Money Beat

just heard Congress woman Michele Bachmann say that there is a new group that has a few simple changes to the accounting rules that can REPLACE the need for a BAILOUT. But you need to call your Representative to get them to hold off their vote and meet with this group : (202) 224-3121

THE WHOLE ECONOMIC SYSTEM "SUCKS"
BECAUSE THE WALL STREET IS OUT OF
CONTROL FROM THE SEC.......
GO FIGURE...........
WITHOUT STRICT LAWS AND REGULATIONS
FROM U.S. CONGRESS THE 700 BILLION
DOLLAR PACKAGE WILL BE A TOAST FROM
THE WALL STREET "FAT CATS"

REMEMBER ME!!!!!!!!!!!!!!

The Congressional leaders and the White House ARE NOT LISTENING. Backing this bailout bill will be TOXIC to whomever does it. DO NOT back this bailout bill. The public will turn on you. I guarantee it...if you do. Let McCain make that mistake. Both sides of the aisle, cons, independents and libs out here on Main Street are united in their rage. They are going ballistic with anger against anyone who supports this bill. I’m seeing it in the blogs. This story is still below the radar screen but whoever doesn’t pick up on it SOON will wish they had seen this backlash coming. It is huge and growing. Both McCain and Obama also will look bad to their constituents if they don't see this now and address it.

http://money.cnn.com/2008/09/26/news/economy/easton_backlash.fortune/index.htm

Fire everyone in congress and hire temps!

I think we should outsource government to India, or maybe Communist China. Hey, can communism be so bad if China's economy is rapidly growing into the biggest in the world?

It's incomprehensible to me, that the US relies so heavily on Wall street for our economic strength. We have shipped so many middle class jobs, and so much of our tech, manufacturing and industrial might, over to Asia, that we no longer produce anything in the US, and the middle class can no longer spend our way out of trouble. We need to end free trade, bring jobs back from Asia, rebuild out industry, manufacturing and tech and re-regulate.

HEY BETSY!!!!!ASK THE "FAT CATS" IN
WALL STREET TO RETURN THE MONEY THEY
GOT BACK TO THE HARD WORKING MAINSTREAM AMERICANS..........
NO FAIRNESS.....NO BAILOUT....

Hey everyone, sorry to have to go, but when it's time, it's time. Sure do feel bad about missing the Next Great Depression (NOT). Hang in there. In 10 years, some sorry sap will start a war and then it's all over anyway. In the meantime, my salad dressing is on sale this week, 25% off, so pick up your favorite flavor today. Oh, and don't forget your buddy Paul Newman.

Instead of trying to place the blame on this person and that person, the American people should carefully look at themselves and find some of the fault on ourselves. There is enough blame to go around. Instead of bemoaning our fate, let us all try to do our little bit to help one another. Try smiling more, saving more, helping someone else more, and more importantly let us remember Him who has allowed us to live each and everyday a GREAT DEAL MORE...

" Try smiling more" - ahahahahahahahahahahahaha yeah, that'll solve all our problems ahahahahahahahahahahahahah

I can't believe the outrageous behavior of congress. Of course, it's all about the next election. They've been putting themselves first, November election -can't take a risk that someone might not like my vote on the bailout, and leaving the nation to collapse. I'm voting all the politicians out this next election. Selfish idiots. Put Nation First!

Interesting language, Ms. Stark. Let us hope it is not another "magic bullet", as we probably would not be on this ledge if ABC and the other corporate media had exposed the first one for the transparent fraud it was.

http://michaelfury.wordpress.com/2008/09/10/jim-garrison-tells-it-like-it-still-is/

This came into my email from a friend.

I LIKE THIS KIND OF CREATIVE THINKING !!!!

I'm against the $85,000,000,000.00 bailout of AIG.

Instead, I'm in favor of giving $85,000,000,000 to America in a We Deserve It Dividend.

To make the math simple, let's assume there are 200,000,000 bonafide U.S. Citizens 18+.

Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up..

So divide 200 million adults 18+ into $85 billon that equals $425,000.00.

My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend.

Of course, it would NOT be tax free. So let's assume a tax rate of 30%.

Every individual 18+ has to pay $127,500.00 in taxes. That sends $25,500,000,000 right back to Uncle Sam.

But it means that every adult 18+ has $297,500.00 in their pocket. A husband and wife has $595,000.00.

What would you do with $297,500.00 to $595,000.00 in your family?

Pay off your mortgage – housing crisis solved.

Repay college loans – what a great boost to new grads

Put away money for college – it'll be there

Save in a bank – create money to loan to entrepreneurs.

Buy a new car – create jobs

Invest in the market – capital drives growth

Pay for your parent's medical insurance – health care improves Enable Deadbeat Dads to come clean – or else

Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces.

If we're going to re-distribute wealth let's really do it...instead of trickling out a puny $1000.00 ( "vote buy" ) economic incentive that is being proposed by one of our candidates for President.

If we're going to do an $85 billion bailout, let's bail out every adult U S Citizen 18+!

As for AIG – liquidate it. Sell off its parts.

Let American General go back to being American General. Sell off the real estate.

Let the private sector bargain hunters cut it up and clean it up.

Here's my rationale. We deserve it and AIG doesn't.

Sure it's a crazy idea that can "never work."

But can you imagine the Coast-To-Coast Block Party!

How do you spell Economic Boom?

I trust my fellow adult Americans to know how to use the $85 Billion We Deserve It Dividend more than I do the geniuses at AIG or in Washington DC.

And remember, The Birk plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.

Ahhh...I feel so much better getting that off my chest.

Kindest personal regards,

Birk

T. J. Birkenmeier, A Creative Guy & Citizen of the Republic

PS: Feel free to pass this along to your pals as it's good for a laugh

Love Birk's suggestion but Congress would say that is socialism because it is for all of us not the fat cats on Wall street. Oh well! It really was a nice day dream.

here is something that might work.
1. Restructure all the mortgages that could be failing in the next year. Do what the auto industry did when there cars were to expensive for the average american -extend the loans to a longer payoff period and keep the payments low. The banks will just have to wait a little longer to get full payment.

2 Mortgage back securities- stabalize the bonds by restructuring them the same way they will get paid just not quite so soon. A chance at payment is better than no payment.

3 Banks-investment firms- Government buys back just the severely bad loans bottom 1% . Government uses HUD ato sell these homes at a 30 year mortgage with 3/4 of a point off the prevailing mortgage rate. This will intice qualified buyers to buy these properties and have the government get back the money in a free market system quickly.

4. Tax at a 50% rate all of the executive compensation packages, stock sales and golden parachute packages that these executives recieved over the last two years as their companaies were
tanking. They put our financial system at risk and there is no way they did not know what was going down. They need to compensate the American people for their mistakes or greed.

We love our free markets- Let's make it work for us.

Why can't the government look into IRS files and find out who made the money from the poor mortgage lending practices and make them pay for the financial problems now, and not the american public?

NO BAILOUT FOR FRAUDSTREET.

please contact your senators tomorrow.

Here is a plan by Dave Ramsey, a man famous for getting thousands of ordinary Americans out of debt.

"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 three steps:

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 our, and fix this mess."

I urge everyone to stop Congress from passing their current bailout plan. Call now, before it is too late!!!!!!!!!!!

01 October 2008

3 Market, Mortgage and Vegas Rules

1. Winners take home all profits.
2. Losers take home all losses.
3. Gamble at your own risk.