Skip to comments.Burr will vote yes, Dole no, on bailout
Posted on 10/01/2008 6:51:02 PM PDT by personalaccts
Burr will vote yes, Dole no, on bailout
Barbara Barrett, Staff Writer Comment on this story
U.S. Sen. Richard Burr, a Winston-Salem Republican, plans to support tonight's Senate vote on a bailout deal for the financial markets. In a statement on the Senate floor, Burr said he believes both the markets and small businesses need the stability that a rescue plan will offer, warning of an economic downturn rivaling the Great Depression if action isn't taken. Burr also blamed the crisis on "greedy behavior."
"Much of what got us to this point was not only reckless behavior on Wall Street, but also the fact that many people took out risky mortgages that they simply could never afford," Burr said.
U.S. Sen. Elizabeth Dole, a Salisbury Republican, plans to vote no. In a statement released this afternoon, Dole said Congress should take more time to develop a better plan.
"Now is the time for careful, deliberate actions - not hasty, knee-jerk reactions," Dole said. "I will stand up for the taxpayers and vote no." Dole said she wants "a market-based solution, not a government bailout." She said the current plan would do nothing to address the housing crisis and would help foreign investors before it helps homeowners.
She called for a plan that would tax credits for homebuyers and that would offer a loan program rather than direct payments for illiquid assets.
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Let your voice be heard! If you trust Dave Ramsey and his stance on the Economy and the Bail-Out packages that are being created on Capitol Hill.... Contact your Senators and Representatives with this information!
You can find it at http://www.daveramsey.com . 3 Steps to Changing our Nation’s Future!
We are at a crucial time in our country’s financial history. We need everyone’s help! Here are 3 steps you can take that will change our nation’s future:
THREE STEPS TO CHANGE THE NATION’S FUTURE
Pray for them to resist a spirit of FEAR and to embrace WISDOM. Even if you don’t like them or agree with them, pray for them and tell them you are praying for them. There is a spirit over this problem that must be broken. Also, most of the media personalities are afraid as well and that is affecting their reporting. Pray for fear to be removed from them; they are making this worse.
Send The Common Sense Fix to your Representatives and Senators and tell them how you expect them to vote, and that if they put this nation in $700 billion of debt, that you will vote them out. It’s their job to listen to us! (Whichever presidential candidate or political party that champions this plan from their leadership down will likely become the next president. That is because this plan fixes the crisis while going along with the wishes of the vast majority of Americans.)
Download the PDF
Send it to your Senators and representatives.
Send a link to this page to everyone in your address book and tell them to urgently follow these 3 steps TODAY. The more people we have supporting this and contacting their elected leaders, the more likely we can turn our economy around!
Find out how your state reps voted for the $700 billion plan
Hear Dave rant about it
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.
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
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 borroweragain 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 dont do their jobs.
c. This backstop will cost less than $50 billiona 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 banksand it costs the taxpayer
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 immediateliquidity 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 its not a time for politics. Its time for all of us, as Americans, to stand up, speak out, and fix this mess.
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