I thought I would do something to help celebrate my 100 post on here. I have decided to change gears a bit and talk about what is going on with our economy.
First off people are losing money and the government thinks this bailout will work. I doubt it will. I look at is as placing a piece of gum over a crack in a dam. Instead of draining the water and rebuilding the dam, they think the gum will hold. I think not. It is hard to say which candidate for President will be able to fix the problem since the President is just a figure and the people behind him or her make the decisions.
Here is what I think should be done.
First off give the money to main street not wall street. People will not spend money if they do not have it to spend that is simple economics.
Second the government should come in a make all lenders reduce mortgages all to 4 % interest and reevaluate the mortgage to the actual value of the house. Also give people a break on interest for a year and allow them to pay down some of the principal balance. Even give a credit so that it can help people get started.
Now I know this will not fix everything but I think it will help the economy if people know their house is safe and that they will not lose their jobs. It all starts from the bottom up.
This is just my 2 cents but I think we are in f0r a long road if this does not get fixed soon.