI Bill did after World War II.

    Contributor and spokesperson: Dennis F. Paulaha, Ph.D. Economics
    Posted by Dennis Paulaha at 7:34 PM

    remortgage america </div></BLOCKQUOTE>

    This sounds like a great plan! Obama should consider adding this 'concerned citizen' as a member in his administration! More sound than some of the others he chose.


    • #17
      Making work pay tax credit <span class="ev_code_red">is not a stimulus check or a rebate check !</span>

      How does making work pay tax rebate work?
      unfortunately, according to the current economic stimulus package, tax payers will not be able to get their making work pay tax rebate check in <span class="ev_code_RED">lump sum</span>.

      Instead, workers and tax payers will have to choose between the following two options:

      The Federal Govt. distributes the 'making work pay tax credit' by 'withholding less tax'. (e.g. If a single taxpayer wants to start receiving the tax credit money immediately, and is paid monthly, he/she would receive approximately $33 per paycheck).

      The worker/taxpayer can file the sum as a tax-exempt income while filing 2009 tax return.

      Your Work, Home, Education and Auto Tax Breaks in the 2009 Economic Stimulus Package


      Most of these tax credits and deductions have income restrictions and generally phase out for singles earning over $75,000 and couples making more than $150,000. Again see the linked articles for more detail on the thresholds and qualifications.

      - Working Tax credit of up to $400 for individuals, $800 for couples for 2009 and 2010. Figure your individual credit by taking 6.2% of your earned income. Note that your employer can adjust your withholdings so that the credit is returned to you over the year instead of all at once.

      People who are self-employed can adjust their quarterly tax filings to account for the credit.

      Most people will see this tax credit in the form of a $13 ***p in weekly paychecks starting in June, and dropping to about $7.70 a week for the duration of 2010 (according to AP). If you also qualify for the social security payment of $250, you will have to deduct that amount if claiming this credit as well.

      - Auto Assistance Ownership : If you buy a new car, light truck, recreational vehicle or motorcycle in 2009, you'll be able to deduct the state and local taxes you paid on it (but not interest on the auto loan as proposed in the earlier bill). It is applicable to any new car less than $49,500 purchased after the stimulus bill is signed into law - Feb 16, 2009 to December 31 2009. See the detailed article for how this tax deduction is figured.

      - First time home buyers who buy before December 1 2009 will receive a refundable new home buyer tax credit of 10% of the purchase price of the home up to $8000. The credit doesn't have to be repaid, but you do have to keep the home for at least 3 years. The existing home buyer $7500 credit still applies to buyers who bought in 2008 and the IRS has to still rule whether the original credit has to be repaid (currently it does, interest free over 15 years).

      - To help existing home owners, there is a tax credit available if you add energy-efficient air conditioners, heat pumps or furnaces. The credit also can be used by homeowners to replace leaky windows or put more insulation into the attic. The tax credit can be used to cover 30% of the costs, up to $1500.

      - The $1000 child tax credit will be extended to more families, and if you're a poor family with three or more kids, you'll get an expanded Earned Income Tax Credit.

      - In 2009 a number of retirees and disabled people, including Social Security recipients, will receive a $250 refundable tax credit. The money would arrive within 120 days of the bill’s signing and does not have to be repaid.

      - The Higher Education Tax Credit will refund "up to $2,500 of the cost of college tuition and other related expenses in 2009 and 2010. You'll need to spend at least $4,000 in a single year to get the full credit. You can use withdrawals from a 529 college savings plan to cover computers and related technology and services for the first time in 2009 and 2010.
      - Increase Food Stamp Benefits by over 13% to help offset rising food costs for more than 31 million Americans, half of whom are children.

      The stimulus bill also contains a number of measures to assist the unemployed:

      - No tax on the first $2400 of unemployment you receive in 2009. If you're drawing unemployment, expect to see $25 more per check, and the duration of the benefits has been extended. <span class="ev_code_RED">IT SHOULD BE ZERO !!</span>

      - The government will subsidize up to 65% of your premium for COBRA coverage if you lost your job after Sep 1st, 2008. If you declined Cobra, you'll have 60 days to reconsider.

