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February 20th, 2009
03:20 PM ET

Send us your questions on the economy

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/images/02/20/art.market.anon.jpg]

You’ve heard about the Stimulus plan, and the Housing rescue plan, and the TARP bank bailouts. But you still have questions, right?

Ask us your questions here, and our experts will give you some answers tonight on AC360° at 10PM ET.


Filed under: Economy • T1
soundoff (315 Responses)
  1. Gerald Chinnappan

    Andy,

    The president is doing all that he can do..to stop further infection..like putting a mosquito net. But the people are looking for a medicine for their mosquito bite!!!

    You cant say who is wrong!! coz they look @ things differently. I own a home and I have been through 2 recessions.. but never missed a bill or meal or fun.REASON –> Planning.

    Is Obama respoinsible to fix your irresponsibility.!!!! Good Luck.

    February 21, 2009 at 1:43 am |
  2. Tenise

    Anderson, keep them honest!! How can the government fix the economy when they are ignoring the cause. The banks caused the problem. Because of greed, they invented these "creative mortgage products" to rob the people out of their money. The banks turned the American dream of becoming a homeowner into the nation's worst nightmare. The government should go after these crooks and fry them. It doesn't make any sense to pump money into the banks. They should make the banks voluntarily give back bonuses or be sent to jail for fraud.

    February 21, 2009 at 1:41 am |
  3. Vickie Gray

    Dear Mr. Howard,

    Will the FDIC Bank Protection Program return back to $100,000 in December, 2009? If so, what do you reccomend for me to do with the extra $150,000? Iam 58 and retire early to take care of my MOM who has Alzheimers. I have taken a beating in the stock market . I have no skills, inorder to return to the work force.

    February 21, 2009 at 1:38 am |
  4. GUY Gelhaar

    Yes economy is in bad shape,,i work for a company that still insist on sending jobs and machine work to mexico and china ,soon we will be out of a job,, the stimulus doesnt say anything about that??? How do we stop this????

    February 21, 2009 at 1:37 am |
  5. Jeff P

    I offer an alternative how about reduce the payroll tax to nearly nothing for 3 years. Stop the populist nonsense. A steep reduction in payroll tax would enable both those who have savings and those without to change position. The saver would spend, the overleveragers would save and reduce their leverage. Take the bad assets off of the banks and put them into social security. It is often claimed it is a trust fund, but inactuality there are no assets in it. By putting the bad assets into it and assuming the Stimulus plan is successful, those assets would recover and social security could at least have some funding. If the toxic assets turn out to be worth nothing, social security is no worse off than before, an unfunded promise unlikely to be kept. It would also have the added benefit of removing the toxic assets from the market which would likely enable the prices of those securities to rise and thereby reliquify the banks and enable them to be solvent again. Where is the imagination in this government? This administration is basically the same as the last.

    February 21, 2009 at 1:37 am |
  6. Veronica

    The predatory lending in the housing market is seriously exacerbated by the predatory lending in the credit card industry. How is the increase in fees and rates and the lending of more than can be expected to be paid back considering income not just as bad as the housing lending problem, and if banks are nationalized would fees and rates be reduced?

    February 21, 2009 at 1:35 am |
  7. Raymond

    Why can't the banking system and the federal goverment forgive any and all home morgages below $200,000, since the majority of the people in America fall in this catagory? This would cause all these people to start buying, raising the demand for goods causing the 1000's who have lost their joys to be needed back to work and the economy would go back to normal.

    February 21, 2009 at 1:35 am |
  8. Ty

    People voted for change, but did they really understand what that means? Change means that we, the people, have to be committed to giving for the future. People who complain about bailing out homeowners have a valid point. But the truth of the issue is not what should or shouldn't have been allowed. At this point, we should be thinking of how to save everyone. Unfortunately that means giving, not just of our spirit and emotion, but something more tangible, our money. For those who complain that it's unfair I can only respond with the truth. Fairness is not a factor. Saving our butts is not a fairness issue. You either believe in change and realize that means sacrifice for the good of the whole or you don't. I'm 33. I haven't lived that long, but the ideas of change, sacrifice, and the future shouldn't be that difficult to understand. We are only as strong as our weakest link. So, a less blame and more shoring up of the weakest link in America today: the housing market. If I work my whole life and see nothing of it but a better future for my nephews, I BELIEVE it's worth it!

