The Sky Is Falling!!! The Sky Is Falling!!! The Sky Is Falling!!! Oh sorry, I thought I was a freaked out American who thinks the world as we know it will end because the DOW fell 778 points on Monday. But I'm not :)
Actually I understand that the American economy is in a very precarious place right now. But, I DON'T think the government should be in the business of owning things (socialism) and am glad that they voted the bailout down. But, I DO think SOMETHING should be done.
Please check out the Common Sense Plan and contact your Senator or Representative. The idea was developed by a leading economist and the plan was put together and packaged by Dave Ramsey. Briefly, it involves retro-acting Sarbanes-Oxley by removing mark-to-market accounting for sub-prime mortgages (for 2 years). It also includes doing away with the estate tax and extending additional insurance to the lenders. This would do the trick of creating a market for the buying and selling of the current sub-prime mortgages and free the market back up.
PLEASE DO YOUR PART!!!! Contact your Congressman!!!