BF2S Forums Michael Moore's Bailout Plan

Dave Ramsey wrote:

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 estate 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,
tostand up, speak out, and fix this mess.

Beduin wrote:

Where is the source?

GorillaTicTacs wrote:

Reminds me of another funny story I read today...

http://www.washingtonpost.com/wp-dyn/co … tml?sub=AR

Poor Kathleen Parker, long-time hate and smear artist working for the right wing, suddenly discovers who the real assholes are.  Its like someone told her there really isn't a Santa Claus.

Kathleen Parker wrote:

If BS were currency, Palin could bail out Wall Street herself.

FEOS wrote:

Mikey forgot to include a provision for prosecuting any politicians who knowingly contributed to this. That would clear out much of the House and Senate.

Flaming_Maniac wrote:

topal63 wrote:

Flaming_Maniac wrote:

The pro baseball player with a .350 batting average struck out...so let's call in my cousin in little league to get us a hit.

The pro baseball player struck out, broke his arm, and let go of the bat. It hit the pitcher in the face. They're both in the hospital now. The two teams went at each other and someone in the stands pulled out a sniper riffle and started shooting random players and fans. The people ran out of the stadium trampling and killing hundreds of people; and someone claimed they saw a bunch of Muslims! Baseball attendance over the next months fell by 80% and... what are we talking about again? Oh yeah... you're being cute or whatnot. Whatever.

And the pro baseball player can still hit better than my cousin in little league.

Last edited by topal63 (2008-10-02 07:56:42)

Last edited by Braddock (2008-10-03 07:08:12)

GorillaTicTacs wrote:

Instead, they get high-ranking staff positions in the Bush administration if they get caught scamming...look at Thomas White, cooked the shit out of Enron's books, bankrupted California manipulating the energy markets, then jumped straight to Secretary of the Army.  Its surreal.