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[personal profile] firesion
Seems like a small price to pay for not having to start tent cities.
"
* 1. We will not let any of the big financial institutions fail, because Lehman was a mistake on our part that reintroduced systemic risk, and we want that off the table for good.

* 2. We will make sure that your life insurance and your annuities will be there for you.

* 3. We will stem house-price depreciation through a series of tax credits to buy homes and a reinstallation of TARP, complete with an accounting change that does not force banks to take a hit for now against capital, and a purchase of whole loans to refinance them, including the loans on the books at Washington Mutual, now JPMorgan Chase(JPM Quote - Cramer on JPM - Stock Picks) and Wachovia(WB Quote - Cramer on WB - Stock Picks), now Wells Fargo, which have been decimated by Paulson's ridiculous TARP walkaway.

* 4. We will reach out to the servicers of collateralized debt obligations, where 80% of the bad mortgages reside, and we will adjust principal of the mortgages to make some of them come back to life, provided that borrowers are current, and we will stop moralizing. We can give a tax credit to those who pay on time if we have to.

* 5. We will institute a sizable tax credit for hiring people, and we pledge to stop unemployment before it reaches double digits.

* 6. We will provide debtor-in-possession financing from the U.S. government for any auto company that files bankruptcy, and we will guarantee warranties. We will do nothing for those that don't.

* 7. We will begin a trillion-dollar infrastructure program to rebuild America from the ground up.

* 8. We will push our allied central banks, the ECB and the Chinese, to cut rates to 2% to instill growth to their economies.

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firesion

January 2009

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