1) 4% 40-year fixed rate mortgages (that Jim Cramer is now promoting) for any homedebtor or homebuyer, one house per person, payment of up to 30% of income, minimum 5% down, direct lending from Fannie/Freddie with no mortgage broker commission allowed. Plus Jim Cramer's idea of refi's for any home in America down to current appraisal, with the short amount picked up government insured certificate with any sale proceeds in the future to be applied against the coupon
2) Pull US troops out of every nation on earth and close down every foreign military base by 2015
3) Eliminate market to market accounting and restore the uptick rule
4) Ban SKF and all ultra-short stock ETFs
5) Nationalization of Citibank and Bank of America, which will then be used for direct lending by the government to solvent and credit-worthy businesses and individuals
6) Forced merger and pre-packaged bankruptcy of Ford, Chrysler and GM into one single private, non-union and debt-free national car company
7) $100,000 maximum IRA contribution ceiling for 2009 and 2010, with suspension of forced IRA withdrawals for 2009, 2010 and 2011
8) 0% cap gains tax 2009 and 2010 and accelerated 100% depreciation on all business asset purchases for 2009 and 2010, plus corporate income tax reduced to 10% going forward
9) $1 trillion five year green energy, infrastructure and transportation Manhattan project stimulus
10) Raise Social Security retirement age to 72 effective 2015, index to life expectancy data after that. Eliminate prescription drug benefit.
Oh, one more thing. Arrest Angelo Mozilo.
Posts
62 comments:
"Eliminate market to market accounting and restore the uptick rule"
Don't we want mark to market accounting, as opposed to mark to model? Also badly needed is the off balance sheet rule, FAS 140.
Keefer, you're on to something here..
So far the best plan i've seen.
PS. I really dont care if Orangezilo gets punished or not.
Instead of waseting energy looking backward,
Lets all start pushing this plan.
How bout we post this on all the other sites we visit, (with Keiths permision)
e-mail it to every politician once aday until all the MSM picks it up..
"4) Ban SKF and all ultra-short stock ETFs"
No.
Thank you Kieth for your time and effort; we have few voices of reason in America; yours is important.
My take:
1) As long as it doesn't slight renters etc. I can live with it.
2) Love this idea.
3) Uptick rule keep, "mark to market" is a fancy way of saying "tell the truth" it has to stay.
4) Can live with it.
5) Let regional banks do that, let the behemoths die as a lesson to posterity.
6) Like this idea a lot.
7) I don't know enough about his, perhaps you can expand
8) Eliminate the corporate tax, and the income tax, but institute a progressive consumption tax: ie if you're loaded your VAT is much higher than a lowly peon's VAT.
9) YES! Then follow up with robotics and AI, then follow up with space!
10) Like.
On Mozillo, if someone offed him would that qualify as a black swan? Kind of like Guy Fawkes?
And don't forget the Santelli Tea Party.
Hey, Snapper,
I agree, lets stop whining and begin proposing a solution
eliminate mark to reality? sorry, but no.
One More Thing:
Arrest the Entire Bushco-Cheneyburton Administration, ALL OF THEM, each and every last one:
1. Murder (4,000+ counts)
2. War Crimes
3. Fraud
4. Treason
5. Aiding and Abetting
a. the enemy
b. Halliburton
c. fill in the blank.
Murder is a capital punishment crime.
Plea Bargains accepted for Life in Prison without possibility of parole OR pardon.
Charge public admission to view them in prison like the apes at the Zoo.
You're Welcome.
if they raise social security to 72, they may as well not have it at all.
why should people have to pay ss taxes for something they won't likely get until around their death, given average lifespan?
"Happy Snapper said...
Instead of waseting energy looking backward,
Lets all start pushing this plan."
No Way.
Bush and Cheney MUST BE CHARGED.
Period.
I was with you up to Point #10.
I'm eligible in 2017.
I would have been eligible for S/S in 2016, but Bill Clinton raised the age in my year of birth from 65 to 66.
By the way, I'm self-employed and pay close to 16% in self-employment tax for S/S and Medicare.
It's not fair to keep changing the rules on people who've been working for a lifetime - to keep changing the goal post.
Let me add one:
– Make dividends tax-free; but increase the tax on profits earned from the mere purchase and sale of stocks. In short, make Wall Street about investing in companies based on their anticipated profitability rather than based on whether there might be some greater sucker down the pike upon whom you might dump your stock at an inflated price.
