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Old 10-01-08, 02:33 PM   #1 (permalink)
conservatism in exile
 
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The Common Sense Fix

I got this from my Uncle who is the VP of Sales and part owner of an International Tax Preparation and Productivity Firm. The man has to be the most financially savvy person I know.

Read below.
Comments, thoughts, etc.? Because I myself know little about this and would like to learn more.

Quote:
Hello,

I'm sending this note to you in spite of my long-standing rule against
discussing political matters via email --- especially unsolicited email!
But these are desperate times and the problem isn't political but rather
economic. The "Common Sense Fix" is a widely accepted approach that
seems to make a lot of sense to me. Perhaps it will to you, too. I've
sent it, with my personal and professional endorsement, to the SD
Congressional delegation. Perhaps you will be moved to share it with
your representatives. If you disagree, or are offended in any way by
this note, please accept my apologies.



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 three-step Common Sense Plan.



1. 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:

i. Rewrite any mortgage
that is more than three months delinquent to a 6% fixed-rate mortgage.

1. 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.

2. 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.

ii. 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.



2. 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.



3. 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.
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Old 10-01-08, 02:38 PM   #2 (permalink)
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Possibly makes too much sense, sorry won't work. Sensible decisions have no room in politics....sheesh
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Old 10-02-08, 11:49 AM   #3 (permalink)
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So no one else has any comments on this? I was kind of curious if it sounds like a good proposal.
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Old 10-02-08, 11:53 AM   #4 (permalink)
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Eliminating the capital gains tax? One sure way the government wouldn't bail anyone out. They wouldn't have any money to do it with.
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Old 10-02-08, 12:10 PM   #5 (permalink)
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1) not so certain that the gov't may by act of congress renegotiate terms of contract between private parties (pretty sure they cannot) - so the rewriting of mtgs and cancelling of exec salaries may be common sense but not legally permissible. With the mtgs they may instead offer to refinance existing notes - that may well be a good idea.

2) the mark to market rule has been addressed afaik
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