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Obama, McCain working on joint economic statement as Congress balks at Bush bailout plan.

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From the Obama campaign....

At 8:30 this morning, Senator Obama called Senator McCain to ask him if he would join in issuing a joint statement outlining their shared principles and conditions for the Treasury proposal and urging Congress and the White House to act in a bipartisan manner to pass such a proposal. At 2:30 this afternoon, Senator McCain returned Senator Obama's call and agreed to join him in issuing such a statement. The two campaigns are currently working together on the details.

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Paulson plays Chess with Congress on BAILOUT


Now is time for the House and Senate to show leadership.

The bailout money requested from congress should not go to the Treasure Secretary or any of those who wrote this plan but congress should create a Foreclosure Mitigation Board consisting of a group of independent CPA's & retired Bankers to buy foreclosed properties and potential foreclosed properties from the banks so as to redesign affordable payments to homeowners to remain in their properties and to buy reduced price properties from these banks and allow those to be purchased by displaced foreclosured and new homeowners with payments structured according to their income and ability to pay.

Congress should pass a law to stop the lending institutions from offering exotic products to the market place which only force the end line mortgage originators to sale what they have to sale and thereby employ unscrupulous methods to survive in this business but in most case the only ones to suffer consequences for their actions when in fact they were authorized from those who designed these products.

Congress should pass a restructure law to force lending institutions to cut out compounded interest rates & 30 year mortgages and offer simple interest and design 5,7,10 and 15 year mortgages which will create equity faster and allow the homeowner to buy investment properties and create equity that could pay for education,supplement retirement or used to investment in other businesses.

$700 billion dollars release as it has been requested would be worst than the lies we were told to authorize the war in Iraq. Only $60 billion should be released at this time and reviewed in Feb. with oversight by a group selected by the Senate Banking Committee. This method only be temporary while a research is being done to provide a permanent solution. None of the funds released included in the $60 billion will be used in the real estate market but only to protect investment in the 401k.IRA,403b,Roth and funds of like kind. $150 billion should be approved to open the housing bailout to be run by a group set up by the banking committee and also to be review in Feb.

Same as the Iraq war there was and is no clear goals to get out of this mess or confidence that it will work. We cannot be contributor to placing these kind of burdens on the American future generation.

Respectively submitted,


Eugene Carter

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Lynn Sweet

Lynn Sweet is a columnist and the Washington Bureau Chief for the Chicago Sun-Times.

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This page contains a single entry by Lynn Sweet published on September 24, 2008 2:20 PM.

Obama fund-raising slackers chided by Penny Pritzker, Phil Murphy was the previous entry in this blog.

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