Happy Snapper..... I hope your whole neighborhood gets foreclosed on by Countrywerrilank of America.
The agenda is to attempt to bail-out the failing exec's and wallstreet cronies ... the rest of the nation can go down for all they care.
The only thing that will prevent further distruction in this county will be a revolt against the very government (who were paid to serve us) that is now enslaving he country with higher and higher taxes and fewer and fewer real work opportunities.
The stage is set, the actors are in place, and the show is getting ready to begin.
Got popcorn?
Here is a few problems:
Ford has not accepted any government money so you cannot force them into bankruptcy.
I don't like the idea of the government nationalizing banks period. I would rather endure a 10 year depression than see that occur.
and third...2015 is too long to close down military bases. It needs to occur tommorow.
Do I still get to retire at 64? I've been working since I was 14 y.o. and I'm 50 now and am having problems with my health, mainly back problems, from guess what, yes, WORKING!
If you make me go to 72 y.o., I don't think I'll make it, so I'll end-up on the street begging and being spit-on and having things thrown at me by the self-pitying younger generations needing to blame us, the older one's for all their woes.
I sorta figured somehow that the same smucks that actually do something productive in this society would, of course get the wrong end of the stick, again, and now, 'till death.
Oh, and sorry I didn't make a million dollars on my 401 or investment strategies, looks like a few other folks are going to be begging with me. Can you say, "Begging-Turf Wars"?
Or how about Suicides-R-Us super-stores, here to supply all you old folks with everything you need to make your suicide a pleasant and successful one!
Sorry, Keith, I don't buy your hodge-podge socialist manifesto solutions. All we need is to let the banks fail and apply the harsh reality of free market dynamics to clean out the trash. The problem is not free markets. The problem is government intervention, government spending and rampant fraud. Yes, it will be a painful adjustment but that is unavoidable. At least with a free market approach the recovery will be much faster.
Your prescriptions for more government intervention to nationalize banks and spend spend spend on green technology are a recipe for disaster and further squandering of taxpayer dollars by our corrupt and incompetent government lackies.
The only thing I agree with is the drastic reduction in the military and foreign excursions.
Unfortunately most people today do not understand what a free market really is. They think it leads to anarchy and greed. It is not, provided contracts are enforced and fraud is prosecuted. What we have today is the collusion of corporations and government creating monopolies and sucking off the public teat. Just look at no-bid contract Halliburton and the war in Iraq as the perfect example.
Your recipe for more big program New Deal style government spending is a recipe for more no-bid contract government waste.
-Gonzo
When the social security ponzi scheme started, people died at 67, so it was good for a few years
Now, life expectancy is 75m and 80f. In 20 years that'll be 80 and 85 I'd bet.
We can't make a ponzi scheme worse, we have to fix it. And you fix it by fixing the age.
It's not a gift. It's a safety net that's there when you CAN'T work, not when you DON'T WANT TO work.
Very different proposition.
Sorry to be the bearer of bad news. I'd like SS to be at 40. But we're broke. It is what it is. The baby boomers spent all the money. We're destitute.
If you agree with this plan folks, please do forward on to your senator or whoever. Even though nobody is listening anymore.
So gonzo encouraging investment and dramatically reducing cap gains and corporate taxes, while fixing social security, is socialist eh?
You sir are a fool. Maybe go read what socialism is before commenting.
Anon February 23, 2009 6:13 PM:
You seem to have thought you would live forever. Otherwise you wouldn't still be doing a job that might give you a bad back. Sucks to be you.
Factory and construction jobs are for healthy young men to make decent money and go to school, so they are not lifting 200-pound sewer pipe at 60 years old.
YOU will make you work until 72. Sorry. Nobody is responsible for your failure in life but you.
Fool.
why no skf and others?
Good read on the SKF and what it's causing:
http://www.minyanville.com/articles/jpm-SKF-SPY-TRV-IYF/index/a/21205/from/yahoo
Hedge funds are likely destroying the world now, on purpose.
"When the social security ponzi scheme started, people died at 67, so it was good for a few years..."
the tax rate was 2% too. Increase the age to 75 and bring down the rate.
"Oh, one more thing. Arrest Angelo Mozilo."
