Bail Out Fix: A Plan That Could Work And Work Big

You have a good plan here. I think it can work. Without saying it you said those with make all the rules for those of us without. I like your credit system. Right now just a score is unfair. Personally my score sucks, due to uncontrollable circumstances, but I make a decent living.

It seems you see the over all direction and how every class can participate and clear the REO rolls and get banks liquid quickly.

with about everything said.

Causes? Start looking at 1938, 1968, 1970, 1977, 1996, and 2003.

Solution? Pass the FairTax and repeal the 16th amendment. Also, include my stipulation. See moer at gumballs.

that you can disagree, but don't just levy a denial then not give a reason. And certainly don't' think New Deal era and LBJ mismanagement are peripherally to blame. Please share your reasons why you don't feel the plan wouldn't work?

I'm not a homeowner so how does this bailout help me ... but my money will be used... not fair

I am am not quite sure you understand the mechanics here. It helps you by doing three things:


1) Hitting the reset button on how credit is assessed. Making it more relevant to what actually fuels lending decisions in the first place and that is income over debt.

2)Because the Fed now has inventories of homes that have to be liquidated, you have the opportunity if your income/debt allow you to afford the payments acquire a home with virtually no qualification and do so under market value.

3) A mandatory write down on the perceived value of the home. Most if the softness in the market is because banks didn't have a correct sense of the homes real values, and economic issue with on accountability in the loan to actual value amount are nonexistent we ended up with more foam than latte on the cup. That is why we are where we are now.


My plan isn't a perfect fix but I'll tell you this, it is a far cry from OPM our old 80's friend who has resurfaced with a new face.