    February 21, 2009 at 1:34 am |
  9. Tim

    The former Merrill Lynch Board Members were recently rehired to BOA Board and have received stock options at the lowest annual price. Were these Board Members in on the bonus scam?

    February 21, 2009 at 1:30 am |
  10. Tenise

    Everyone needs to stop blaming the victim. Yes, the homeowners took money that the bank threw at them. However, the banks had no business throwing it. Where in the world came you walk in a bank and get a check for 100s of thousands of dollars and the bank doesn't even verify who you are and what you do? Because of greed, the banks have put the nation on the brink of collapse. I feel like the government has allowed those greedy bastards on wall street rape and rob the people.

    February 21, 2009 at 1:27 am |
  11. carol ames

    Nationalization of Banks:

    Has anyone read Das Capital by Karl Marx. I was forced to read it as a requirement by my Marxist socialolgy professor. tough to read but what you spoke of, nationalization of banks, is the beginning of a socialist society. do american's really want a socialist society?

    think about it and do more reading about france , switzerland, and others who pay most of their income to the government.

    February 21, 2009 at 1:27 am |
  12. ELBERT H

    To me let some more of the banks go they knew what they where up to.It is like a shame run and help others you can not alway's have your cake and eat it grow up people.The rescue plan is on life support we need to work on this and clean shop.

    February 21, 2009 at 1:26 am |
  13. Dave

    They re not telling the whole story. A lot of us are business owners that for 2 years we have been in default twice because some of our customers have the bad loans or have gone out of business and they can't remodle their homes or repair them etc. So we have no income coming in or not much. We have used up our 401,b's an savings etc. I used to make 10,000.00 a month now I am lucky to make 1,100.00 and can't pay credit cards and home mortgage is often late.

    February 21, 2009 at 1:24 am |
  14. Ray

    Anderson, If the government is interested in helping economy, why are they letting the oil companies close refineries. Crude oil is going down, gas is going up & closing the refineries isn't going to help to help our economy. If the government wants to step into something why don't they take control & make the refineries reopen & bring down the price of gas. When oil was up they made billions without a concern for the public. I think it's time the shoe is on the other foot. Thank you! Ray

    February 21, 2009 at 1:23 am |
  15. Gerald Chinnappan

    everyone knows Something cannot be made out of nothing.. But the Banks enjoyed making money out of nothing!!! not everyone know.. what I mean.

    What does the Bank expect to weave out of air.. a tuxedo??? Oh yeah!! now they dont have what they had!!!..

    lend what you own!! not what you think yo can!!

    February 21, 2009 at 1:22 am |
  16. Phyllis

    Whatever happened to the word usury... how is it that banks can charge 30% interest on credit cards and then give .02% interest on savings. There is something seriously wrong with the banking system and it can not be allowed to continue.

    February 21, 2009 at 1:20 am |
  17. Blaine

    What is all this talk about the Fed buying more mortgage backed securities to lower interest rates? Is this going to start happening and if so how long will they do this for/

    February 21, 2009 at 1:18 am |
  18. Jeff P

    The discussion to nationalize the banks at this juncture with the exception of Citigroup is ridiculous. Look at the policy of the government for the last year. It enticed the UAE to dump money into Citigroup, It pushed JP Morgan into acquiring Bear Stearns, It pushed Bank of America into completing the purchase of Merrill despite the presence of Material Adverse Conditions at Merrill. And now it threatens to nationalize these firms? As an investor in the US markets for over 30 years. I wouldnt touch a bank or financial institution until the government repudiates the policy. In the meantime as a result of my and other cogent investors avoidance of US assets, the Us economy will collapse under the weight of its own political stupidity, In the midst of this the government wants to write checks to the morons who over paid for houses and who overextended themselves with leverage. The hypocrisy oozes from these populist self destrutive policies.