WOW. You are persistant Keith. Why would they arrest Mozilo? He is filthy stinking rich, and in America if you are filthy stinking rich you are above the law........they haven't even put Bernie Madoff in the Greybar Hotel yet.
As for screwing over the average American worker. Sure. No problem. Just raise the Social Security age to 100, and remove what little is left of the so called "Safety Net". Since it only affect average workers, screwing them won't be any problem at all.
I agree with Gonzo. We need less government, not more. As for green energy, let the private sector create solutions. The government cant do ANYTHING right. They will just squander every dollar you give it.
Anon February 23, 2009 6:22 PM:
You sound like such a nice guy.
good plan, can't ban skf or the like or you don't have a market
"8) 0% cap gains tax 2009 and 2010 and accelerated 100% depreciation on all business asset purchases for 2009 and 2010, plus corporate income tax reduced to 10% going forward"
Where I live, work (sometimes) and pay taxes (all the time) in California this would be a clarion call to the thieves and losers who call themseves 'state legislators' to raise a 'special-temporary tax' on gains that would equal the 'temporary' federal rate...
In other words, unless you are a wetback or single mother of 16 and unemployed, you would STILL get fu*ked over.
That is why many of us are leaving the state for other places. Bye Bye Arnuuld. Loser.
California is arresting, has been shocked twice at high amps and the next step is the pure adreniline which will only prolong death.
Viva La Raza. Mission Accomplished!
What did you expect with a crew that includes Feinstein, Boxer, Pelosi and the newly resurrected Speir.
Shameless and Shameful.
Regarding #8, the tax cut should be only to companies that produce in the US territory, so all the jobs in China and India can come back home.
No Samoa Island tax cut, do you hear Pelosi?
9) $1 trillion five year green energy, infrastructure and transportation Manhattan project stimulus
-----------------------------
Keith forget about your pie in the sky socialist environmental (green religion) utopia. You've heard the saying bullits or bread, brother this is bread for the starving or windmills and magic flashlight batteries that power John Deere tractors and trucks. This is real and people better quit this using collaspe to push crazy left wing non viable programs. There is very little chance the doller will survive this the way it is. They are taking oil out of the ground in this country at 10 dollers a barrel right now.
The ship is going down, they better plug the holes before they worry about new deck chairs. Once she's gone she's gone. The deck chairs don't mean a damn thing. I'm just saying Keith.
OK, I hope you are not actually condoning these actions? I hope you are just saying "if they must be involved, if they must spend, at least do it this way". Even in that case, I don't like several of these ideas.
1) 4% 40-year fixed rate mortgages (that Jim Cramer is now promoting) for any homedebtor or homebuyer, one house per person, payment of up to 30% of income, minimum 5% down, direct lending from Fannie/Freddie with no mortgage broker commission allowed. Plus Jim Cramer's idea of refi's for any home in America down to current appraisal, with the short amount picked up government insured certificate with any sale proceeds in the future to be applied against the coupon
No, this is artificially inflating and sustaining values. Let people continue to qualify for market rates, buy houses at market prices, based solely on their credit worthiness and ability to repay. And the rates are determined BY THE FREE MARKET! As for mortgage brokers, leave them alone. They only sold what the banks provided because the banks knew they would be bailed out. Again, you are adressing a symptom and not the disease. The appraisals should be handled strictly by the lender since its their money at risk(key word being risk). That is the only change I would make to the mortgage industry. Hell, I cant believe banks "loaned money" based upon an appraisal done by someone they don't even know? I would never take the risk to lend my money on an asset unless I obtained the value myself. But therein lies the problem. They weren't risking anything, were they. They knew the bailout was there because they OWN the government and politicians. But again, I digress.
2) Pull US troops out of every nation on earth and close down every foreign military base by 2015
Agree 100% here.
3) Eliminate market to market accounting and restore the uptick rule
Agreed here as well.
4) Ban SKF and all ultra-short stock ETFs
NO, NO AND NO AGAIN! More market "fixing". This is America, you can short whatever the hell you want. But if you loose your ass you loose your ass.
5) Nationalization of Citibank and Bank of America, which will then be used for direct lending by the government to solvent and credit-worthy businesses and individuals
Only half right here. First of all, have to open all banks books and anyone insolvent will be nationalized. Then immediately sold off to private investors for whatever market price demands. Do not, under any circumstance whatsoever, leave the banks in the hands of government any longer than necessary. Certainly do not allow the government to determine loans.
