Upcoming Foreclosures

What do you think of Obama's new Economic Rescue Plan for The Middle Class?

Here is a summary of the major new ideas in the four areas of Obama’s plan: 1. JOB CREATION: A New American Jobs Tax Credit. Obama is calling for a temporary tax credit for firms that create new jobs in the United States over the next two years. 2. RELIEF TO FAMILIES: Penalty-Free Withdrawals from IRAs and 401(k)s in 2008 and 2009. Obama is calling for new legislation to allow families to withdraw 15% of their retirement savings – up to a maximum of $10,000 – without facing a tax-penalty this year (including retroactively) and next year. 3. RELIEF TO HOMEOWNERS: 90 day foreclosure moratorium for homeowners that are acting in good faith. Financial institutions that participate in the Treasury’s financial rescue plan should be required to adhere to a homeowners code of conduct, including a 90-day foreclosure moratorium for any homeowners living in their homes that are making good faith efforts pay their mortgages. 4. RESPONDING TO THE FINANCIAL CRISIS: A Lending Facility to Address the Credit Crisis for States and Localities. Obama is calling on the Federal Reserve and the Treasury to work to establish a facility to lend to state and municipal governments, similar to the steps the Fed recently took to provide liquidity to the commercial paper market. http://news.yahoo.com/s/politico/20081013/pl_politico/14523;_ylt=AhwB1p.FCbzEA1brvwo7lHth24cA What do you think of Obama's plan?

Public Comments

1. Cant be as good as this rescue plan he had http://www.youtube.com/watch?v=1RZVw3no2A4&feature=iv&annotation_id=event_597487
2. Good Post. Sounds like he has a plan. Much better than McCain's economic plan: "My friends, if I am elected, I will appoint a blue ribbon committee of my best friends in the Senate to go on a junket to the Bahamas and hold a retreat to discuss the economic crisis and devise new legislation to allow for everyday Americans who are millionaires to invest their money from the tax breaks that I give them in off-shore numbered accounts where they will stimulate the economy after the economy bottoms out by buying the un-American poor as slaves to polish their yachts."
3. As usual, Obama is right on track. McCain said his solution was to get the smart people together to devise a sollution. If McCain has to go to Obama for the answers, why not just elect Obama in the first place? Looking back at many pieces of advice Obama has given, turns out he's ALWAYS right. Always.
4. It sounds like he has a plan. Wish there was a little more in there -but I like his plan a lot more then McCain's.
5. 1. Companies hire people in order to make money. An employee has to bring in more money than she or he costs (directly or indirectly) or the company will go out of business. If this Tax Credit moves the cost of hiring from loss to gain, then (if it is temporary) when it expires the cost will go back to loss and the employee will have to be terminated. Companies will know this. They will not hire solely based on the Tax Credit. 2. I guess this would help some people now. But that money was for their retirement. This would damage many people's retirement. 3. Who will be paying the interest on these mortgages during the moratorium? Will the already financially stressed credit industry be expected to do it? This will place further stress on the industry and make the credit crunch worse. 4. Only States and Municipalities? How does this help business, where the money is produced? If credit is somehow made easier for the States and Municipalities it can only make it more difficult for business. Without business and the jobs they make, where are the tax revenues for the States and Municipalities. P.S. Love your discussions on alternative fuels in the other section...