The mortgage foreclosure moratorium, with vague terms such as "good-faith efforts" is just a way to steal from lenders and reward lawyers, who get to litigate what that means. It sets a precedent that will drive up mortgage rates towards the level of unsecured personal loans.
I am not confident that McCain or other Republicans will even try to make these points.
Where is the money going to come from? Hmmmmmm?
This was a no-brainer. Bush or McCain should have been promoting this idea two weeks ago.
McCain needs to spend the entire debate RIPPING INTO Obozo’s idiotic tax proposals.
They can make these points today, but tomorrow Hussein will be on to the next goal post he sets up.
Better to focus on the big picture.
The $3K for small businesses is nothing. Hire someone, lose them, get hit with the (Obama mandated incresed/lengthened) unemployment benies and watch your pool rise.
This man is an idiot.
A $3000 tax credit to hire new workers is a joke...it costs much more to hire a new employee than this. Business don’t decide how much they are going to save in taxes when hiring an employee. This is all smoke an mirrors in an election ploy. Few businesses if any are going to say “Hey I get a $3000 tax credit if I hire you....they hire if they need the worker—if they don’t need the worker they aren’t going to hire a new worker.
A very sneaky way of increasing tax revenues RIGHT NOW. While the tax penalty would be waved, the taxes owed on the ordinary income withdrawal would be taxed at the person's current tax rate instead of their (lower) tax rate in retirement.
Every “plan” that these nitwits come up with involve putting us deeper in debt. They are trying to put off dealing with this till after the election.
...give Americans penalty-free access to retirement savings to help them through the downturn.
Encouraging Americans to spend their nest eggs to keep houses they can’t afford is hardly the long-term solution.
Did McCain campaign trick Obama into announcing this garbage?
Senator Barack Obama on Monday expanded his economic platform, including proposals to spur new jobs, to give Americans penalty-free access to retirement savings to help them through the downturn, to urge a 90-day moratorium on home foreclosures and to lend money to strapped local and state governments.
lend money to the States and Local Governments???
Lend WHAT MONEY? The Federal Government is broke. The United States is over 10 TRILLION dollars in debt. It has NO MONEY So any lending that Obama suggests has to come from one source. AMERICAN CITIZEN TAXPAYERS. And as it always does the Government will not take enough from us at the beginning and will write checks that it can not cover thus growing America’ s debt to 12 Trillion 15 Trillion or more....
obama and his followers reminds me of 8 or 9 year old kids.
You know how they come up with all kinds of big ideas? Like building a space ship in the backyard. You know it’s impossible but their friends all think they can.
“Good Faith” is already in effect. My brother in law who works for Wells Fargo has said they have been doing this for years. Wells Fargo just wants it’s money, and if the buyer can only pay 80% of the payment, they will “deal” with the buyer. And if 15% of your IRA is only 10k, you don’t have much money. Leave it alone and draw unemployment
Until we get a system where if you don’t PAY taxes, you don’t get to vote, we will remain a hopelessly corrupt povertocracy where demagogues like the marxist bama will rule.
“I will give every non-millionaire American, ONE MILLION DOLLARS...”
They are seeing their poll numbers go down as the bottom is now very possibly in. McCain will do better now as economic hysteria subsides.
Here’s an idea - what about reducing gov’t SPENDING. cut programs that are not constitutional. In these trying times, people understand about tightening their belts - when is the the gov’t going to follow this example???
I would like to see the salaries for ALL Congressmen & Senators and their staffs frozen and possibly reduced.
This is a terrible idea. If there is one thing we need today as a nation and as individuals it is to encourage savings. We can’t keep spending and borrowing our way out of crisis.
WHAT money, Barack? Forcing banks to lend money to people who didn't have the income to pay back their mortgage LANDED us in this mess in the first place. As for "lending money" to "strapped local and state governments" through what? How will "strapped state and local governments" pay this "loan" BACK, Barack?? It's the same BS that gave us the subprime mortgage crisis TIMES A HUNDRED!