Bailout Bill Passes, President Signs It...

[janetupnorth]

I haven't read ANY details of the new plan yet, but it passed...it'll be an interesting ride...

 

[JAE]

I haven't heard anything today either. I was doing my part to stimulate the economy at the mall. I actually didn't buy anything except soup at Panera.

I wonder what Dave Ramsey is saying about this version. I was listening to Michael Medved last night and he was for it. Then I heard Janet Parshall and she was not for it. (I was watching my son's soccer game from the car and listening to a half hour of each.)

 

[twinkie10]

Below is what he has sent out to his subscribers. He encouraged us to send this to our Senators and Representatives!



The 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 threestep
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.

 

[JAE]

If you aren't happy about this whole bailout thing and want some accountibility then go to this page and change the zip code to e-mail your representative and senators.

http://capwiz.com/afanet/issues/alert/?alertid=12030681

 

[The_Kitchen_Guy]

I think the Dow Average today speaks pretty clearly of how Americans see the bailout.

 

[Kitchen Diva]

I think the Dow Average today speaks pretty clearly of how Americans see the bailout.

Yes it does... and I thought that the stock market would PLUMET and we'd have an instant Great Depression if we didn't pass the handout bill.

The US is going to hell in a handout and the governement is at the wheel...

 

[JAE]

Dear Concerned Taxpayer,

I hope you saw Sen. John McCain call on Americans to visit our website during all three presidential debates.

It is further evidence of the preeminent role that, thanks to your support, we are playing in the national public policy debate.

But more than that, it has placed a special burden on us.

We have become THE SOURCE for bipartisan, independent information on the tax and spending records of both Sen. McCain and Sen. Barack Obama.

National news outlets like ABC News, The Wall Street Journal, and USA Today and -- perhaps even more importantly -- countless local newspapers, talk radio broadcasts, reporters, columnists, and commentators are citing our earmark statistics and vote ratings for the two presidential candidates.

Relying on our information, they are broadcasting how Sen. McCain has never requested a single special-interest, pork-barrel earmark in his 25 years in Congress, while Sen. Obama has requested $740 million in earmarks in just three years.

They are also contrasting Sen. McCain’s status as a “Taxpayer Hero” with a CCAGW Lifetime Vote Rating of 88 percent with Sen. Obama’s Lifetime Rating of just 18 percent when it comes to cutting spending and voting to reduce taxes.

By letting millions of Americans know where the two presidential candidates stand on spending and taxes, we are sending a powerful message to all the politicians in Washington in favor of a smaller, more efficient, less costly government. We are also putting tremendous lobbying pressure on the candidates to commit now to cut spending immediately upon taking the oath of office.

But to be frank, as we enter the final weeks of this election season, we are running short of funds to devote to this effort. To keep pushing out the press kits, news releases, and fact sheets and continue responding to the non-stop demands for our CCAGW Experts’ insights and commentary will require a cash injection of at least $10,000 in the next few days.

That is why with less than three weeks to go until the presidential election, I urgently need to ask you as never before to make a special contribution to CCAGW.

If we are going to continue to provide this vital information, keep up the drumbeat for lower spending and taxes to enhance our lobbying efforts, and capitalize on our outstanding success to date in contrasting the voting records and proposals of Sens. McCain and Obama, I urgently need you to make a contribution today.

If you can contribute $25, $35, $50 or even as much as $100, it will provide a tremendous boost to all of our efforts.

Time is short. I hope I can count on you.



Sincerely,

Thomas A. Schatz
President

P.S. The U.S. Treasury Department has just reported that the federal deficit hit an all-time record of $454 billion in the fiscal year that ended on September 30. With the new financial burdens the federal government is assuming in order to bail out Wall Street, some economists are predicting that the deficit could reach a shocking $1 trillion over the next 12 months. That’s why it’s so important that Americans know where the presidential candidates stand on spending and taxes, so we can pressure them to take action on our waste-cutting recommendations immediately upon taking the oath of office. Please help us continue to get out the word in these final weeks before the elections. Support our nationwide media and lobbying drive with your largest possible contribution today!



***
The Council for Citizens Against Government Waste (CCAGW) is the lobbying arm of Citizens Against Government Waste (CAGW), the nation's largest taxpayer watchdog organization with more than one million members and supporters nationwide. CCAGW is a nonpartisan, nonprofit organization that lobbies for legislation to eliminate waste, fraud, abuse, and mismanagement in government. For more information about CCAGW, visit Citizens Against Government Waste: Commentary. Help CCAGW wage this media and lobbying campaign to ensure Americans know where the presidential candidates stand on spending and taxes by making a contribution today

 

[Kitchen Diva]

JAE, thanks for posting this...

 

[JAE]

It's quite encouraging, isn't it? I can't believe it's another place asking for money, though.

We just sent the biggest amount of money that we've ever sent to any political campaign to McCain today. I don't say this so I can look good, but I say it because I want everyone to consider giving to the campaign of their choice if you are really sure and passionate about it. We already gave $25 once, but we felt very compelled to give again.

Actually, I've been feeling compelled for a few weeks, and I sent dh an e-mail at work asking if we could swing it again. He sent back an amount, and I was floored. Again, not saying it to get pats on the back. I just want everyone to dig deep and send what they can, even if it is to the campaigns that I am fighting against. Where we spend our money shows what we value. (Not a guilt trip. Just give if you can swing it, but not if you can't. No guilt if you can't.)