What is Digg?43 Comments
- nallu007, on 10/13/2008, -4/+21Tax breaks for more jobs. Good stimulus to avoid companies from cutting costs. Also the majority of the reaction looks positive up-to now!
- digitalvik, on 10/13/2008, -4/+20Hillary Clinton proposed this idea many months ago.Its good to see that Obama is able to embrace a good idea when he sees it.
It just goes to show that, unlike McCain, Obama is not mired in ideology. He is a thoroughly pragmatic thinker and is committed to solutions, which is exactly what we need.
Obama'08 - lepster10101, on 10/14/2008, -5/+14Another great idea from the Obama camp. Keep up the good work!
- macdoodle, on 10/14/2008, -3/+10good idea to give things a chance to be worked out for them.
i don't want more competition -already left out for years!
can we call a 90 day moritorium on homelessness for physically disabeld women vets and non
i could use the break and a clean hot shower.
until YOU can ask HUD to include phYsically disAbled in the homeless count
THEYVE IGNORED MY BEGGING FoR YEARS.
and ask those religious run shelters and housing that don't like us to STOP LEAVING US OUT?
yea, i know -addicts are easier and cheaper..
and kids are cuter.
STILL... - nallu007, on 10/13/2008, -0/+7Your comment is no-way related to this article. Plus I have read the same comment before!
Why are u pasting this from a conservative blog site? Use your brains be appropriate and original.
Oh! I forgot; if you used your brains you would not be writing this comment. - Cobb6, on 10/14/2008, -4/+11Beautiful! Yes...He thinks on his feet....!
- digitronix, on 10/14/2008, -0/+6America NEEDS to go into a recession. The government should stay out of trying to bail out the economy. Recessions are a necessary element of a healthy economy. Anything Obama will try to do (and everything Bush/Bernanke/Paulson are doing now) is to hurry the collaps of the US dollar, and try hard to create an inflationary depression. The US economy is like a methamphetamine addict that must keep having it's fix of fiat dollars. It needs to go through a painful withdrawal process, otherwise it will die a swift death.
- SheilaNoya, on 10/14/2008, -1/+6I'm still waiting for McCain to announce his daring "new" economic plan.
The one he floated over the weekend was a total failure and now he isn't going to release it. McCain's plan to save our economy was the same thing Bush would have done - more tax cuts for Capital Gains and Dividends.
Since most middle class people own their stocks through a tax-deferred 401K, this didn't save them one penny. Once again, McCain devised a plan that would benefit the wealthy and do nothing for the middle class. McCain still doesn't get it. - dn11, on 10/13/2008, -0/+4McCain and Bush: socialists for the GOP. Give me a break with your "socialism" nonsense. Republicans are acting more like socialists these days than democrats ever have.
- whataboutdave, on 10/14/2008, -0/+4Pandering populism isn't brilliant. This is flat - out irresponsible and an affront to those of us who didn't make moronic decisions.
I expected better from Obama. - Wosat, on 10/14/2008, -0/+4Most of these mortgages aren't held by the banks directly, but in CDO and MBS investment vehicles that bundle together mortgages into groups which are then collectively owned by dozens of other parties. If it were as easy as you state, it would have been done already.
Leave it to the Harvard business grads to really screw things up. - macdoodle, on 10/14/2008, -0/+3see how well the last two tax rebates worked? - they dont.
betTer climate for small and medium business is what does it.
the gop cut SBA in reagan years and its got to grow back to stimulate new business.
the big guys don't need any more welfare.
welfare is to help regular people and infrastructure- Americans and America be stronger and more able make the whole stronger ONLY.
not the elite
don't feed the sharks.! - sheeplescareme, on 10/14/2008, -0/+3there are far better solutions for reviving the economy than encouraging people to deplete their retirements while ss is dwindling down to nothing. short-term band-aid results in a larger problem down the road.
- argaen21, on 10/14/2008, -0/+2"Use yer brain moran!" hehe ;)
- digitronix, on 10/14/2008, -1/+3Such manipulation of the market will prolong a prolonged inflationary depression. Whenever politicians try to meddle in the markets, they always cause more harm than good.
For your own good, here is a reality check for the completely nonviable US economy. No politician is going to be able to fix it.
Part 1. http://www.youtube.com/watch?v=6G3Qefbt0n4
Part 2. http://www.youtube.com/watch?v=8hFmoTjljpw
Part 3. http://www.youtube.com/watch?v=qBk4PhdhCFQ
Part 4. http://www.youtube.com/watch?v=xNKs8lBnd2U
Part 5. http://www.youtube.com/watch?v=MoSwkCog-Ro
Part 6. http://www.youtube.com/watch?v=IrpPsOvHUU8
Part 7. http://www.youtube.com/watch?v=DVtT6spfffI
Part 8. http://www.youtube.com/watch?v=xgRgGKxXbCw - Observant1, on 10/14/2008, -0/+2hillary was on the board of directors to walmart 6+ years pushing "made in USA" when the goods were actually made in China, great idea wasnt it?
- inactive, on 10/14/2008, -0/+2This COMMENT is a mix of ALL CAPS as if somehow that makes it LESS LIKELY to be COMPLETELY IGNORED.
- thcobbs, on 10/13/2008, -4/+5Except that he has now out and out said that his economic view is that of a socialist. Not exactly what I want to see in the USA.