6) Forced merger and pre-packaged bankruptcy of Ford, Chrysler and GM into one single private, non-union and debt-free national car company
Way off, no forced anything. A big fat middle finger to the UAW. A bankruptcy if necessary. And a leaner, meaner US auto industry going forward. Hands off, ZERO goverment involvment here. They can fix themselves.
7) $100,000 maximum IRA contribution ceiling for 2009 and 2010, with suspension of forced IRA withdrawals for 2009, 2010 and 2011
Sticky here, I see the point but not sure of the method. I think my answer to the next one really covers this because I prefer no more deductions, no more loopholes, NO MORE IRS!
8) 0% cap gains tax 2009 and 2010 and accelerated 100% depreciation on all business asset purchases for 2009 and 2010, plus corporate income tax reduced to 10% going forward
You're getting closer. How about a permanent abolishment of cap gains tax and the IRS and institute a flat tax or national luxry/sales tax. Either one works for me.
9) $1 trillion five year green energy, infrastructure and transportation Manhattan project stimulus
Way off. How about an immediate 25% haircut to all government programs. Including current state, city and federal government PAY AND BENEFITS!
10) Raise Social Security retirement age to 72 effective 2015, index to life expectancy data after that. Eliminate prescription drug benefit.
Agree here as well. 65, given the current climate, is silly.
Oh, one more thing. Arrest Angelo Mozilo.
Why stop there?
Its a good start but you need to venture away from any kind of moral hazard. The precedent must be set now or future generations will make the same mistake. It must return to the fundemental levels and follow a natural course or the foundation will not be set.
Imagine that. Keith is proposing that the government prop up housing values to keep the prices above their market value, to keep housing unaffordable. And he's done a 180 on mark-to-market - Keith now endorses lying about the value of securities. Pretty soon he'll be telling us that Mozillo is a hero.
This crash is going to happen, no matter what anyone wants. Anything we do to delay it is only going to make things worse. If you really want to get over it asap, do the following:
1. Make Fannie and Freddie grant mortgages to anyone who can make a 20% downpayment and afford the payments, even if they walked away from a previous mortgage. That will send house prices down to their market value in no time. It will also have the benefit of making the banks blow up immediately, so we can bury them once and for all and save a few dozen trillion dollars.
2. Arrest everyone even remotely responsible for this mess and try them in a kangaroo court so they're guaranteed to get many years in prison.
3. Chop the federal budget by 25% this year, and another 25% next year.
4. Put someone in charge of the Fed who not only doesn't worship inflation, but will actually try to prevent it.
That's all we need to do.
In 1998, 95% of the banks in Russia failed. A few years later, their economy was booming.
No Keith, these are your socialist planks:
1) 4% 40-year fixed rate mortgages (that Jim Cramer is now promoting) for any homedebtor or homebuyer, one house per person, payment of up to 30% of income, minimum 5% down, direct lending from Fannie/Freddie with no mortgage broker commission allowed. Plus Jim Cramer's idea of refi's for any home in America down to current appraisal, with the short amount picked up government insured certificate with any sale proceeds in the future to be applied against the coupon
What's wrong with simply letting homedebtors that can not afford their home become renters?
5) Nationalization of Citibank and Bank of America, which will then be used for direct lending by the government to solvent and credit-worthy businesses and individuals
Nuff said.
6) Forced merger and pre-packaged bankruptcy of Ford, Chrysler and GM into one single private, non-union and debt-free national car company
Why should Ford be rolled into a single national car company when it is able to stand on it's own? Isn't this a monopoly you're creating? Why not let the companies go bankrupt and allow other private enterprise to come in and buy up assets and provide competition?
9) $1 trillion five year green energy, infrastructure and transportation Manhattan project stimulus
Socialism. Haven't we blown enough dough on "stimulus" already? Why don't we spend a reasonable amount on infrastructure in a sensible manner and allow private enterprise to use those funds?
-Gonzo
Anon said:
"Happy Snapper said...
Instead of waseting energy looking backward,
Lets all start pushing this plan."
“- No Way.
Bush and Cheney MUST BE CHARGED.
Period.-“
1)No they don’t
2)Wasting our time on anger and revenge will end us up looking like the ‘go nowhere’ societies that you defend.
