I wouldnt despair too much. My guess is this situation is going to overwhelm the government more than they think. They seem to think that pen strokes can just gurantee the world will work the way they think it should work. The unintended consequences are going to be extreme
I came to the states to be part of this great nation ten years ago. I bought a home with 20% down, paid down my auto-loan, and pay off my credit cards in full each month. Now I ask myself why?
George Bush's Fault? We might as well blame him for The Great Depression, WW2, Korea, Kennedy, Vietnam, The Oil Crisis in the 70's, The Hostages in the Late 70's, Stock Market Tank in 87,.................Maybe he knows where Hoffa is too??.........Jesus H...... !!
This money won't get used a lot. The current lender has to take a haircut from current market price. The buyer has to pay 1.5% insurance premium, per year! Let's see 1.5% of 200K median price is $3000/year, almost $300 per month! Buyer has to qaulify for the fixed loan (my understanding is that down-payment-assistance is out)! Buyer-- forever --has to surrender at least 50% of capital gains (90% in the first year). There won't be a lot of work-outs with this bill. Every workout that does happen will just depress prices more than they are. BTW: this isn't something lenders have to do. Their participation is voluntary. People who got themselves into trouble are more likely to walk than try to use this program. Tell me it aint cheaper to walk and rent. I dare you to tell me that.
Hurry up and make lots and lots of money trading so you have it ready to go to bail these trashy low life fucks. I am in the process of investigating what business(s) I can buy or operate that give me the best chance of hiding my income so I can pay as little tax as possible. So far the only legal ones that can accomadate me are the restaurant business and or a supplier of them (meat/produce etc.) I have a long list of friends in this biz that seem to defy all reasoning when it comes to what they own and what they do for a living. Hot dogs or a side of beef anyone????
both of these require you to hold merchandise or paper and a large outlay of cash. The food consumption business is historically cash money in your pocket with risk being spoilage etc. which you can write off. Check back often for weekly specials on whole roasting pigs and 20 and 50 lb boxes of pork ribs and prime rib. Free delivery on all orders over $250!!!. We sell only U.S.D.A. Prime which is considered the best in the world (and I'm not even in bidness yet lol!!) Free air freshner and gas card for all referrals too!!!
B-b-b-but payday loans generate high interest income. Just show a bank your business plan, borrow at X% from the bank and loan at X+ginormous%. Huge Profit!
Loss of confidence in the "governments'" credit worthiness ????? With all due respect to your opinion, how on G-D's green earth can anyone have confidence in an entity that can print paper with men's faces on it anytime they get in a pinch. ???? Need to bail out ------------- (insert entity), just fire up the presses. Confidence ?? LOL. Para-phrasing Mises (or was it Rothbard): "Government is the only entity that can ruin a perfectly good commodity like paper by printing on it.."