Sunday, September 28, 2008

It Is Past Time To Pay Attention

What a difference personal responsibility makes as a child of sixty’s homes were lost due to financial difficulty, loss of income, poor health you name it and the U.S. Government was not responsible for your miss fortune. Banks were responsible to their depositors for the proper use and safeguard of the funds entrusted to them. People never received mailed unsolicited credit as a line of unsecured debit; rather you had to have enough money in your personal account to cover the line of credit.

In the past forty plus years, Banks and lenders have become irresponsible and people have become greedy. For months now, warning after warning regarding the economic future of America laid out daily and the greed of people has made them too blind to see. IT IS TIME TO PAY ATTENTION … it may be too late for some.

A roof over your head is the issue here not keeping up with the neighbor across the street or the one next door. In case you missed it, the U.S. Government is now the conservator for both Fannie Mae and Freddie Mac. Not a big deal you say think again … “The downside is that American taxpayers, as was implicit in the business model of Fannie Mae and Freddie Mac, may be on the hook for as much as $200 billion to bail out what were essentially private mortgage contracts.”

Our taxes had at work; do not think we get off the hook free. Government oversight is necessary of that there is no doubt however, the oversight needs to no unique access with executives walking away with multi-million dollar paychecks.

Here is a better idea. Close down the two mortgage giants Fannie Mae and Freddie Mac. There are four-hundred million legal Americans in the U.S. approximately. Have the Government provide each with one million dollars cash no strings attached other than you the individual insuring is responsibility for your home from the date you accept the money.

So, what does this mean to the taxpaying American public? Let us do the math…

$200,000,000,000.00 – 400,000,000.00 = $1,996,000,000,000.00 savings to our government

Liquidate all the assets of Fannie Mae and Freddie Mac, estimated in the trillions of dollars. Now, charge each American Citizen a $500.00 processing fee for the 1000,000,000.00 they received.

So, what does this mean to the taxpaying American public? Let us do the math…

$500.00 * 400,000,000 Americans = $200,000,000,000.00

Sound or look confusing not really, look at it this way:

1. Cost to the government (tax payer) $400,000,000.00 but not really
2. Liquidate Fannie Mae and Freddie Mac $5,300,000,000,000.00
3. Subtract $5,300,000,000,000.00 - $400,000,000.00 = $5,296,000,000,000.00

United We Stand and Divided We Fall the choice is yours to make...

Additional Resources
Crown Financial Ministries

No comments: