No “HOPE” for homeowners
Bailout News November 13th, 2008
It looks like the 300 billion housing bailout plan passed by Congress last July is not working.
Hope for Homeowners was launched Oct. 1 as part of the Housing and Economic Recovery Act signed into law on July 30,2008. Proponents used a Congressional Budget Office estimate of 400,000 homeowners that could be helped over three years. The latest projection was that 19,000 applications would be received in the first year.
Well I doubt we’re all going to have to worry about that $300 billion. Here’s the reality: In the last two weeks, FHA received exactly 69 applications to the H4H program. Since the start of the program, a little over a month ago, it has received 111. Now I’m no mathematician, but that doesn’t exactly extrapolate out to 400,000 over three years or even 19,000 over one year or even over a few months. In fact, HUD took the projections out of the release.
November 15th, 2008 at 3:16 am
The proposed economic bail-out plans are the biggest lies ever!
It only puts the money into the pockets of so very few, and then to get it into all sectors of the economy, is to have them loan it to you, with interest of course.
A fast (and short term) sure fire way to jump-start the whole economy might be as simple as this. That is, to put the cash into the system by giving each and every registered voter hundred thousand dollars, and let them spend it, any way they want! Most will bail themselves out of their own mortgage and debt issues, repairs or remodeling, some will invest it or pay off their college loans or even go to college, some will start a small business, others will buy themselves a new car, or two, and many will just spend it on things they need or stuff they don’t really need anyway. Either way, the assets will flow into and throughout the whole economy way faster.
Besides, it will cost less than the 700 billion that they are wanting, and Everybody will benefit from it anyway. Not just the bankers and loan sharks.
Other steps that could be taken.(long term).
Repeal NAFTA, and charge appropriate taxes to foreign entities on imported goods. Free trade, is not free.
Stop taxing lower and middle class to death, and make upper class pay all their fair share of taxes (no loop holes or tax brakes).
Charge extra taxes (and/or no loop holes and tax brakes) to companies that out source jobs to foreign countries.
And make big oil lower prices and/or pay all their taxes (no loop holes or brakes) on profits.
We have plenty of our own oil, lets use it, and not need be controlled by OPEC or foreign entities.
Invest in alternative energy and garage inventors. (There are some great ideas out there that are not getting any respect)
November 16th, 2008 at 4:56 pm
Don, check your math again. Giving everybody $100K would most definitely cost far more than $700B.
It would also spark a little thing called hyperinflation, which would severely punish savers and drive away all foreign investment. If you think things are bad now, wait until China stops buying our debt and instead floods the market with their massive dollar reserves. It is an incredibly bad idea.