    February 21, 2009 at 1:18 am |
  19. Thomas J. Contreras

    The true American stimulis is : FAIRTAX (HR25)

    Let the American workers keep 100% of their check (afterall he/she has EARNED it) and let the American people spend,save, and invest as he/she chooses and fund the USA government via a consumption tax and NOT on income. The FairTax shall collect taxes from the illegals as well as the underground such as drug dealers,pimps,prostitutes, gamblers. Also, tourists visiting the USA shall pay into the system as well. The FairTax shall revive the economy, strengthen job retention, promote tremendous job growth and strengthen and reconfirm our WORK ETHIC and allow American workers to enjoy the fruits of their labor. We get taxed more for working overtime? this is an incentive to work harder ? punishing productivity while rewarding complacency ?? The USA government transparent ?? time for change?? well CHANGE is FAIRTAX and it is the true American stimulis and let the American people thrive and stop the punishment for productivity and hard work instead let the American worker keep 100% of their money they have EARNED !

    Thank You.
    Tom C.

    February 21, 2009 at 1:18 am |
  20. Craig Manke

    How long will it take for the governments world wide to wake up and Tax Religion . As Revelation 17:16-17 tells us. As Rev 17:17 says God put it into their heart to do his will even to carry out their one thought , untill Gods words have been Accomplioshed. We had an hour program on ou local Tv station here in Houston on how the U.N. wants to end all religion , and push a one world religion having to do with worshiping the sun as they did back in Egypt. Since it is generic and has no Alla , Christ, Budda, Mohamad and so on, noone can complain since it has none elses God in it. Read Rev 18:11 , the merchants of the world sit around ,woe is us Bablyon the Great ( or all false Religion ) has fallen who will buy our wears. So on Xmas they will loose $468 BILLION a year"""" woe is us who will buy or wears"""

    February 21, 2009 at 1:17 am |
  21. Paul F. van Rij

    Nationalize the banks? Of course, sooner than latter! If we bail them out "WE" own them. That is a big "PERIOD"

    February 21, 2009 at 1:17 am |
  22. Dave

    Why is no one is talking about the courts that are asking the banks for "the original wet ink signed Notes" in foreclosures that ar now happening in Florida and they can't seem to come up with because of the bundleing of mortgages.

    February 21, 2009 at 1:16 am |
  23. Godo Yannick Seri

    Isn't the idea about the potential nationalization of banks a very extreme solution to this economic crisis?

    February 21, 2009 at 1:16 am |
  24. Lorna

    Anderson,
    I have worked in healthcare for 30 years and we are required to treat people who have no visible means of payng for services. After they get well, they leave and we write off millions in bad debt. Healthcare has never gone to the government and asked for a bailout. Isn't that odd? Wall Street the keeper of money can't take care of our money, but healthcare takes care of your life and your loved ones and no one blinks an eye.

    February 21, 2009 at 1:14 am |
  25. Ali Mikhchi

    The only way we can get out of this problem whould be nationalizing bank and health care . We may have a melt down if we do not.

    Ali

    February 21, 2009 at 1:13 am |
  26. Joseph Kinsella

    How, specifically, will nationalizing the banks hurt me, a $100k household? Please explain why someone would contemplate nationalizing the banks.

    February 21, 2009 at 1:13 am |
  27. ENRICO GABUZZI

    Hi:
    I have a question about my mortgage with Wachovia, I have a fixed rate (7.45%) 30 years, I have been try to reduce my interest rate and reduce the amount of my payments, which I'm current but havent had a reasonable answer from the bank. Would it be possible under the stimulus plan to re-rate my mortgage without refinance. I have an equity of more than 25% of house value. Thank you.

