Purple People Vote

Steve Forbes - Obama Stimulus Package is a Waste of Money

6 Responses

1. Stimulus Package « That Foot Guy’s Money Takes, on February 10th, 2009 at 12:06 pm Said:

   [...] Forbes, a man I respect, seems to think there are a lot of flaws in it. No Comments so far Leave a comment RSS feed for comments on this post. TrackBack URI [...]

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2. 

   thescoundrel, on February 12th, 2009 at 11:03 am Said:

   I do not pretend to know if this stimulus package will work or not. It is obvious by the dissension among financial experts that at best we are throwing darts at pretty balloons -with occasional hidden prizes inside- with this package. I feel that most of the effects of government intervention to improve an economy - are mostly smoke and mirror tactics designed to create pretty rainbows to chase while placating the angry mobs. The biggest complaint I have had from the beginning about the economic package is all the non-stimulus package contents.

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3. Phil Douglas, on February 15th, 2009 at 1:31 pm Said:

   Our elected officials have repeatedly prove their willingness to vote on bills they have not read. We can vote them out in their next election. The people of this country need “congress control”, a simple solution that would prevent scams like the “stimulus” package just passed. The solution would be to institute a waiting period before any votes are allowed. Require a bill to be submitted and then debated for a period of 30 days, and then authorize a recorded vote, requiring a super majority to pass any bill that spends one dollar of taxpayer’s money.

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4. 

   thescoundrel, on February 16th, 2009 at 1:40 am Said:

   We could vote them all out but we won’t. History shows that the same old tiresome politicians will tell the same old lies and can even commit crimes and their districts will still often continue to vote them back in office. It takes a whale of a controversy to vote out an incumbent, especially if he or she is bringing home the pork.

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5. David Cross, on February 21st, 2009 at 11:11 am Said:

   The 1% Solution will work!

   I believe there is a far simple solution to the banking crisis that will simultaneously save the banks, spur savings, spending and restore confidence to the American People. You can call it the 1% Solution.

   Many banks are stuck in good quality mortgage paper like mine selling at 60 cents on the dollar. They will stay stuck UNTIL they can be refinanced and paid off at 100 cents on the dollar. When those mortgages get paid off, the banks will get capital back for lending, pay off their TARP borrowings and more importantly, they will have WRITE UPS instead of write downs as they adjust their bond portfolios. In addition, the mortgage pools will devolve and the good bonds will separate from the bad bonds.

   The question is: “How do you get people to refinance their mortgages?”
   The answer: Buy down their rate by 1% if they refinance in the next 12 months and make the buy down effective for 5 years.

   With rates at 5.0%, you would see an avalanche of refinancing if people knew they could get 4.0% for 5 years. The refinancing would force the Mortgage Backed Bonds that banks hold to come due at 100% of face value. Bank would then have WRITE UPs on their assets, bank capital would replenish, savings would increase, economic activity would increase, and confidence would come back to the financial system and the American people.

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6. Free Mortgage Help, on November 15th, 2009 at 9:32 pm Said:

   I agcertain. I also cover the current mortgage climate nationwide.ree, I don’t know for sure that the mortgage stimulus will help or help out a great deal. The program has gotten a lot of critics talking about it’s effectiveness for helping homeowners.

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