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How To Spend $700 Billion
November 13, 2008 2:01 PM
While Treasury shifts away from "Troubled Asset" relief with its $700 billion rescue fund, financial writers are coming up with their own ideas. Perhaps most intriguing is this one, floated by Interactive Brokers Group CEO Thomas Peterffy:
The U.S. government would pay the first $250 of every primary mortgage, each month, for every American mortgage holder, for five years. That's it. No other relief, rescue, bailout -- whatever you call it -- for anyone else. The benefits of this, argues Mr. Peterffy: simplicity; fairness; it would deal with the root causes of the current crisis; and the payments would provide incentive for mortgage holders to make their monthly payments, not to mention a helping hand.
What do you think? Got a better plan? Here's Peterffy's plan.
November 13, 2008 in Economy | Permalink | Share | User Comments (8)
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And those people who rent or lease get...a finger in their eye?
Posted by: doug | Nov 13, 2008 2:15:48 PM
LOVE IT! SIGN ME UP!
Posted by: Steve from NH | Nov 13, 2008 2:18:56 PM
Why doesn't the US Government give every man, woman and child living legally in the country $1,000,000? I am sure that most people would pay down their mortgages and credit cards if they were in financial distress. For those who were not in distress, they would receive a bonus for managing their finances well. Let's say 350 million people qualify, that's still less expensive than the $700 Billion bailout for the banks and brokerage firms.
Posted by: Chris from Chicago | Nov 13, 2008 2:30:42 PM
$250 is not much when you consider the average monthly payment is around $1600.00. I think there would still be a lot of homes going into foreclosure at that amount. If we did something like this to stop the flow of foreclosed homes the amount would have to be approx $700 per month.
Posted by: chuck | Nov 13, 2008 2:30:43 PM
I'd rather get the $15000 lump sum.
Posted by: hang | Nov 13, 2008 2:32:42 PM
Democrats won't go for it. They will want to index peoples incomes first to see who should "really" get this money.
I think this money should all go to the people who are going to have to "pay" for these bailouts. And since 40% of the American workers do not pay federal income taxes, then I say they should not get any relief!
Posted by: Bob | Nov 13, 2008 2:37:00 PM
What about those people who have stuggled gave up the entertainment items, food and doing anything else not needed just to exist to keep their mortage up to date and still struggling to get by because of the hard times of high gas and insanity right now.
I think that plan would be a vast waste of money, and an entitlement program doing the same thing enabling people who are living beyond their means.
If you can not pay The mortage, You should of never purchased the house.
Sure a few got laid off from their jobs, they are the ones who should be helped.
Not the fools who just want a house they can not afford in the first place.After the hand out will lose their homes anythow.
Wasted money again.
Are our Public Officals thinking with what they sit on again?
Helping some, screwing others.
Finding a new way to through away money.
Isn't that how public Assistance and Metro housing is done.
Posted by: seah | Nov 13, 2008 3:09:19 PM
Great idea - folks this will work and its cheaper than giving hundreds of billions to compaines that don't care about their workers anyway. " Why doesn't the US Government give every man, woman and child living legally in the country $1,000,000? " start sending this to your congress man/women. every person in america would pay their mortages, buy cars, buy xmas gifts. this would primp the spending pump for sure.
Posted by: tlg | Nov 13, 2008 3:13:27 PM
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