    February 21, 2009 at 1:01 am |
  28. Michelle Weaver

    I do not understand why the government cannot give each family an allotted amount of maoney that is only to be used for debt. This could be strictly regulated as they could send the money diirectly to banks and creditors. This would make more sense then what he is doing!

    February 21, 2009 at 12:45 am |
  29. kathyn

    Hi,
    For a long time I have been playing by the rules and now I feel like I am penalized for this. Why I have to pay tax to bail out those people who should not, should not buy their houses at the first place for they could not afford it?. They did not follow the rule and got something over their affordabilities and now people like me have to bail them out? WHo would bail me out? I am not totally against the bail out proposal but we have to put pressure on the banks when they lend out money. All these messes were created by our banking system. They carelessly lend money to people who did not even have a job.
    If I don't have a job and the bank still let me borrow money, why would I resist? It is the bank's job to know who is qualified to lend their money to. I will be 100% support the bail out if the president can lay off all these incompetent bank CEO!!!!

    February 21, 2009 at 12:39 am |
  30. lea coyco

    i know of a colleague who about october last year bought a second home that is really big and purposely walked out of her first house. reason, why pay more when you can pay less on this bigger home. now i know of two people who are deliberately not paying mortgages eventhough they have stable jobs(one is even in the military with a housing allowance). they were advised by their lawyers to do this so they could have loan modification. my husband and i are living paycheck to paycheck so we could pay bills and be responsible citizens of this country. i feel so frustrated everytime i hear these people say "we need to take advantage of the government's help" eventhough they really don't. i see no justice in this!!!

    February 21, 2009 at 12:35 am |
  31. martin morales

    Hello Anderson:
    My advise to the next door neighbor. Look, everybody needs to do their part to get AMERICA back on track. Don't complain about your neighbor getting a great deal. Look at it as your duty to help your fellow man. Be a good samaratin. Remember one of the 7 sins "ENVY", and I'm not religious.
    In my 74 years, I've seen alot. I have ideas on how to fight the war in Afganistan, how to protect the shipping from piracy and on and on and on. How do I get my ideas to someone that can consider them or at least critique them.
    I have many stories on both sides of prejudice you've never heard.
    From my name, you'll probably think I'm Hispanic – WRONG! My 4 grandparents came from Sicily in the 1800's. They were also victims of prejudice and so was I , growingup. More stories. Want to hear them.
    I hope and pray that the FEMALE President's (Nancy P.) stimulus plan works.
    I don't think the banks should be nationalized because too many Americans both rich, middle income and poor own the stocks. I was surprised how many people I know, own them.
    The Madofs of this world should the publicly hanged on the white house lawn. Ticket sales and TV coverage (pay per view) should clean up the deficit. Maybe even produce a surplus.
    Thanks for your patience.
    If you are ever in Albion, CA , stop by and have some homemade wine,DAGO RED!
    Martin

    February 21, 2009 at 12:33 am |
  32. JACK

    I watched and listened closely to your Money Summit tonight Feb 20 from 8-9pm in Spokane, Wa.
    What concerns me greatly is; a 10 trillion dollar national debt, a budget deficit over a trillion dollars, and TARP 1,TARP 2. possible TARP 3 and possibly Stimulus 2 or more, ALL ON BORROWED MONEY !!! We can't just print $$$ without horrendous inflation !!!
    With the whole world economy going in the toilet what if no countries can't or won't lend us money ?? If they do loan at what interest and for what term. How far down the road are we going to be paying this back.
    Somebody better be telling the American people what we're in for !!!
    Please make this a solo program.
    Sincerely, Jack MSgt USAF (Ret) Korea 52-53 Vietnam 65-66

    February 21, 2009 at 12:26 am |
  33. Joe Robertson

    I"m 17 and know that my age may make me naive, but it seems that the most important issues (at least in my eyes) like education and alternative energy are only a minor side dish to this stimulus package.

