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z) The Democrats don't want the blame and be pined to the wall if "Bail out" doesn't have the desired affect and things start to really get ugly in the coming months in the markets if they by their majorities in both house pass it. The Democrats could with much arm twisting pass the package without Republican impute but don't want to be marked in history solely if things get really out of hand in markets.
Decrease interest rates to 4.50% on 30 year fixed loans. (Banks are doing this anyway on loan modifications.
Give buyers an incentive ($2500 tax credit) if they purchase and put 10% down - primary homes only.
Improve jumbo loan pricing (over $417K in most states).
Deadline: 1 year from now
Results: Inventory down, more real homeowners in primary homes that they can afford, etc.
But that's too easy, right?
Letting markets realize their true levels, clearing out the garbage and going from there - provided one maintains a healthy dose of optimism - is the ONLY viable solution.
There was a massive email, call, and letter campaign against the bailout. One of the Congressmen said (sorry, forget who) "my feedback is 50% no, 50% hell no!" This, along with protests in every major city, helped kill the bill. A lot of the organizing of this campaign happened on the internet, especially in the leading business and economics blogs. This is an election year, and with a recession coming on, even a Congressperson is worried about his/her job.
There was a massive email, call, and letter campaign against the bailout. One of the Congressmen said (sorry, forget who) "my feedback is 50% no, 50% hell no!" This, along with protests in every major city, helped kill the bill. A lot of the organizing of this campaign happened on the internet, especially in the leading business and economics blogs. This is an election year, and with a recession coming on, even a Congressperson is worried about his/her job.
Scone is correct.
According to the Washington Post today, "-- too many conservatives rejected the idea of a large, taxpayer-funded intervention, and too many moderates came from swing districts where constituents were up in arms over the bailout."
The administration of the past eight years - Bush and Company - are responsbile for this mess we are in. The cost of the Endless war is 900 billion do far. Bush inherited a blanced budget and a surplus from the Clinton Administration, both of which were shot to hell under this Admistration.
Congress and banks caused this mess by encouraging banks to give loas to low-income applicants, no-doc leans, flippers, ARMS, etc. The banks and Congress should never have encouraged and given these loans to these people in the first place since they were never going to pay them back. Fany and Freddy were run by Democrats like Franklin Rains and Jamie Gorelick who were Clinton appointees.
Fear works great for ths country whether it is for weapons that do not exist or CEO's who need protection.
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Bailout alternatives