3)I love this Country and want us to continue growing,
each moment we have a choice,
We can whine and blame others,
= do nothing
We can just re-act to our feelings, seek revenge to those we perceive are at fault for us being losers,
= feels good for the moment
Or we can re-focus on our future, be pro-active, enjoy the process and reap the rewards.
Americans in general have a better life then Iraqis in general for this very reason.
Those who do not value their own lives cannot expect others to respect them more then they do themselves, so when Arabia begins valuing life over ego come back and blame our yester-president, until then munch on camel dung.
I like most of these ideas but restoring the uptick rule, which is pointless since we have gone to decimals. If a stock is 5.24 on the bid and 5.26 on the offer, all somebody has to do is lift the offer for a minimum amount of shares and then slam the bid down. It made sense when stocks traded in eighths but we are not going back to those days. Bid/offer spreads are so much tighter now with less slippage.
'Ross said...
Happy Snapper..... I hope your whole neighborhood gets foreclosed on by Countrywerrilank of America.'
Ross.
repeat after me..
I AM RESPONSIBLE FOR MY FINANCIAL HEALTH.
I AM RESPONSIBLE FOR NOT SPENDING MORE THEN I EARN.
you should have read what was on that contract before you signed, especially since its likley the largest debt you're taking on.
and if the realtwhore said that 'house prices only go up'
you are still responsible.
cya at the Chicago tea party
On point (1): absolutely not!
I'm with Santelli on this -- I have no interest in paying someone elses mortgage. These people need to be "encouraged" to honor the contracts they signed up for.
It's a shame that many mortages are non-recourse, because ideally these folks should be held to the full amount they borrowed even if they walk away. Perhaps we could at least crank up the hit to the credit rating if they walk away. This needs to be severely stigmatized.
Bad behavior deserves the stick, not the carrot.
Do nothing. We need the failure.
Anonymous
Do nothing. We need the failure.
Yup, medicine time.
Keith your a worst liberal than Obama!
I wish more of you would understand the definitions of liberal and conservative before commenting. On my 10 points:
1) liberal
2) conservative
3) conservative
4) liberal
5) liberal
6) conservative
7) conservative
8) conservative
9) liberal
10) conservative
Total score: 6 conservative, 4 liberal.
Something you fail to see with poking at the UAW is they are NOT the trouble. I have a friend whom has a Uncle that retired from one of the big three. He gets 90K a year in pension funds. He was a manager........... Getting rid of the UAW won't get rid of the prior "others" that get paid. The other trouble is if GM/Chrysler go in the shytter, the taxpayers get to foot the bill for the pensions.
Unions are FAR from the problem with America. The trouble is due to us adhearing to a national minimum wage and then "free trading" with other countries that don't have min wages. It's hard to compete against China if they offer 25 cents a hour to build a gizmo when it costs us $9 a hour to build the same thing here.
Want to fix the trouble once and for all? All worldwide $$$ gets standardized with one currency. All countries have a minimum wages set into effect. If the country does not agree with the min wages, set a import/export tariff on them.
We allow people to tell us how much our worth is. The retarded thing, is think about the simple facts. The harder you work, the less you earn. If I sit at a desk and type at a PC all day, why am I worth more than a guy building houses? Why does a goober at the "top" earn more for boozing and golfing with clients all day?
1) 4% 40-year fixed rate mortgages (that Jim Cramer is now promoting) for any homedebtor or homebuyer, one house per person, payment of up to 30% of income, minimum 5% down, direct lending from Fannie/Freddie with no mortgage broker commission allowed.
---------------------------------
Where will you find a large group of people that are able to put 5% down?
No one can afford a downpayment. That's why they created the no down/no doc mortgage isn't it?
if they raise social security to 72, they may as well not have it at all.
why should people have to pay ss taxes for something they won't likely get until around their death, given average lifespan?
-----------------------------------
Social Security is a TAX. It is NOT a savings account. Nobody is entitled to benefits unless they are unable to work due to a disability. The retirement age needs to be eliminated, with disability reviews periodically to determine continued eligibility for benefits. Like Keith said, it's a safety net and nothing more.
Whoa Komrade Keith
#1 No way. Let the housing market fall and let's get this crap over and done with...