      The above tax cuts make up about 35% of the $789 billion economic stimulus package, with the remaining 65% directed towards spending on infrastructure and other initiatives designed to stimulate the economy. You can see a breakdown of the entire stimulus package here.

      If you have any more questions on the stimulus package and the tax breaks, check out some of the previous posts or leave a comment here or on the related post and I will endeavor to get you an answer based on the information that is currently available. I encourage you to subscribe (free) via Email or RSS to get the latest articles


      • #18
        <BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">This sounds like a great plan! Obama should consider adding this 'concerned citizen' as a member in his administration! More sound than some of the others he chose. </div></BLOCKQUOTE>

        A concerned citizen with a PHD in economics? Oh no. that would not be acceptable We need qualified people like Charles rangel, nancy Pelosi, and Chris dodd, and Barney Frank and of course Buffet who is void of any conflict of interest and Getmore..oops I mean boy wonder Geitner.

        God forbid we have any real solutions with an agenda for the american peoples.


        • #19
          I think this person has it right!

          <BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content"> I think there's a lot more reason why it WONT work.

          Not directed at the poster, but at the author of the idea. Editorializing is fun for me. So hold on.

          1. You signed the papers, you deal with it. Just because you cant or won't read the contract does not make it MY problem. Reading is fundamental. Don't understand it? Hire an attorney, you should have one anyway. Can't afford an attorney, you probably shouldnt be buying a house.

          2. It is rewarding bad behavior, since when has that been a good idea. see above. Gues what, you're grownups. You screwed up, now you deal with it. That's life. If you'd learned that when you were younger this wouldnt be a problem. Reward it, and you encourage it. Think this is bad, just wait if this idea happened. Hahaha!

          3. The people having problems are not the ones who I'd say are financially qualified. This solves nothing. But yay for a pipe dream!

          4. This reeks of socialism. Yay! Like we dont have enough of it already.

          5. I don't know where people got the idea that they deserve to live in a home. Guess what, you don't. You earn a home. By making smart fiscal decisions. And if you do buy one, buy one you can afford **** it!

          6."Will let everone spend more" Wow! This guy is really bad at economics. Spending more is exactly what got us into this problem. So, yeah, for now they can afford to pay their mortgage, until they've pissed away all their other money they've gotten for this windfall of their "payment surplus" on credit card debt and car payments, vacations, and god know what else. "Hey I can refi and have more money, lower payment and money in the bank, spend, spend, spend. Uh, oh, what happened?"

          7. Interest rate is too low. Not even at the rate of inflation. Guess what, this means it will cost money to lend. Hey, I've got a wheelbarrow full of hundreds I want to burn just for fun! Talk about a dumb business practice.

          8. The hell this won't increase the deficit. Just where is all the money going to come from? Yeah, its a loan, in THEORY, but until thats paid back, you have no money in your account.

          9. **** right lenders will be taking losses, thats the freaking problem. Why throw money at a swirling vortex. And losses are what froze the credit markets. Guess what, there's still credit out there for joe average, but the qualifications are more in line with where they should be. Can't get a loan? Save more money, spend less. Try again.

          10. Has the government ever not screwed up a plan where money was involved. And this would be trillions.

          11. We have a popluation of 300 million for arguments sake. Lets say just 10% qualify for this plan and will take advantage of it. 30 million people. Multiply by 500,000. That comes to 15,000,000,000,000. 15 TRILLION DOLLARS. ARE YOU INSANE? OUR GDP IS ONLY 14 TRILLION!!!! Not to mention those dollars come from somewhere, more dollars in the economy, means higher prices. Hello Weimar Republic! Just how many generations do you want to saddle with debt to a foreign country so you can live in a home that will MAYBE last a generation and a half.

          12. This would artificially inflate the housing bubble. AGAIN. Wait, why's that a problem? I've been living under a rock. Come on!

