EDITOR: Do we let the American economy collapse under national, state and personal deficits? Is this trail of economic tears our only outcome?
We have a choice.
Banks today borrow from the Federal Reserve at 0.25 percent. A new stimulus plan could guarantee all citizens who have paid a home mortgage, insurance and taxes on time for three years a
1 percent mortgage on their principal residence only.
On a $500,000 mortgage at 4.52 percent, the monthly payment would drop from $2,539 to $1,608, a savings of $931 a month or $11,174 a year. If your mortgage were currently higher than 4.52 percent, your savings would be greater.
Real estate prices would stabilize under this stimulus and recover. Consumers win with more disposable income and accelerated accumulation of home equity, home mortgage interest deductions would decline, resulting in higher tax revenues and current mortgage holders repaid would have equity to re-invest in our economy.
The yearly savings of $11,000, half in higher income taxes and half for consumption, would boost family and government balance sheets. Government deficits would disappear, and you would still have more money in your pocket at the end of the month.
Bail out Main Street.
How far is enough?
EDITOR: How many blocks away from the former site of the World Trade Center would it be acceptable for a mosque to be built? Is 10 blocks enough? Or 20? And how do you determine the number of blocks?
Sins of the fathers
EDITOR: I have read AB 619 and strongly disagree with it (“Rail bidders may have to disclose Holocaust ties,” Aug. 13).
As a French immigrant of Jewish origin, I lived in France during the German occupation and saw firsthand some of the horror that occurred.
However, it is time to move on. Yes, there were horrible acts performed, but the perpetrators are now either dead or very old. Many companies that were active and involved during this dark period are doing business in Germany and in this country. A list would be a waste of time, but one needs to look at the presence and success of two of those: Bayer and Volkswagen.