#2 Not feasible as well be right back there fighting full blown wars caused by the power vacuum of the US leaving.
#3 Do not eliminate mark to market account but DO restore the uptick rule
#4 No. This is anti free market. If someone is willing to take the other side of a trade then it should continue.
#5 YES Nationalize the banks Swedish style and FAST
#6 No friggin way. Let's lump 3 large, bloated inefficient companies into one gigantic inefficient company? I don't think so.
#7 I'll go for that one....
#8 Not that important as there won't be many capital gains to collect taxes upon. Put it at 10% and leave it there for a while.
#9 If it would really be used for that purpose and not mindless pork I can go for this one.
#10 NO on raising the retirement age. It's already been raised twice in my lifetime dammit. Eliminate the prescription drug benefit in its current form and allow US citizens to import drugs from other countries that have reasonable pricing structures.
1 year 10,000,000,000,000. Divide by number of taxpayers/179,000,000 = 56k per taxpayer. Send check with requirement that it be used to pay down a preexisting debt. If debt level is less than 56k or 112k for married couple, then you must refund 1/2 of remainder back to the Treasury.
Individual balance sheets cleaned up. Bank balance sheets cleaned up. World stops imploding (mostly)
And national debt only goes to 160% of GDP, which is where is going anyway, but without the benefit.
Keith, you're an idiot.
Everyone knows the way to fix this problem is to give the banks and other financial institutions unlimited amounts of taxpayer money with no recourse or oversight!
The folks in Washington are doing a GREAT job right now!
Geez, you are so stupid!
Jymkata
Bad plan Keith. Just print up the money, give every taxpayer $1 million and be done with it. That should put a bottom under housing prices, the rest is gravy.
1. Is s tupid idea. We need to get rid of Fannie & Freddy. they've already done enough damage.
Something you fail to see with poking at the UAW is they are NOT the trouble. I have a friend whom has a Uncle that retired from one of the big three. He gets 90K a year in pension funds. He was a manager........... Getting rid of the UAW won't get rid of the prior "others" that get paid. The other trouble is if GM/Chrysler go in the shytter, the taxpayers get to foot the bill for the pensions.
-------------------------
I got news for your union daddy. Ain't no one going to hand him 90,000 a year for the rest of his life. People need to remove their heads from their asses. There is not enough money in all the world for this crazy shit. Your union pals can try to take that money at gunpoint because thats the only way they will get it.
I am or maybe was a tax payer and if you think I am going to hand one penny to some low rent dumbass because he cut some fantasy deal with a bankrupt company 30 years ago you are fucking nuts. I and other working men should work and hand the money to some union thug for sitting on his ass while we and our children starve. Just try it. That leech can collect from Ford and if Ford is gone tough shit. That leech does not own me or anyone else. Lazy THUGSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS
my responses:
1) 4% 40-year fixed rate mortgages Plus, refi's for any home in America down to current appraisal, with the short amount picked up government insured certificate with any sale proceeds in the future to be applied against the coupon.
KEITH, ARE YOU SAYING THAT A $50K MILLIONAIRE CAN STAY IN THEIR $1 MILLION HOME AND PAY ONLY WHAT THEY CAN AFFORD? WHY WOULD THEY EVER SELL AND LEAVE? THIS IS TOTALLY UNFAIR AND OUTRIGHT THEFT. NONE OF THESE PEOPLE SHOULD BE ALLOWED TO STAY IN HOMES THAT THEY COULD NOT AFFORD ON THEIR OWN. AND NO TO 4% INTEREST RATES. ALL OF THESE PEOPLE, WITH THE EXCEPTION OF ELDERLY FOLKS AND THOSE WHO CAN SERIOUSLY DOCUMENT THAT THEY WERE DEFRAUDED BY A LENDER, SHOULD BE KICKED OUT AND SENT TO THE RENTAL MARKET. THERE ARE PLENTY OF PLACES FOR THEM TO LIVE! WHAT IS THIS FIXATION ABOUT ALLOWING $50K MILLIONAIRES STAY IN THEIR HOMES?
2) Pull US troops out of every nation on earth and close down every foreign military base by 2015
PULL THEM OUT OF EUROPE, JAPAN, AND ALL OF SOUTHEAST ASIA WITH THE EXCEPTION OF SOUTH KOREA. LEAVE THEM IN IRAQ AND AFGANISTAN.
