« BACK  |  PRINT

RS

MEMBER DIARY

CAN MCCAIN WIN?

**The only way Sen. McCain can pull this election out is to put foreword a strategy to stop the decline in home values.It is the very nexus of the current financial crisis.You talk about tax relief for the middle class.Try stopping the home values from decreasing another 20%+.He should immediately hold a press conference along with leading economists and financial experts to announce his plan to place all seriously troubled mortgages into a government controlled entity.Separate from the GSE’s.At this conference he should name the leading experts who will manage the entity.Issue warrants or preferred stock or a combination of the two to the banks or other holders of these mortgages.That would relieve the financial community of enormous amounts of write downs requiring huge capital infusions to survive.Their balance sheets would clear up overnight.The credit default swap market would be forced to take a 20% haircut reflecting the national decrease in housing values to this point.That is doable without much financial downside.The government controlled entity could then repackage these mortgages and grade them.Some could be reduced so the mortgagee could stay in their home.Others could be refinanced to allow for lower payments for the next 10 years and payments could gradually increase after that period if the home owners financial situation improves.It is certain it will stop the financial meltdown and once these prices are stabilized the growth in the economy over the next 10 years will increase the value of the underlying homes and properties that make up these mortgages.So to speak-TIME HEALS ALL WOUNDS- and no one has more time than the government.This is a much better solution than the socialist programs that will be put into law by an OSAMA-PELOSI-REED controlled congress.Sen. McCain’s campaign manager’s have been quoted in the media as stating that..we will lose if we talk about the economy.I don’t understand that way of thinking.All great leaders rise to the occasion.This is such an occasion.And Osama has not risen to it.McCain has the chance to rise to it.Lets see if he has the vision to be a great leader.Nothing will help the middle class and all Americans as well as the world than an American leader to stand up and take the reins of this situation before it forevermore changes this country and world forever.This is not that great a problem.But with the wrong policies it can turn into a nightmare.

CHUCK STRUM

Get Alerts