    I mean, with my understanding, if you put a good portion of this pile of money into scholarships and into lowering college tuitions, so that at least my generation can go to college without having to struggle to meet the financial needs and gain the knowledge to responsibly manage our finances. We would not seek out loans we can't pay, we wouldn't pour money into gas devouring cars, we wouldn't buy houses that we wouldn't be able to buy unless we hit the jackpot, and wouldn't foolishly invest in stocks simply because it's what everyone else is doing. The vast confusion over economics in this country is remarkable. We simply do not know the basics. I'm no expert but hopefully I'm making sense.

    If we invest another large amount of money into developing technologies for renewable energy and gas-efficient vehicles or further improving public transportation, it would save a large amount of money.Which, at the moment, we pay the oil companies who take our money and do god-knows-what with it. Plus with the money we save, we'd be more likely to put the money into the markets and purchase more goods, improving the cash flow. If we invest a vast amount of money into powering most of New York City with renewable energy and tranforming the rooftops of these buildings into rooftop greenhouses and gardens, it would reduce the carbon emissions and provide AMERICAN foods in which we can sell in our markets without having to import foods from other countries and just hope it's healty enough for us to eat. I see commercials about natural gas, clean coal, windmills, solar panels, and so on, but none of these ideas are getting the proper funding they need to even put them into small-scale use. With the money the government is proposing, it will not be possible to create the type of transformation in the way we access and use energy that President Obama dreamt of. I may be just ranting on, but these are the problems that I'm going to have to deal with first hand after I graduate from college (if I can afford it).

    Does my argument have any merit?

    February 21, 2009 at 12:24 am |
  34. Dennis C

    With the new housing rescue bill does this mean only people with good credit that are struggling to keep their homes may get a fixed loan at a lower rate?

    February 21, 2009 at 12:18 am |
  35. richard mcgrath

    What are the rewards for working hard,paying taxes, and not over spending, home owership within our means and able to pay our mortage by working hard and if needed take a second job, having our home value depicate, and spending with our means and saving to have the American Dream of home owership. What rewards do we get out of this stimulus package that Obma proposes?
    We get to contiue to work hard and be taxed so the government can give our hard earned dollars to those who did not live within there means, did not save for the future, spent dollars unwisely and had a good time and lived HIGH ON THE HOG. We are hit with a double wraamie-we sarcificed much and good times and now we have to bail out these high living sluges.
    This is a blantant armed robbery by our government which has lost it's honor.

    February 21, 2009 at 12:14 am |
  36. Richard Curtis

    Community Reinvestment Act, under Carter, modified by Clinton, when are they going to repeal it? Don't you stop the bleeding before wiping up the floor?

    February 21, 2009 at 12:11 am |
  37. hanne

    Hello AC and CNN,
    What would happen if a LIMITED building moratorium was implemented? Seems we will have an excess of homes and apartments for years and years if we dont stop building departments from issuing so many new permits.

    Hanne

    February 21, 2009 at 12:06 am |
  38. Marko

    What happens to some of us who had small business, were self employer in construction industry and now we have not had jobs for more than 5 months; where do we turn for help? People who loose jobs from companies start collecting unemployment and they are registered as unemployed. Were former self employers out of business turn for help?

    Thank you

    February 21, 2009 at 12:05 am |
  39. ENRICO GABUZZI

    I think this economic situation has been created most of the greedy of the banks and the lenders to mislead the information to the house buyers. Now it's an excellent oportunity to "nationalize de banks" they have been doing through the years an awful service to the society, using any trick available to take money out of the pockets of their customers which happens to be all of us. I'm sure it will be less expensive for the society and once and for all get rid of these "institutions" that they have lost their sense of the basics, which is to serve and promote the growth of America with a social responsability with the taxpayer.
    I'm sure that everyone who bougth a house under any term bough it convinced to live there, besides the homeowners are not the responsable of the failure of the system.
    The banks could be still working under the goverment direct supervision, be able to attend directly the needs of the borrowers, reduce interest rates on motgages and loans (eliminate intermediarism), pospone forclosures and fixed credit card rip offs, etc.

