cutterone said:
How about instead of the rebate check they are talking about (which will stimulate the economic spending for a about 24hrs and we're still stuck with much of the mess) an imediate reduction of all credit cards interest rates to 5%, high limits set to $1000, and if you have one you cannot get a second without paying the first one off so that this dam country can get out of frivolous debt. A lot of the mortgage mess we are in is due to people getting in over their heads with credit cards and borrowing against the house to pay them off and the banks have made it far too easy to do both! They know many people are weak and vulnerable. There's a lot of peer pressure to buy things and it's a trap and the lending institutions know it.
Then maybe we could give people a curfew so they are not out driving and spending money say past 8:00 P.M. Or we they could demand that Fat cattle prices are brought down to 75 cents a pound so people could afford to eat beef.
I don't want any solutions that puts the government more in control of the free market. If people over extend themselves and loose their homes that is their problem, we are all big boys. If banks go under due to bad loans that is their problem.
Time will heal all the wounds, those that lost owning a home will find a rent house and those that lost making bad loans will bounce back or be absorbed by someone else.
Who knows maybe some of that overpriced farm land due to urban sprawl will come down in price as the market adjust itself.