Craziest Idea/Response to Rescue Plan You've Heard

#1
volinbham

volinbham

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#1
I'll start. On the Dave Ramsey show tonight a caller suggested:

The government gives every homeowner up to $200,000 towards their mortgage. If you only owe $125,000 that's all you get. Plus you have to be a U.S. citizen of course.

To pay for it, we raise taxes. :crazy:

Worse, Ramsey said it made as much sense as going $700 billion in debt.

This is what we are dealing with people.
 
#2
#2
volinbham said:
I'll start. On the Dave Ramsey show tonight a caller suggested:

The government gives every homeowner up to $200,000 towards their mortgage. If you only owe $125,000 that's all you get. Plus you have to be a U.S. citizen of course.

To pay for it, we raise taxes. :crazy:

Worse, Ramsey said it made as much sense as going $700 billion in debt.

This is what we are dealing with people.
Click to expand...

That is what I have heard.....

I am all for it!

:)
 
#4
#4
Awesome idea. Tax people and then give people money, that always works. They use that money machine in DC that turns 1 dollar into 2 dollars.
 
#9
#9
I thought Jim Cramers comments on the street that this will lead to a great depression was pretty irresponsible and irrational. A bill is going to get passed.
 
#10
#10
volinbham said:
I'll start. On the Dave Ramsey show tonight a caller suggested:

The government gives every homeowner up to $200,000 towards their mortgage. If you only owe $125,000 that's all you get. Plus you have to be a U.S. citizen of course.

To pay for it, we raise taxes. :crazy:

Worse, Ramsey said it made as much sense as going $700 billion in debt.

This is what we are dealing with people.
Click to expand...

Dave Ramsey's solution to all the world's problems is stop spending money, be frugal.

I'll take Warren Buffet's opinion on the bailout over Dave Ramsey's.
 
#11
#11
I like Newt's plan, eliminate all capital gains taxes and fix something called "mark(et) to market lending"

and any plan should include the complete destruction of the subprime lending schemes.
 
#13
#13
MG1968 said:
I like Newt's plan, eliminate all capital gains taxes and fix something called "mark(et) to market lending"

and any plan should include the complete destruction of the subprime lending schemes.
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can't completely wipe out subprime lending because it includes huge swaths of good loans, but you can do away with pick a payment style notes and liar loans. Additionally, gov't assistance payments should not qualify as income for determination of debt to income ratios.

Mark to market lending is what kills lender capital ratios for sure, but if they don't have it, how does the FDIC determine the solvency of a bank.

Maybe we revisit the capital ratios and what we consider capital for lenders and insurers, but what we have is a pretty strong system. Marking to market forces quarterly evaluation of portfolio value.

I'm not sure I understand the elimination of all cap gains taxes. Did he have strong reasons, as that would be a huge lick to gov't receipts. Maybe he's advocating that all cap gains income be ordinary income?
 
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#14
#14
oklavol said:
Dave Ramsey's solution to all the world's problems is stop spending money, be frugal.

I'll take Warren Buffet's opinion on the bailout over Dave Ramsey's.
Click to expand...

I'm not a fan of his but you have his message wrong. His solution is to save money, pay cash and don't use credit, live on less than you make!

Sounds like some advice our government could use doesn't it?
 
#15
#15
It sure does, how about these wall street wizards and all the combined CEO's as well as the boards of directors show us how sorry they are for being greedy and mismanaging and donate their entire salarys for a year. That would start impressing me.
 
#16
#16
Yeah, that idea sounds fantastic for those of us that don't have a mortgage, and pay rent instead. :wacko:
 
#17
#17
I think I'm just gonna take my money out of all banks / financial institutions and go home.

I'll do my part to start 1930 all over again.
 
#24
#24
rwemyss said:
Yeah, that idea sounds fantastic for those of us that don't have a mortgage, and pay rent instead. :wacko:
Click to expand...

Everyone needs credit to buy a home. It is perhaps the only purchase that cannot be made without credit, it goes without saying.
 
#25
#25
KB5252 said:
Everyone needs credit to buy a home. It is perhaps the only purchase that cannot be made without credit, it goes without saying.
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I agree, but the quote by the OP only spoke of people currently holding mortgages. You would be giving away $250,000 to people who have mortgages, and those of us who rent would eventually pay that with our taxes... we would see nothing.

I want to become a homeowner in the next year or so, but being fiscally responsible I did NOT take that plunge earlier this year knowing that I could not afford it. I have other loans I would like to pay off first, and build up some decent cash for a down payment.

Why offer $250k to the people who jumped into a home beyond their means, and leave me, who is trying to be responsible, with nothing?
 
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