The Presidential Candidates are on their way back to Washington to help form a consensus on the bailout bill. Listen to any talk show on the radio, and you will hear how angry American are about the bailout. For that matter, sit down next to anyone in your neighborhood Starbucks or at the corner bar, and you will hear how angry Americans are about the bailout.
I listened to President Bush address the nation last night, and not only do I agree with him; but I was happy to see that his explanation of the need for the bailout was the clearest anyone around the administration has given thus far.
But Cramer said it best yesterday on his show. I could not agree with his explanation more, and he is renaming the ‘bailout’, the “Invest in America” Plan. CLICK HERE to watch Cramer’s explanation.
You see, it is necessary – not to bail out a bunch of Fat Cat Wall Street Rich Guys – but to save life as we know it. To save our 401(K)’s and our Money Markets, and to let us take out car loans and student loans, and to let us keep our houses without working two jobs each and sending the kids to rake leaves on the weekend for their lunch money – because food prices went up THAT high.
And, if structured correctly, the bill will actually MAKE money for the US. Why? Because these ‘toxic’ mortgages, as everyone is referring to them, are still performing assets. The default rates exceeded the tolerance of those bond holders – but approximately 96% of them are still performing; people behind those mortgages are still paying their bills. Over time, those assets will prove to be profitable, if the government buys them right.
And, everyting will be freed up, and the economy will start moving again. You know the really good news? Mortgage rates will drop, and drop precipitously. And everyone around Atlanta who has a 6.5% or higher interest rate, will save a bunch of money every month by refinancing.
So, if that is you, let’s get a loan application in and ready to lock a rate when this ‘bailout’ does pass. Call me today.
I am off to the office now, and I will take your call, assuming I can find a gas station WITH gas on the way. You see, I am at 1/8 tank, so if you never hear from me again, you know why.
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