    February 21, 2009 at 12:04 am |
  40. Elaine

    Anderson, some of us appear to be falling in a category that has not yet been addressed on your program. The unemployed and uninsured, like myself who at one point were able to collect unemployment for a period of time while lining up the next job but couldn’t afford a $685.00 per month Cobra payment, thus remaining uninsured. We could be one step from bankruptcy if we were to have a medical emergency. We then find a temporary position for a few months to take us off the unemployment then find ourselves after the temp contract expires unemployed again and not eligible for unemployment benefits, as that was one of the pre-conditions to the temp contract. Fair enough because the wages far exceeded any unemployment benefit and it’s good to be working.
    So the question is if the Cobra option has expired (generally you have to sign on with X weeks after a job loss), how can one qualify for the supplemental governmental assistance that is earmarked towards the Cobra monthly medical insurance premium? Again, I am not eligible for Cobra at this point and premiums are incredibly expensive and more so when no income is coming in during these challenging times. Are we eligible for this medical assistance and how do we go about applying for it?
    Thank you for addressing this.

    February 21, 2009 at 12:04 am |
  41. Julie

    What is going to help me on in this stimulus bill.. because it sound like ZIP... and I voted for Obama.

    My cousin, who I love, purchased a house for $600,000.00 while only working part-time and her husband worked part-time.
    They could obviously could not afford this.. and now their house is in foreclosure. Why should they be helped for their irresponsibility?
    And now the broker is also being bailed out?

    While I am a highly educated individual who falls in the category
    of UNDEREMPLOYED since 2003. Why? I have 3 degrees.
    Everytime I applied for a job I was told I was OVERQUALIFIED for the
    position. I actually had to DUMP DOWN my resume to get a job.
    Hiring managers and HR aren't well educated and they want folks
    who they can pay the least.

    Is this fair? And while the gov't has no agencies to remedy this, or help folks in this situation. No training programs with qualified individuals to direct people. Not even the high priced, private college and grad school provided or prepared me for this type of situation.

    It is all a catch 22. I pay all my bills on time.. I spend wisely.
    II pay my taxes. I am a responsible citizen. I did not create to this
    problem nor did I contribute... yet I find myself again carrying the burden and in limbo.

    February 21, 2009 at 12:00 am |
  42. Michael B.

    Can you provide a demographic breakdown of the loans issued between 2001 – 08? And what communities in each state were primarily affected based upon the final electoral map for the 2008 election?

    February 20, 2009 at 11:58 pm |
  43. Lisa

    We have 3 houses in our name, one we lived in for 8 yrs.was going to sell when moved into house we had been fixing for years, one my husband helped our daughter get . we couldnt sell them so we rented one,we were taken on other by renters,took 4 months to get them out, has been empty for 8 months,have renter moving in end of month. My husband has been laid off 4x last year now working out of state,for 9 months now ,he has to pay to live were he is so it doesnt leave much to pay bills , so we are behind on everything,try to make payments when we can,they dont care if my husband has to live were he is ,we dont want to loose the house we live in now,have tried to get diff. kinds of help,they say if you own more than one house we cant help,we are not landlords,we wanted to sell them.We are just at the end of any answers, we have tried to set payment plans,we cant pay everyone what they want,my husband has no job here,[he is in union job] we grew up here ,this is our home,im scared we are losing everything,part our fault,part not. Where can we get help? We have 2 daughters,3 grandkids living with us.Any advice please, Thanks Lisa in Il.

