Work-out not Bail-out
Eliminates the Credit Crisis: Suspends Capital Gains Tax to immediately free up huge volumes of capital
Eliminates the MBS drivers behind the Credit Crisis:
· Requires Industry-funded Insurance for Mortgage-Backed Securities (MBS) that guarantees losses to attract Private MBS Buyers
Eliminates the MBS drivers behind the Credit Crisis:
· Requires Industry-funded Insurance for Mortgage-Backed Securities (MBS) that guarantees losses to attract Private MBS Buyers
· Suspends Mark-to-Market Accounting that effectively froze MBS assets from being sold and multiplied capital requirements for Banks
· Provides Loss Write-offs for MBS Sellers to price them at market and incur the losses needed to pull capital from their MBS assets now
· Requires all future MBS to meet full regulatory requirements and provide complete, transparent documentation for assessment of risk and value
Eliminates the Crisis Perpetrators behind Bad Mortgages and MBS Problems:
· Privatizes Fannie and Freddie GSEs to eliminate the sources of the problem and prevent Congressional kick-back schemes
· Refocuses the Fed from short-term economic growth that drove economic boom-and-busts, to long-term price stability that controls inflation and sustains the dollar
· Prosecutes Corruption and Constrain Compensation for Industry-Executive Perpetrators
Link:
http://mikepence.house.gov/UploadedFiles/RSC_Economic_Rescue_092908.pdf
The Senate version includes a provision to mandate mental health care coverage on a parity with physical health!
Once again, the politicians are covering themselves.