Since they generally take so long to plan, etc., give some of the money to states/cities that already have the plans for projects and get started immediately.This will get people back to work quicker, help with roads, etc. and help the states and cities.
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instead of foreclosure, provide a 2nd or 3rd mortgaqe that pays off some amount of existing mortages (enough so the remaining amount can be paid by owners) and that has only a lump sum payment at the end of a 15 year period
This allows owners to stay in house, pay mortgages, and does not reward them for bad decisions; in 15 years the value of the house will almost surely cover all the mortages and pay the government back, with interest
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Being a fortunate German who benefited of The US help after WW2 I had the possibility to live and work for approx. 7 years in the US. The following actions would help the economic recovery:
1. start producing and exporting (e.g. take a Ford Mustang, which is admired very much in Europe, export this car to Germany without engine and transmission, build in a european 4 cyl turbo Ford engine off the shelf and you will sell). This is valid for many american products.
2. Increase the marketing for american brands (IBM, GM, Johnson&Johnsen, Jeans etc.)
3. Finance homes the old fashioned way: purchase price+cost= 100%; mortage of 80% and equity of 20%; themonthly payments (mortgage + real estate taxes) should not exceed 40% of the monthly income
4. increase tourist attractions, shopping tours etc.
5. make immigration more easy, actually someone who can support himself based on own money has to overcome too many hurdles
6. increase solar energy (Florida, Texas, Arizone, New Mexico, California etc.) and Wind Energy; Germany seems to be leading in that field
7. rely more on europeans, they are true friends to the US, may be we donot seem sweet as other continents, but we know who helped us in difficult times
A country which helped others so many times will have a bright future having uhderstood that wealth comes only having worked and not speculated on Wall Street.
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If a future economic stimulus package includes tax credits, one time payments, tax rebates or anything similar, it would be much more beneficial to the economy, if instead they be given in a form similar to the ATM-like cards given to food stamp recipients. Using that method people could not merely stash the money into their savings. Instead they would have no choice but to spend it anywhere for goods or services, but not savings, which would help get our economy moving again.
Such benefits also need to have a “use it or lose it” deadline to accelerate the rate of spending of any stimulus benefit given.
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Mr. Obama,
If there was one thing you could do to instill some belief in the system would be to go after the individuals who tried so hard and succeeded in repealing the Glass Steagall Act so they could lever up their lending to unsafe and fraudulent levels. Main Streets pain is the direct result of out of control greedy bankers. Hopefully you will go after these types and strip them of their ill gotten gains at the very least and at best place them in jail.
Many people are wiped out on account of this fraud. Additionally, the same people are bailing themselves out with taxpayer money. The fox guarding the hen house i.e. Hank Paulson
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Interest rates on All MORTGAGES regardless of size should be reduced to 4.5% immediately: no modifications, no refinances, no requalifying, just change the rates on the lenders computers — plain and simple!!! Just do it! Everyone will have more cash to buy food, clothing, cars etc. on an ongoing basis!! Stimulate the economy by giving everyone a break! Not just Wall street! Those who have already lost their homes because of “trickster adjustable mortgages” should get a clean slate. If they are working and can pay a low rate FIXED mortgage, let them, do not penalize them by making it impossible ever to buy a home again. Do it now! Call it the Lenders Holiday Solution! Do it! Now!
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A National plea by President elect Barak Obama asking Americans that can, or will, to immediately, voluntarily, send in money to the U.S. Government to an address that he designates. An enhancement, might be somthing like, for every $1,000 contributed a tax credit for $1500 will be granted over a period of ten or fifteen years. Hopefully, by then America will be in good financial shape again.
Something like the old World War two war bonds, or Civilian conservation Corps, might be established.
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I’ve read that the big banks are hoarding cash – upwards of $400 Billion. Most of that is money given to them by the Treasury so that they would start loaning again.
If this is true, let’s take $40 billion back and loan is to Ford, G-M, and Chrysler. They (Ford especially) make good cars – just look at the latest ratings from consumer reports!
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Do not provide bail out money to Chrysler. It is owned by a private equity firm who has money to support Chrysler if they really believed that they could get a return on their money. They would rather use the government money to help Chrysler and then sell Chrysler later to get a gain on their investment.
It is better to force Cerebus to sell off Chryler or merge with another car company.
With Chrysler gone, more cars will be brought from GM and Ford increasing the liklihood of their future return to profitability.
GM and Ford are public companies and do not have a parent company that could supply them with funds to continue to operate.
Conclusion: no bail out money for Chrysler and bail out GM and Ford.
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