The American Dream is owning a house...or at least a part of the American Dream. That dream is crumbling as millions of foreclosures force people out of their houses, and devastate the property values of those who are still staying solvent. Meanwhile, Congress wants to bailout the BIG GUY on Wall Street, absorb their debts on the guise it WILL SAVE OUR ECONOMY, keep us employed. I disagree, and offer up another plan based on simple facts of life.
1. Why is OUR MONEY (taxes) lent to various banking institutions are DIRT CHEAP INTEREST rates, then lent to us at a King's Ransom? We pay our taxes, the government takes that money into its treasury, then lends it out to banks. Here is a better idea...take the banking industry out of the FIRST HOME MORTGAGE business. How many Americans could EASILY afford a home if our interest rates were 2.5-5 percent instead of 5.4-14 percent? Owning a home should not be a priviledge, but a right, and until we take the profit motive out of a home loan, too many American citizens are denied that right, denied the American Dream.
Keep in mind, that those people now in foreclosure were able to afford their monthly mortgage when they were paying teaser rates of 3.5-6 percent. It was not until the interest rates started going through the roof that they lost their ability to make their monthyly payments. Let's ELIMINATE THE MIDDLEMEN in the first home mortgage business, and pass laws that allow EVERY LEGAL AMERICAN CITIZENS over 18 to secure funding for home purchase directly from the treasury at the same interests rates they give when lending money to financial institutions.
2. Stop the stagnant/downward spiral of Lower and Middleclass wage earners with a two step process. A) Eliminate any ability for a person to work in America as an ILLEGAL ALIEN. B) Pass a federal law that pegs whatever the minimum wage is to the rate of inflation. It is recommended that this law apply across ALL WAGES paid, and not just those earning minimum wage.
3. Protect Lower and Middleclass wagee earners Social Security by eliminating the cap on wages subject to Social Security taxes...the current system penalizes those in lower income brackets. Further, force the Federal Government to REPAY THE IOU's they have put in the Social Security Jar so that the Social Security System running out of money is a NON-ISSUE...we paid into the system, and when we as Boomers retire, we are ENTITLED to our Social Security.
The members of Congress need to, "Just Say No" to this Pork Barrel bill that awards those who caused this mess by A) putting them in charge of fixing the mess, and B) bailing them out at the expense of the Middle and Lower class citizens of America. All the pundits on the airwaves would have us believe this is a pill WE MUST SWALLOW. Fact is, it is a pill they want us to swallow so that they, and their kind do not SUFFER.
The Steps I woudl recommend to start returning America to our glorious past:
1. Campaign finance reform...take all special interest, corporate and PAC money out of the campaigns.
2. Make lobbying ILLEGAL.
3. Bring our troops home from both Iraq and Afghanistan...victory is no longer worth the cost. Use our troops to secure our borders, to deport those who are here illegally.
4. Put a 12 percent cap on ALL CREDIT CARD Interest. End predatory lending, and Robber Baron interest rates of these companies.
5. Socialized Lending for all first home mortgages.
6. End all tax supported subsidy of Corporate America...IE, the nuclear industry wants us the tax payer to pick up a $1.5 Trillion dollar tab on the next gneration of Nuclear Reactors. Let them pay for their own reactors, their own research, and their OWN WASTE.
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