- BoneStamp, on 10/14/2008, -0/+1Regardless of who actually holds the loan, If Obama thinks he can stop them from foreclosing for 90 days, why not make it longer term... ensure the lender has made a reasonable offer to avoid foreclosure.
- ironhide, on 10/14/2008, -0/+1Reported for spamming
- powermonay, on 10/14/2008, -3/+4"Together, we cannot fail. Not now. Not when we have a crisis to solve and an economy to save. Not when there are so many Americans without jobs and without homes," Obama said. "We can do this because we've done it before."
- magus_melchior, on 10/14/2008, -1/+2The last time McCain tried that, he came up flat-footed. He ends up one step behind Obama again.
- BoneStamp, on 10/14/2008, -1/+2No need to buy all the mortgages... just change the laws so the banks have to negotiate a reasonable affordable mortgage (like they should have done in the first place).
- SheilaNoya, on 10/14/2008, -2/+3YOU may think it's stupid, but lots of people are hurting financially right now and they will take a giant tax hit if they try to access their 401K funds.
The existing 10% penalty (if you're under 59 1/2) and the state & federal income taxes will eat up roughly 50% to 60% of your withdrawal.
It's dumb to pull money out of your 401K, but this is a crisis for many people and allowing them to do this is better than letting them lose their home and end up in the streets. - drwaterside, on 10/14/2008, -3/+4There are some great ideas in the plan. Definitely addresses some of the immediate issues facing families and businesses today
- uHaveASmallDigg, on 10/14/2008, -0/+1Say goodbye to the integrity of the contract.
- AugustusOsari, on 10/14/2008, -0/+1On the other hand, if it dies a swift death, that means a lot of multinational corporations will finally learn that crime doesn't pay.
...At the cost of an empire. - magus_melchior, on 10/14/2008, -1/+2Attempt? It's working, right?
And who says Obama can't use an idea someone else thought of, but he thinks is good, too? Heck, maybe he'll give Clinton credit for the proposal, and make sure she gets to introduce it in the Senate. - BuryHuffPost, on 10/14/2008, -0/+1Allowing early withdrawals from interest accruing long term accounts during a period of recession is not a "brilliant" idea. It's a gamble.
People are scared for their money right now. Right now they can only act by not investing or withdrawing with a large tax and penalty. The second, in practice, people do not do. If you allow them to withdrawal without a penalty, they will do so because they are scared.
This will result in a massive loss for the investments typically considered "safe" that are targeted by retirement account investors, which will result in worse performance, which will hurt the resulting capital gains in said accounts. It will hurt the market in the immediate and if it does not work it will hurt investors in the future.
The trade off will be a few mortgages paid, turn around personal investments, more money in the banking system, and most likely random spending. It will be a trade from safer investments into the struggling investments. A trade from your 4% annually retirement account to something like a car, where the companies refuse to respond to the market and continue to decline.
Whether the immediate benefit to the economy will overcome the immediate loss to the market and result in an upturn of the economy? Well, that's the gamble.
Economist agree, housing finance, is the root of this recession. The only way this will work is if the money withdrawn is to legally be destined for a mortgage. - BuryHuffPost, on 10/14/2008, -0/+1I agree with sheep, this is a bad idea.
The economy is bad. If you allow people the chance to remove interest accruing money, without a penalty, while the economy is not looking good for them, they will do it. And when they do, it will only hurt the economy even more. - BoneStamp, on 10/14/2008, -1/+2They allow this in other countries to drive spending, home ownership..etc. Works pretty well for them... of course, their citizens actually save money and payback loans.
- Lhandroval, on 10/14/2008, -0/+190 days of no foreclosures? I'd hate to see the panic day 91 would bring...
- wild, on 10/14/2008, -0/+1"Socialism refers to a broad set of economic theories of social organization advocating state or collective ownership and administration of the means of production and distribution of goods"
You know who is being socialist right now? Bush, with his plan to nationalize "struggling" US banks. I think a lot of McCain's supporters have grabbed onto a new buzz word without really understanding the concept.
Obama doesn't want to make everything government run. Saying otherwise is misleading. - Coelacanth, on 10/14/2008, -2/+2No, because if McCain were to decide to do the same thing, it would happen 3 hours after giving an interview pledging to never to enact Obama's proposed plan. Thus it would be a flip-flop, and not a change of mind.
- whataboutdave, on 10/14/2008, -1/+1It was a terrible idea when Hillary proposed it.
It's still a terrible idea. - gwoydean, on 10/14/2008, -2/+2@thcobbs:
Go read a book. Some foundations of this country was built by...um...socialists!
If you can't read scholarly publications, at least look up socialism in the encyclopedia. The only reason Socialism is a bad word is because its the opposite to Capitalism. Umm, right-wing conservatism equals Capitalism, therefor...Socialism...
Great American Cities like Milwaukee, New York...
I'm sorry for your ignorance and miseducation. - thcobbs, on 10/13/2008, -6/+5You know if McCain decided to do the same thing, it would be called a flip-flop. Good attempt at spin.
- womensgroup, on 10/14/2008, -3/+2McCain was waiting for Obama to show him how! Just watch - more copycat!
- thcobbs, on 10/13/2008, -4/+3I can't change self delusions... I'm sorry for your ignorance.
- sheeplescareme, on 10/14/2008, -12/+4"Obama also proposed allowing people to withdraw up to $10,000 from their retirement accounts without any penalty this year and next."
oh, now that's fn genius.
buried as ridiculously stupid.
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