3) Eliminate market to market accounting and restore the uptick rule.
I DON'T AGREE WITH THIS. MARK TO MARKET IS ABSOLUTELY NECESSARY FOR A WELL FUNCTIONING ECONOMY. WITHOUT MARK TO MARKET YOU ARE ALLOWING FINANCIAL INSTITUTIONS TO SIMPLY MAKE UP WHAT THE ASSET IS WORTH. THIS WILL LEAD US DOWN THE ROAD TO RUIN AGAIN. FINANCIAL INSTITUTIONS LOVED MARK-TO-MARKET ON THE WAY UP...BUT BOY DO THEY SQUEAL LIKE SPOILED ROTTEN CHILDREN WHEN IT'S ON THE WAY DOWN.
4) Ban SKF and all ultra-short stock ETFs
I CAN SEE BANNING ULTRA-SHORT ETFS BUT I'M WONDERING IF THERE WOULD REALLY BE AN IMPACT. ALL THEY REALLY DO IS ALLOW SOMEONE TO DOUBLE DOWN...THAT IS, ALLOW THEM TO PRETEND THEY PUT IN TWICE THE MONEY THAN THEY REALLY HAVE.
5) Nationalization of Citibank and Bank of America, which will then be used for direct lending by the government to solvent and credit-worthy businesses and individuals
I'M NOT SURE WHAT NATIONALIZATION WILL DO. WHY NOT JUST PRINT THE AMOUNT OF MONEY THEY NEED AND GIVE IT TO THEM? ISN'T THAT WHAT NATIONALIZATION ULTIMATELY IS ANYWAY?
6) Forced merger and pre-packaged bankruptcy of Ford, Chrysler and GM into one single private, non-union and debt-free national car company
SOMEWHAT AGREE. I THINK WE SHOULD JUST LET THEM FILE FOR BANKRUPTCY AND SEE WHERE IT GOES FROM THERE. THE MARKET WILL TAKE CARE OF THEM IN DUE TIME. HAVING THE GOVT FORCE THEM TOGETHER IS JUST TOO MUCH MEDDLING. IT'LL HAPPEN ANYWAY.
7) $100,000 maximum IRA contribution ceiling for 2009 and 2010, with suspension of forced IRA withdrawals for 2009, 2010 and 2011
AGREE WITH THE LATTER PART OF THIS. NOT SURE ABOUT THE FIRST PART.
8) 0% cap gains tax 2009 and 2010 and accelerated 100% depreciation on all business asset purchases for 2009 and 2010, plus corporate income tax reduced to 10% going forward
AGREE.
9) $1 trillion five year green energy, infrastructure and transportation Manhattan project stimulus
NOPE. NONE OF IT IS NEEDED. GREEN ENERGY IS NOT VIABLE AND WON'T BE FOR ANOTHER 50 YEARS AT LEAST. THE ONLY INFRASTRUCTURE FIXES WE NEED ARE TO HAVE OUR ROADS PAVED AND FIX SOME BRIDGES. IF THE GOVT. ALLOCATES ITS FUNDS TO THESE THINGS, AND NOT TO ALL OF THEIR OTHER CRAZY TRANSPORTATION PROJECTS, WE WILL GET BACK THE QUALITY OF OUR ROADS THAT WE ONCE HAD.
10) Raise Social Security retirement age to 72 effective 2015, index to life expectancy data after that. Eliminate prescription drug benefit.
DON'T REALLY AGREE WITH THIS. EVERYONE IS ALWAYS TALKING ABOUT INCREASING LIFE EXPECTANCY. WHAT THEY DON'T SAY IS THAT THE QUALITY OF THAT LIFE MIGHT NOT BE THAT GOOD. A LOT OF THE REASON THE AVERAGE AGE OF DEATH IS INCREASING IS BECAUSE OF DRUGS AND MEDICAL DEVICES USED TO KEEP PEOPLE GOING WHEN THEY'RE REALLY VERY SICK. I THINK THERE'S A BIG QUALITY OF LIFE ISSUE HERE. YES, WE'RE LIVING LONGER BUT THOSE EXTRA YEARS COULD BE ON LIFE SUPPORT.
YOU FORGOT THE MOST IMPORTANT THING: DRASTICALLY CUT GOVERNMENT. WE NEED TO GET RID OF TONS OF PEOPLE AND TONS OF PORK. THIS IS THING WE SHOULD DO ABOVE ANYTHING ELSE.
