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...right on the beach?
Additional Details
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Zebra Z | The $700bln bail out, Where will the money be spent ? |
i know that some of the money would be used to nationalise financial institutions, to safe guard peoples mortgages and deposits, but what about the rest, and i heard that the 700bln package was given to tax payers to spend, whats meant by this.
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nicedoc
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The money is going to be used to buy the bad mortgage-backed securities that all these banks are holding. With the banks no longer having worrying about the bad debt on their hands (the risk goes to us taxpayers), this will free up the credit crunch by providing liquidity into the banks who then can start lending money again. It doesn't really directly go to the taxpayers though we do benefit since it allows more borrowing and lending to take place among businesses and individuals. |
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AllCourt
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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 three steps:
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, to
stand up, speak out, and fix this mess. |
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Tundra21999
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Well so far it's done a pretty good job for NASCAR, Rum Distilleries in the carribean and wooden arrow manufacturers.
Report
With all the hype this election year about how "pork barrel spending is out" and "a new age of reform and doing business" is in for government, it sure didn't take long for Washington to revert back to old habits. In fact, the election hasn't even been held yet, and both presidential hopefuls have helped to repudiate their promises to reform government.
If none of this makes sense, maybe that's because you haven't yet heard of the huge pork barrel spending that went into yesterday's bailout deal. In one of the largest economic crisis's this country has seen in decades, our venerable senators passed a $700 billion bailout package that included more than $1.7 billion worth of targeted tax breaks.
Of course, how will these tax breaks help you and me, average American workers, small businesses and individuals? Well unless you produce wooden arrows, buy or purchase rum, produce small to medium-sized films, or own a company that works in the Samoas, not at all.
Here's the breakdown of the bailout's pork:
* Manufacturers of kids' wooden arrows - $6 million.
* Puerto Rican and Virgin Islands rum producers - $192 million.
* Wool research.
* Auto-racing tracks - $128 million.
* Corporations operating in American Samoa - $33 million.
* Small- to medium-budget film and television productions - $10 million.
Oh but here's the best one. If you are an Alaskan fisherman you'll love this. Alaska's Republican Representative Dan Young stymied the House's bill on Monday and was able to obtain in Wednesday's bill "a $223 million package of tax benefits for fishermen and others whose livelihoods suffered as a result of the 1989 Exxon Valdez oil spill."
Wow, if only I had known just how powerful NOT cooperating during a national crisis could be I could have called my representative, Stephanie Herseth (D), and asked for the "Online Business Woman's emerging and ever so potential business grant for small women-owned businesses living in small no-one-can-find-it-on-a-map states". I think I could have gotten AT LEAST $10 million out of that. |
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sithburns
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The money is to be spent in many places.
1. Some is being used to buy shares in banks
2. Some is being used to guarantee unsecured commercial paper for banks.
3. Some is being used to buy troubled mortgage assets from the banks.
There is no nationalization being done here. People should educate themselves before getting irate about something as important as this.
For one thing the housing market is a mulit trillion dollar industry. $780B is a drop in the bucket for a real nationalization to occur. The main thing that was intended with this and most other measures is to bring back confidence to the markets so that the credit markets will unfreeze.
There are too many benefits to list but I will hit hte main points in buying up the distressed assets from the banks:
1. There is already presidence for this as it aided in the recovery from the great depression
2. Every troubled asset that the government buys (at a DEEP discount... probably 30cents on the dollar) will allow the Government to modify the loans for the homeowners they manage loans for. They are not banks and can easily write down principle balance or provide a lower rate to help a homeowner stay in the house.
3. When the market recovers they will sell these assets at their higher values thereby turning a profit on the initial investment. This money is set to return to taxpayers in the form of homeowner programs.
It was a wise and necessary mover for the Gov. We blog regularly about the financial industry and try to put it into every day terms. The more educated people there are in this country the stronger we will be!
Good question! |
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Bart M
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The intent is to inject liquidity into the markets, especially the secondary markets. There is no direct money to individuals. |
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COLIN T
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I dont know just where it will be spent - the fat cats will already be working out ways of how to get their slice of the pie - but one thing you can almost guarantee, it will not be spent either wisely or effectively! |
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brad
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To back up the greedy companies that pilfered all the shreholders money. On high paid executives that ran huge companies into the ground. They should bailout the company and put the exec. in prison until the taxpayers reap a gain from their misdeeds. |
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Kevin
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Scores in NY, Cheetah's in LV, Dollhouse in Ft. Lauderdale, Daydreams in Philadelphia |
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seabluekangaroo
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the money is supposed to try and shore up the bad mistakes of the banks but some of it will fall in the hands of the very people who made the mistakes and we! will pay for it! |
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riece2
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It's going to buy new private jets for the CEO's who ruined our economy. It is an OUTRAGE that they were having to fly first class in commercial. |
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