          13. You're going to have A LOT of pissed off people who bought something they could actually afford. Yeah, thats a good plan. Piss off the responsible ones who have jobs, vote, and pay taxes. Oh, and still have money.

          14. REAP WHAT YOU SOW.

          15. I could go on. and on, and on. But.... </div></BLOCKQUOTE>

          "Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence." John Adams on Defense of the boston Massacre


          • #20
            <BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by davdah:
            Offering everyone a 1.5% mortgage would in very short order wreck the economy. Gotta go along with that other message board on this one.

            It must be getting bad here. Having to borrow ideas from a competing site. C'mon people. Start thinking. This is starting to resemble a Democratic congress. </div></BLOCKQUOTE>


            The idea of this thread is to report what is out there pro and con to be available for review.

            I believe that is what the author of that article was attempting to do. At least it is a plan. It just needs to be refined by more people to get their thinking caps on. Not these people in washington who have outside interests.

            In order for this plan to work, the houses would have to be put at the realistic price that they should be. price cannot remain at the over inflated price that the house brings now. It needs to go back to basic true price attached to the mortgate prior to the scam line your pockets.

            Yes it needs to be across the board bailout even for those that do not need it. Do not reward bad behaviour, but if you are giving out rewards anyway and to bad guys,, make sure that you cover everybody then.

            the economy is already wrecked. The provisions have to be made that will fix it. Not just criticize, but expand on ideas that are being put out there to help stop the bleeding.

            Remember, this economy is still stuck with service industry wages which cannot support buying a house at the prices that they are now.


            • #21
              I tend to agree it wouldn't be a good idea. But it is an idea unlike the Party of No ideas...wait, what ideas? LOL
              "What you see in the photograph isn't what you saw at the time. The real skill of photography is organized visual lying."


              • #22
                <span class="ev_code_RED">Coming soon to a usa city near you . Just imagine Timmy in a closet... lol </span>
                Yea right. americans don't know how to stand up 4themselves anymore

                Striking French workers release 3M boss

                Published: 3/26/09, 10:06 AM EDT
                By EMMA VANDORE

                PARIS (AP) - French workers released a manager of U.S. manufacturer 3M who had been held hostage for two days in a labor dispute over layoffs, the company said Thursday. Yet rising French unemployment and public outrage at employers and executives with high bonuses remained unabated.

                A new poll indicated that French worker frustration remains high, with a majority of respondents predicting more violent incidents in response to the economic crisis. The hostage-taking was one of many recent efforts by French workers to protest the downturn.

                In response to public pressure, the French government is preparing a decree that could ban stock options and bonuses at companies that receive state bailout money.

                Workers at a 3M factory in Pithiviers, south of Paris, locked manager Luc Rousselet in an office Tuesday, demanding better severance packages for those laid off and better conditions for those who keep their jobs.

                After discussions Wednesday that ran into the night, Rousselet was released unharmed overnight, company spokeswoman Catherine Hamon said. Negotiations between workers and management over details of the layoff plan were to resume Thursday.
                The Maplewood, Minn.-based 3M has announced thousands of layoffs worldwide amid the economic downturn, including 110 of the 235 jobs at the Pithiviers factory.
                Anger has been growing markedly on both sides of the Atlantic over job cuts and high bonuses for executives whose companies were kept afloat with billions of euros (dollars) in taxpayers' money.

                In France, that outrage has led to kidnappings, marches and strikes - and efforts by French President Nicolas Sarkozy to deflect anger against his government's failure to ward off the job losses and economic hardship.

                Sarkozy's chief of staff Claude Gueant and officials in the ruling UMP party said Thursday the government will soon issue a decree setting guidelines for stock options and bonuses for executives at companies that receive state bailout money.
                Adding to the glum mood, the French government announced Tuesday that 80,000 people had been added to unemployment rolls in February.
                A poll published Wednesday showed that 64 percent of respondents predicted that the French would "revolt" against the crisis with more violent incidents. Some 58 percent blamed banks for the crisis, followed by political leaders.
                The poll by TNS-Sofres questioned 970 people by telephone March 17-18. No margin of error was given, though would be about plus or minus 3 percentage points for a poll of this size

                <span class="ev_code_RED">Stay tuned. More to come 4SURE</span>


                • #23
                  Thought I'd share this story of this former CEO who was earning more than $700K and now is working for around $7/hour.

