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The Comman Sense Fix as recommended by Dave Ramsey

Discussion in 'General Discussion' started by tuckerd1, Sep 30, 2008.

  1. tuckerd1

    tuckerd1 Well-Known Member

    Joined:
    Jun 12, 2001
    Messages:
    3,251
    Location:
    Paint Rock Valley, Alabama
    Read the attached PDF file or the text below or go to The Common Sense Fix and if you agree, contact your Congress men/women and tell them to vote no to the socialist bailout programs or you will vote no against them in the upcoming elections.

    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 state 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.​

    Attached Files:

    Last edited: Sep 30, 2008
  2. 22WRF

    22WRF Well-Known Member

    Joined:
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    Messages:
    4,579
    Location:
    Pea Ridge, FL
    I keep writing them but it doesn't seem to be getting thru to them :mad:
  3. USMC-03

    USMC-03 New Member

    Joined:
    Oct 17, 2007
    Messages:
    1,825
    Location:
    Peoples Republic of the Pacific Northwest
    Dave Ramsey is actually pretty sharp. I would also add the elimination inheritance taxes for all non-incorporated business, incorporated business with fewer than 5 shareholders and $5 million in assets and all agricultural land.

    Golden Parachutes don't bother me per say (CEO's have a shelf life similar to professional athletes) as long as it's tied to performance. But what really troubles me, at least in major corporations, is when the board of directors is also the CEO and other senior executives; there is a huge conflict of interest there. They can negotiate their own compensation with themselves, fix the books, loot the company, sell off their stock and run with huge severance packages. I would just require that when a corporation is of a certain size or larger, the board members may not also be employees and let the shareholders determine compensation based on performance.
  4. CampingJosh

    CampingJosh Moderator

    Joined:
    Sep 25, 2007
    Messages:
    5,523
    Location:
    Indiana
    I called my rep (Dan Burton of Indiana), thanked him for voting against the bailout, and pointed out Dave Ramsey's fix to his office (I don't know that it will ever make it to him, but I hope so).
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