Morning Update: Funding a Revival
Sen. John McCain (R-AZ) implied he is unconvinced the U.S. automobile industry needs $15 billion in government funding in addition to the $25 billion it has already been allotted. “Let’s get the $25 billion to them…to start with and see how that goes,” he said on Meet the Press Sunday.
Sen. Barack Obama (D-IL), in a speech in Colorado on Sunday, repeated his vow to spend $15 billion on renewable sources of energy and to commit to restoring the country’s infrastructure. He said: “[I]f people ask how we’re going to pay for this, you tell them that if we can spend $10 billion a month in Iraq, we can spend some money to rebuild America.”
UN: The Washington Post looks at the mood in the United Nations around the U.S. election.
October 27th, 2008 at 9:09 pm
Everyone is talking about continuously bailing out these large corporations.
I had a friend suggest that we divide that bailout money between every
mortgage holder in America. Imagine what would happen if every homeowner
received $50,000 – 100,000 to apply directly to the principle on their
mortgage and then it was required to be reamortized – no penalties etc.
Banks would have more money to lend and have more savings. Individuals
would significantly reduce their monthly expenses and be able to spend and
save more. Corporations would win because people would be buying their
products again. Many individuals who’ve lost their jobs, received faulty
loans etc. would be able to possibly stay in their homes. Most importantly,
the individual American would see relief and it would be a win win for
everyone rather than just a couple of large corporations and wall street. I thought it was a brilliant idea!