Mortgage Bailout Tax — Would One Be Appropriate?
by Mortgage Rates on Thursday, October 28th, 2010 | 3 Comments
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Given that the government decided to completely bail out wall street with billions of taxpayers dollars today, a mortgage bail out tax could be the least they could do. After all, what they’ve done is given all the wealthy people the money back that they lost in the market dive. It would be nice if they remember all the millions of people who lost their jobs and homes and all the homes that are still in foreclosure. And if one crack pot Republican gives me the bull that people went in over their heads, I’ll put a voodoo spell on you. They were swindled by corrupt mortgage brokers and banks who fooled them into believing they could afford something they couldn’t, all for a buck.
Well, interesting thought, but I do have a problem with it.
Why should the millions of homeowners that have borrowed and managed their mortgages responsibly be required to pay a tax to cover the irresponsible lenders and borrowers that created this mess? I have never missed a mortgage payment in my life. Now, after decades of paying my bills, my house is paid for and I have no mortgage. Why should I be taxed to cover this mess based on my property’s assessed value?
I do support a tax on mortgages greater than 80% of appraised value.
I firmly believe that there needs to be some kind of punitive measure applied to these irresponsible corporate leaders.
Here are a couple of other ideas to think about:
- Every CEO, CFO and board member of every company receiving assistance should be required to forfeit their entire compensation (including bonuses and stock options) to the U.S. Treasury as long as these bail-out loans are not paid back.
- Every company receiving assistance should be required to pay 100% of their net profit to the U.S. Treasury until the bail-out loans are paid back.
- All real property held by all of these executives should be placed in receivership until the bail-out loans are paid off (after all, you think any of these guys are living in tent cities right now?). If the loans are not paid off in five years, the U.S Treasury has the right to sell the properties and keep 100% of the net.
What do you think of those ideas?
These greedy executives need to feel some pain for this. They rode the profit train for years through driving hyper-speculation and now I should foot the bill?
I think we need to give these guys some incentive to behave responsibly. A good spanking is in order, and there is no better place to punish them than hitting them hard on their fat wallets.
That’s my thought on it.
Thank you.
I’m sorry, but these silly questions are just proving the point that a little knowledge about a subject is a very dangerous thing. Did you or anyone who answered with their “answers” ever bother to educate yourself about the real facts about what is going on in this once great country…perhaps through Ron Paul’s You Tube/Online Education? Has anyone here ever read the Constitution or the Bill of Rights? Ron Paul garnered 32% of the Republican Primary vote in Montana while MSM was telling these sheep McCain was running unopposed. Why weren’t you all learning all you could about the real facts, the real problems, what’s really going on in our country, who and what is really causing the problems we all have to pay for? Ron Paul was a viable candidate who was silenced by mainstream media (MSM), yet still received more votes than Giuliani, Romney and any other also ran…just think if all these “thinkers” had bothered to really investigate what’s going on in America. I beg of you, all of you, if you refuse to spend a few hours educating yourself on the History of Money, the Unconstitutional Federal Reserve, fiat money, and the games that your leaders are playing with it and your hard earned yet worthless money. Google Campaign For Liberty at least. If not, please do everyone a favor and stay home on Nov. 4th. And within the next four years, spend at least a few hours educating yourselves. You are wasting time trying to solve a puzzle with only two of the 147 puzzle pieces. You’ll never see the whole picture until you put ALL the pieces together, but best wishes in all your endeavors in this anticivilization.