” A Pale Green Mermaid Blog “
Many believe that the economic recovery will be slow to arrive , but there are three actions/inactions that will jumpstart the recovery that was initiated by President Barack Obama’s prior actions. They follow :
1. Allow the Bush tax cuts to expire this year as President Bush planned, simply do nothing.
2. Reenact the Glass- Steagall Act of 1933 that President Roosevelt put in place during the depression and that was repealed in 1999. ( banking rule )
3. Offer a 3.99 mortgage (or lower / the current rate mortgage rate) to all citizens that are in foreclosure AND any other citizen in the US that would be interested in lowering their mortgage rate.
All three of these actions /inactions would put immediate cash in hands of consumers and state budgets. All these actions are to the benefit of government and citizen alike.
The only persons who would object are the few speculators/hedge makers/ bet makers in large investment banks who initiated the mortgage based derivative crisis. ( they sold risky financial products using mortgages as the base of the product built on a ponzi-like selling structure )
Tomorrow we will discuss each of the three steps in detail.