                  Do all the good you can, in all the ways you can, as long as ever you can.

                  --John Wesley


                  • #24
                    Also shows the more you earn, the more you tend to spend. Fine when things are good, not so good when it all goes South. Of course, other unexpected events can happen too such as sudden large medical bills etc.
                    "What you see in the photograph isn't what you saw at the time. The real skill of photography is organized visual lying."


                    • #25
                      Seems like when times get tough, everything goes to hell. I hear you on the medical bills, Brittie. I hope you are doing better, btw.

                      So far, we've had both our dryer and refrigerator go. Now the furnace is acting up and I had to call an exterminator for an ant problem. It's like everyday, an unplanned expense arises. All the while, business is not getting any better.

                      I pray we all make it through this and come out stronger as a nation.


                      • #26
                        Financial experts say recession ends by year's end

                        Financial experts predict economic turnaround by year's end

                        David Pitt, AP Personal Finance Writer
                        Tuesday March 24, 2009, 5:48 pm EDT

                        A group of financial wizards looked into their crystal ball Tuesday and saw some good news.

                        The recession will ease by the end of this year and companies will begin adding workers, signaling the end of the worst economic downturn since the Great Depression.

                        It was the 64th day of the Obama administration and Chicago-based Dow Jones Indexes assembled a group of financial experts to assess the impact of government actions, whether they will work to stem the recession and what opportunities that might present investors.

                        The recession has affected every region of the country and nearly every sector of the economy, said Gus Faucher, director of macroeconomics at Moody's, which conducts independent research and provides economic forecasts.

                        "It's really unprecedented in the U.S. to have nearly the entire country in a recession simultaneously," he said.

                        The good news is there's an end in sight.

                        The economy will pull out of the recession at the end of this year, marking a duration of 24 months, about twice as long as the average post-World War II recession, Faucher said.

                        The unemployment rate is expected to peak at nearly 10 percent in the first half of 2010. Without the $787 billion government stimulus package, he estimated job losses would have continued into the second half of the year and peaked at about 12 percent.

                        "That would take what is now a severe recession and actually turn it into a deep depression," he said. "We think the fiscal stimulus package is vital in turning around attitudes toward the economy."

                        He said we are at or near a stock market bottom and stock prices should soon stabilize.

                        That certainly wasn't the case so far this week. The Dow Jones industrial average gained 498 points on Monday but dropped 115 points, or 1.5 percent, on Tuesday.

                        Home sales will turn around by midyear and home prices will begin recovering by the end of this year after bottoming out at 35 percent of their value from peak to trough. Home prices won't return to their values of a few years ago during the boom, but will recover from current lows, he said.

                        Banks will likely begin seeing improvement in capital as the government program to remove bad assets kicks in and the Federal Reserve provides more economic support. Faucher predicted major bank and financial services company failures will abate in the second half of this year and credit will begin to move again.

                        Those improvements and additional government spending will provide investors some opportunities in companies that own bridges, toll roads and utilities. It also will drive growth in areas of green energy production.

                        The stimulus package will spend $50 billion on roads, bridges, utilities and other infrastructure, said Craig Noble, portfolio manager, for Brookfield Redding LLC, a Chicago-based investment manager of global real estate and infrastructure securities.

                        He sees a potential sweet spot for investors in companies that own the assets that will benefit from the needed spending. He said the stimulus package is only a small portion of government spending on transportation and utilities. Congress must reauthorize this year a multiyear transportation bill that provides hundreds of billions of dollars in spending and sets priorities for the next five years or more.

                        "The infrastructure class currently offers a unique and compelling investment case with trillions needed to be spend across the globe in coming years," he said.

                        Stimulus packages rolled out in Canada, Europe, Australia, South America and China show the global nature of the infrastructure asset class, he said.

