It's hard to ignore the reality that we have become a very bitter country. Politics is the means by which we address societal challenges. It is rarely a pretty process, and the rancorous tone of the debate has become dispiriting. Real change comes from us not from government. Ask yourself; what type of energy are you bringing to the world?
Monday, October 13, 2008
Obama's Economic Plan for the Mortgage/Credit Crisis
Here is an overview of the Obama Plan. I will have comment in the coming days. I addition, I will post John McCain's plan when they release it.
Job Creation: A New American Jobs Tax Credit. Obama is calling for a temporary tax credit for firms that create new jobs in the United States over the next two years.
Relief to Families: Penalty-Free Withdrawals from IRAs and 401(k)s in 2008 and 2009. Obama is calling for new legislation to allow families to withdraw 15% of their retirement savings – up to a maximum of $10,000 – without facing a tax-penalty this year (including retroactively) and next year.
Relief to Homeowners: 90 day foreclosure moratorium for homeowners that are acting in good faith. Financial institutions that participate in the Treasury’s financial rescue plan should be required to adhere to a homeowners code of conduct, including a 90-day foreclosure moratorium for any homeowners living in their homes that are making good faith efforts pay their mortgages.
Responding to the Financial Crisis: A Lending Facility to Address the Credit Crisis for States and Localities. Obama is calling on the Federal Reserve and the Treasury to work to establish a facility to lend to state and municipal governments, similar to the steps the Fed recently took to provide liquidity to the commercial paper market.