Sorry Keith, but a lot of what you are calling for is socialism -- government control of, and redistribution of, once-private assets.
Centrally managed resource pools got the economy into this -- a single centralized resource pool controlled by government central planners will not magically get us out.
I like the plan. If Washington did even one of these it would help equities rally. Isn't so hard after all
Oh -- and here's one more idea of the kind of "stick" that should be used (rather that any "carrot") to keep people paying their mortgages:
Anyone who walks away from their mortgage OR who applies for taxpayer-backed mortgage relief should have their mortgage application investigated for fraud. If they're not clean -- deep, deep shit.
And don't investigate borrowers who continue to pay (as long as they do continue).
Ron Paul is right! said:
NO, NO AND NO AGAIN! More market "fixing". This is America, you can short whatever the hell you want. But if you loose your ass you loose your ass.
I think you meant "lose your ass" rather than "loose you ass".
To "lose your ass" is to suffer a loss. To "loose your ass" would be to suffer incontinence.
Why not let the Con Artists write a new stimulus package, and prolong the New Great Depression.
http://www.alternet.org/
workplace/128241
/10_dirty_tricks_wall_street_con_artists_will_pull_to_keep_the_rip-
offs_going/
10 Dirty Tricks Wall Street Con Artists Will Pull to Keep the Rip-offs Going
1. Gridlock helps the rich get richer
2. No Glass-Steagall revival
3. Keep rating agencies 'official'
4. Limit new derivative regulations, keep 'shadow banking' alive
5. Offload toxic debt into a government-owned 'bad bank'
6. Support executive pay limits -- in public, anyway
7. Create accounting standards loopholes
8. No limitations on SEC hiring
9. Invest heavily in lobbying
10. Major PR brainwashing: Yes, yes, a new bull is coming!
Hey Kieth,
I'm assuming your list is satire (you couldn't possibly be serious).
In that light here are some more suggestions:
11. Ban selling stocks for lower price than what they were bought for.
12. Ban selling real estate for lower price than was bought for.
13. Pass law to not only ban mark to market accounting , but to require all accounting on the books be done based on "good will" and make up whatever numbers are necessary to give each and every stock a P/E of 1 and/or a price/book value of 1000.
14. Require all money not in stocks or real estate be deposited in banks, except for 1 weeks living expenses and monthly rent/mortgage etc payments.
15. Prohibit withdrawing from banks except for buying of stocks or real estate.
16. Ban 401k withdrawals (so there will be money there for the govt to take and form into a national pension service).
There, that should fix things.
You all need to see this...
Huge Hendry Interview - Mega Deflation First - Hyper-Inflation Later
Regarding 9) $1 trillion five year green energy, infrastructure and transportation Manhattan project stimulus,
Convert our corn crop as much as possible to ethanol in order to power autos in mostly the Midwest. Possibly diversify to sorghum which is the Northern Hemispheres version of sugar cane. And have a Flex-Fuel Mandate on any new cars sold in the U.S. The mulitplier effect of these changes would probably trump any other spending plans to stimulate the economy.
Regarding 10) Raise Social Security retirement age to 72 effective 2015, index to life expectancy data after that,
Nah, just means test it. To those who say that that amounts to welfare I say Social Security already is.
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ACCORDING TO YOUR SUGGESTIONS, CONTRACT LAW SHOULD BE ABOLISHED. GREAT, NEXT TIME I SELL YOU SOMETHING, I WON'T HAVE TO DELIVER. NOW GO TAKE A BASIC BUSINESS LAW CLASS AT THE COMMUNITY COLLEGE.
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"got news for your union daddy. Ain't no one going to hand him 90,000 a year for the rest of his life. "
Read it again shitbrains. I said MANAGER, which does NOT include being in a UNION. The guy was a MANAGER and NOT in the Union.
Oh how we forget that it's OK for management to earn the $$$ but none of the floor workers.
Ask yourself something else douche-bag, why do CEO's all work under a contract and that's great but if a guy Unionizes and wants a contract.......it's bad?
The problem isn't the accounting. zit's those greedy people that tinker around. Haven't you been around people who will spin the most positive thing and turn it to a negative?
They don't teach you this stuff in school.
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