                        Obama administration polices that emphasize renewable energy such as wind power will also push billions of dollars into building electricity-carrying power lines and the towers to hold them. That construction is needed to carry wind power from expanding wind turbine farms in the Midwest to population centers in the Eastern United States.

                        Personal Finance Writer David Pitt reported from Des Moines, Iowa.

                        Do all the good you can, in all the ways you can, as long as ever you can.

                        --John Wesley


                        • #27
                          Shootings, murder-suicide raise broader question: Is violence linked to recession?

                          By Patrik Jonsson Patrik Jonsson – Mon Mar 30, 5:00 am ET
                          Atlanta – Four Oakland, Calif., police officers shot down. An Alabama man strolling a small town with a rifle, looking for victims. Seven elderly people shot dead at a North Carolina nursing home. And on Sunday, six people, including four kids, died in an apparent murder-suicide in an upscale neighborhood in Santa Clara, Calif.

                          The details in all these cases are still emerging. In most, the exact motive has yet to be determined – or may never be fully understood.

                          On a broader level, however, such incidents may be happening more often because an increasing number of Americans feel desperate pressure from job losses and other economic hardship, criminologists say.

                          "Most of these mass killings are precipitated by some catastrophic loss, and when the economy goes south, there are simply more of these losses," says Jack Levin, a noted criminologist at Northeastern University in Boston.

                          Direct correlation between economic cycles and homicides is difficult to prove, cautions Shawn Bushway, a criminologist at the University at Albany in New York. But an economic downturn of this breadth and depth hasn't been seen since data began to be collected after World War II, he also points out. "This is not the average situation," Mr. Bushway says.

                          Still, criminologists do say that certain kinds of violent crimes have risen during specific economic downturns. The recession in the early 1990s "saw a dramatic increase in workplace violence committed by vengeful ex-workers who decided to come back and get even with their boss and their co-workers through the barrel of an AK-47," Mr. Levin says.

                          And in the midst of this downturn, one study released Monday in Florida finds a link between domestic violence and economic tragedies like job loss and foreclosures. The Sunshine State saw an almost 40 percent jump in demand for domestic-violence centers, an increase related to the state of the economy, the study says. George Sheldon, secretary of Florida's Department of Children and Families, calls the situation "the worst I've seen in years," according to the Associated Press.

                          The potential link between murder-suicides and the economy is an area of study for the Violence Policy Center in Washington. "We've been looking at this issue of whether there are more murder-suicides … [and] a pattern is starting to develop that may point in that direction," says Kristen Rand, legislative director at the center. "Between the Texas Tower shootings in the 1960s until the McDonald's massacre in 1984, it was extremely rare to see these types of mass shootings. Now we're seeing them much more often, and they do seem to happen in spurts."

                          To be sure, the gun-control debate is heating up, especially after the recent Alabama shootings where a man killed 11 people, including himself, using semiautomatic, military-style weapons. Gun-control advocates point to gun proliferation as a major cause for the loss of life, especially when families turn on themselves. That appears to be the case in the Santa Clara shootings.

                          "Studies have shown over and over again that a gun in the home is more likely to be used against a family member than an intruder," says Juliet Leftwich, senior counsel for Legal Community Against Violence in San Francisco.

                          But the root cause of the violence goes deeper than gun ownership, some argue. "Social isolation is a huge factor" in a country as large and transient as America, which places big emphasis on personal results, Levin says. "If you look at where many of these mass killings have occurred lately, they're in states that have lots of strangers, transients, and drifters, who don't have support systems to get them through tough times," he says.

                          In the incident in Oakland, which occurred March 21, a parolee shot two officers during a traffic stop, then shot two others during an ensuing manhunt. The parolee also died. It was the biggest single-day, gun-related loss of life for law enforcement in the US since 1993.

                          The shootings at the nursing home occurred Sunday. Chris McKenzie, police chief in Carthage, N.C., said the gunman, who was killed, may have targeted the home because his estranged wife works there.

                          Do all the good you can, in all the ways you can, as long as ever you can.

                          --John Wesley


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