Posted by TheGame:
The only thing saving us is that the price of gas is falling, which saves people alot of money. I think we need the government to take over the bad mortages AT A SUBSTANTIAL DISCOUNT, then refinance them at like 5% and let people stay in their homes. The taxpayers could actually make money if the deal is done right. This should free up credit and stop all the foreclosures. McCain actually suggested buying these mortgages at FACE VALUE. That would be a terrible mistake and only reward the mortgage companies while leaving taxpayers to take the loss.
[Edited by - thegame on 10-10-2008 07:25]
Thats a brilliant idea, maybe even lower than 5%, we are bailing out the banks anyway and if this money is just gonna enable them to give out more loans and mortgages its not a solution. On the other hand, if we allow the ppl to keep their houses and just give the banks enough $ not to close down(reduce interest to 0% for those with mortgages and instead just give the banks the interest$) that might be a bigger boost to the economy, imho.
as for the tires and breaks, i just got a set of "almost new" tires+ oil change for $200, and brakes shouldn't cost more than $50-70 for pads and like another $100(with tip included) at the very most in labor.