    February 20, 2009 at 11:57 pm |
  44. Laura

    I take offense at David Gergen’s premise that if one neighbor is paying his mortgage that the neighbor about to fall off the cliff of foreclosure is jetting off to Vegas. That is absolute nonsense and those of us in the elderly category who merely were caught in the tsunami deserve an apology for his erroneous assumption not based in fact but out-of-touch ludicrous opinion.

    I live in an area where any trickle down of investor wealth goes to garish mansions rather than building the infrastructure in the surrounding communities.

    February 20, 2009 at 11:57 pm |
  45. Hector Martinez

    Can Obama lower interest rates on 30 year fixed loans to 3.5% for all that qualify?

    That would free up a lot of my money and give an incentive to buy a new american made car.

    February 20, 2009 at 11:56 pm |
  46. Frank

    The 3 Step Plan to fixing the housing issue

    1.) Convert all mortgages to a 30 year fixed @3%....The reduction in the monthly payment is about 30%. This make the payment more affordable to homeowners.

    2.) Convert at the current mortgage value....This prevents the banks or homeowners from having to lose the equity that was in the homes before the crisis.

    3.) Allow the low interest mortgages to be transferred if the home is sold ...this will stimulate home sales. Buyers will be required to buy homes at the pre crisis value, however, the lower interest rate compensates them for buying the home at a higher price.

    Example: A buyer paying 3% on a $120,000(pre-crisis value) home pays the same monthly amount as he would if he bought the same home for $85,000(current value) @6%.

    February 20, 2009 at 11:56 pm |
  47. Anwar Soliman

    All your experts on the economy say that what is needed to turn the economy around is consumers' spending. Also they say that the $110 billion stimulus under Bush Administration Plan did not work because the individuals receiving the stimulus amount either deposit it in their bank accounts or used the stimulus to pay existing debt. In other words, the economy did not get any increase in spending.
    I have a plan that is guranteed not only to increase demand in the economy but also it will result in increasing the demand by whatever predetermined percentage and within the desired timing. Forget about tax incentives and substitute with individuals' economic stimulus of the same amount. However, DO NOT send checks to individuals. Instead distribute Stimulus Debit Cards("SDCs"). Each card will have the taxpayer name, the stimulus amount, and the card expiration date. SDC's will be used only on spending on goods and services before expiration date. SDC's cannot be used to get cash or to pay debt. The message is" use the stimulation before expiration or lose it."
    We already have the mechanism to implement this plan. Use all the banks and the financial institutions that already use debit cards. We will also know where the money is spent within days after expiration date of SDC's. I believe it will work. Thank you

    February 20, 2009 at 11:55 pm |
  48. JD Willingham

    Let's see if math still works! $785 billion divided by 300 million some odd people in the U.S. is roughly $2.5 MILLION DOLLARS EACH!! Now put that in the hands of the American public and you will still get the outcome of Nazi Germany when thier currancy value bottomed out!!!! Read what Andrew Jackson said about the Central Banking System. Our children are waking up homeless and penniless on the ground that thier forfathers fought and died for!!!! SOUND FAMILIAR???

    February 20, 2009 at 11:53 pm |
  49. Frank

    The 3 Step Plan to fixing the housing issue:

    1.) Convert all mortgages to a 30 year fixed @3%....The reduction in the monthly payment is about 30%. This make the payment more affordable to homeowners.

    2.) Convert at the current mortgage value....This prevents the banks or homeowners from having to lose the equity that was in the homes before the crisis.

    3.) Allow the low interest mortgages to be transferred if the home is sold ...this will stimulate home sales. Buyers will be required to buy homes at the pre crisis value, however, the lower interest rate compensates them for buying the home at a higher price.

    Example: A buyer paying 3% on a $120,000(pre-crisis value) home pays the same monthly amount as he would if he bought the same home for $85,000(current value) @3%.

    February 20, 2009 at 11:53 pm |
  50. Raj

    Why is Bank of America charging 2.9% points in order to receive a 4.5 mortgage interest rate for refinancing and they're also getting the bailout money?

    February 20, 2009 at 11:53 pm |
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