Friday, June 12, 2009

How I would save America

With Obama still with good approval numbers after an incredible speech to the Muslim world, yet another right wing lunatic decides to cash in on all the lunatic fringe comments from the lunatic wing of the right wing party by shooting a security guard in the name of white supremacy.

You also have the Right in a CANNOT WIN battle against Obama's new Chief Justice nominee, Sonia Sotomayer. Calling her a racist, while simultaneously inferring that she was only picked because she's Hispanic (a subtle racist comment in itself).

Either way, there is a lot for Progressives to be happy about. With a new health care plan being debated, the rightwing being led by Rush Limbaugh, Fox News being led by Glenn Beck (interesting fact: Glenn Beck converted TO Mormonism...a religion that, let's face it, is full of good intentions, but base their entire stance on an absolute false prophet - Joseph Smith) and Obama getting high marks in all areas of the country, we all have a reason to smile and be glad to be Progressive. Okay enough with the run-on sentences...down to business.

How I Would Save America:

I think 2 things can easily and quickly save this countries economy. I know many of you will cry socialism or that this is unfair economic practices, but let's be clear...these dire times require a dire solution.

#1 Thing: 3.9% APR Home Mortgage rate backed by the federal government. The government needs to offer a low percentage rate to all Americans with decent credit. This will not only allow most families to re-finance their homes...but will allow families who may be on the brink of foreclosure make their monthly payments lower. This is not a system to reward bad decisions. This rate will only apply to those with good enough credit and those who have been in their homes and paying on time for years. This one change can save the entire mortgage industry and bring back construction of new homes at a record pace. This rate would NOT apply to a second home or investment property.

#2 Thing: 3.9% APR Auto Loan rate for all American cars that get over 30mpg, once again, backed by the federal government. Allowing a guaranteed low percentage rate to those with decent credit is not only smart, it will get the auto industry booming again and all of them making cars/trucks that get over 30mpg. This can not only help save the environment...but also to save working families on a budget with gas prices.

Now I'm not pretending to know the ins and outs of the mortgage industry or the auto industry. But I do know simple math. I also know my current situation. My home mortgage is at 5.9% and my auto loan is at 4.99%. In both instances this would help me.

I thought about a "#3 Thing" being a government backed credit card at 3.9% interest but then realized that's what got us into this mess to begin with. Instead we need a credit class in all of the high schools across the country.

Anyway...that's my tirade for the day...back to work!


Gayle said...

Trying again, can't get it to publish...
I would think the only people that wanted government to interfere with the mortgage and auto industry on THEIR behalf are people who can't get a loan otherwise (ACORN comes to mind). Those with good credit and money saved don't seem to be having a problem and actually prefer the market making those decisions. Have you been turned down for a home or auto loan? Ben Franklin was right- those that would trade liberty for security deserve neither. You, SIR, appear to be one of those folks.

cindymb said...

There are detractors on both sides of any argument. People can find words of our founding fathers to support any cause or premise. Just as numbers can used to support that things are improving or they are getting worse.

The federal government should handle that which is on the national level. They should stay out of everything else unless it affects the nation as a whole.

I heard the same argument being used over and over during the last 8 years. We were trading liberty for security and the Republican party denied it stating it was being done in the name of national security.

The reason the nation is where it is now, is greed and failure to change with the times. The banks and wall street wanted to please the stockholders and all retire with platinum parachutes. The auto industry failed to read the writing on the wall and continued with status quo while telling congress that building fuel efficient cars would be too expensive and that it would affect profits.

Well both of these institutions have failed and the government, at tax payer expense, is bailing them out.

I don't pretend to know how to save America. But I do know that the last 8 years we allowed corporate greed to lead us around by the nose. What we really need to do is look in the mirror because we all had a hand in bring this great nation to its knees.

RedWing said...


If it were possible to keep the current mortgage structure with this 3.9% APR then I would do it. Perhaps companies willing to show their lack of internal corruption could qualify to give out the loan.

Oh and thanks for the Ben Franklin comment. Without it I may never have known that I was one of those folks who trade liberty for security. And I certainly never would have known that I "deserve neither." Ahh... I love the "my way or the highway" attitude. Kudos!

p.s. No I have never once been turned down for a loan. That, however, doesn't mean I wouldn't refinance for a 3.9% APR either. Anyone in their right mind would, of course.