View Full Version : I have changed my mind.. i do want obama to try this

12-18-2010, 04:14 PM

When i first started reading this i thought oh god another idiot that does not have one drop of understanding about economics and capitalism. This is still true. Then i thought you know i agree with him
i wish Obama would do this and make a grand announcment that he is going to do this.

I think it would finally destroy his presidentcy and the idiots that still think he is anything but a socialist and a stupid idiot will finally get the truth about him.

So i agree with Mike LOX obama should announce this plan TODAY.......... The hell with aggreements, contracts and business conduct. The hell with all that.... of course Mr. LOX (the total idiot) does not realize that this would put an end to all commerce and the United States would basically go into a complete downturn. But then Obama can claim that his presidentcy was the one that finally destroyed the united states forever... and isn't that what obama and his followers really want

wrote about the broad economic strategy of forcing the banks to write down mortgages on Tuesday, but this report does a great job of laying out the numbers in stark detail. Bank robber Wee Willie Sutton famously said that the reason he robbed banks was because that was where the money was, and if we are looking to get our economy moving again, we should be looking to get the money to do it where the money is. Right now, more than ever, the Big Banks are where the money is concentrated. The most important fact by far in Big Banks Bonus Bonanza is this one: Right now, 11,000,000 American homeowners owe $766 billion more on their mortgages than their homes are worth, but if the banks were to write down those mortgage principals to market value and refinance them into 30-year, fixed-rate loans, you would get $73 billion pumped directly back into the economy -- every year for the next 30 years.

Now unlike extending tax cuts for the rich or reducing the estate tax, which tends to be saved and invested in long term bonds, this money would go directly into stimulating the economy and creating jobs. Think about who those 11,000,000 underwater homeowners are: They are almost entirely middle- and working-class families who have spent the last couple of years sweating bullets to save their main life investment after its value plummeted by 20 percent, 30 percent, or more. They haven't been spending money on new products, they haven't been taking any vacation trips with their families, if they own a little mom-and-pop business they sure haven't been taking any risks to expand it: They have just been desperately scrimping and saving and trying to hang on by the skin of their teeth. But if their mortgage is reduced to what their house is actually worth in today's market, that means their overall financial situation is far more stabilized, and it means their monthly mortgage payment will go down as well.