My Plan To Fix The Economy

I just sent the following to President Elect Obama's team. It's important to note that I do not address the politics of my plan. There will be lots of upset people whose only benefit would be a stable nation and economy (no big deal...) But the plan would work, I am confident of it.

"If there were a way to get the vast majority of mortgages in foreclosure to resume their monthly payments would it have an impact on the troubled economy?

There is a way to do this with prudent, responsible investment from the Federal Government in our banking institutions.

The premise is to use federal funds to create an endowment to assist both the banks and the troubled borrowers. The endowment would be invested in the banks that need capital to loan as normal. The interest generated by these deposits would be routed to the Fed to then assist homeowners in making their mortgage payments.

If we invested $400 billion dollars at 3.5% annually it would generate about $1.2 billion per month in interest. The interest would then be used to assist a troubled borrower in making their mortgage payment. If an average borrower is in need of an additional $500 to make their payments this investment could help over 2.3 million average borrowers. If a rate of return of 4.0% was possible, this investment could assist over 2.6 million average borrowers. The more money invested and the higher the rate of return the more troubled homeowners could be helped. Banks could even compete for these deposits by guaranteeing higher returns over time.

This program does not buy out a mortgage, nor does it make the homeowners entire payment. They are still making a monthly payment of what they can reasonably afford. This would just bridge the gap between what they owe and what they can pay.

This program would get the money flowing back into the bank on the front end, with both what the borrower can repay and what the program can do to cover the gap. Plus the banks receive the initial deposits to help them lend.

Over time, as property values stabilize and hopefully increase, participants would be offered refinance options to reduce their need for assistance and eventually be out of the program entirely. As assistance is reduced, the original investment could be withdrawn slowly and repaid to the Fed.

The risk to the taxpayer is small. The benefit to our economy is massive. People keep their homes, their jobs and their dignity, banks have money to lend and have vastly fewer mortgages in default."

B!

Time For Thanks

The list, in no particular order:

Freedom: so much of our liberties have been under attack both as a consequence of our enemies and as a consequence of our own government. Enough. I like my freedom and I like yours too.

Portland: I love this city so much.

Family: I don't see or talk to them enough but I value each and every one of them.

The future: My hope and optimism is as high as it's been in decades.

Heather: What can I say about her. One of the greatest souls I've ever encountered. She lights me up.

Taste buds: I love good flavors so much.

Imagination: this one cognitive tool keeps me going sometimes.

Friends: keep me on my toes.

Timbers: one love.

Blazers: another love.

B!

Dawning of A New Day

A transformative night.

A transformative candidate.

Barack Obama did something that many didn't think was possible. He lifted a majority of US citizens beyond and above the racial divide.

As I took it all in last night I was again struck by the idea that our society has come so far. I thought of Jackie Robinson who broke the color barrier in baseball. Jackie had to be so tough that he wouldn't fight - turned the other cheek. He took the abuse so that the other great players to come wouldn't have to. It didn't hurt that he was also one of the best baseball players to ever play the game.

I've pondered whether Obama is the Jackie Robinson of US Politics. And I've decided that he is not. Men like Martin Luther King Jr and Malcolm X and countless others whose sacrifices were so profound played that role. Barack Obama is more akin to Henry Aaron: able to achieve greatness because the barrier had been diminished.

But there was another player in US politics who should not be left out of this: Jesse Jackson. The moment of last night for me was not Obama's speech and it was less the anouncement of the victory. The moment for me was Jesse Jackson fighting back the cascade of tears glistening in the night light in Chicago. His lip trembling and his emotions raw. This is a man who lived the struggle and most of his past tears have been shed in sadness. Those tears last night were totally different.

That image will stay with me as we proceed through the next four years.

Fired up! Ready to go!

B!

Election Day!

Seen on my way to work today:

1 Dennis Kucinich bumper sticker
1 McCain/Palin bumper sticker
5 Obama/Biden bumper stickers

I live in Portland.

Also, On a corner of Canyon Road three people waving signs for Rep. David Wu. Upon closer inspection, it was David Wu. 7:28am.

I love living in Portland.

Springsteen for Obama

Bruce speaks about the promise of the American Dream


Bruce plays his passionate song of redemption, 'The Rising'

Politics and The Media

I've been delving into polls and blogs and news sites leading up to the election. Today I found an interview with Joe Biden with Barbara West on WFTV channel in Florida conducted on October 23rd. It's been getting a bit of buzz on the interwebs. She's conducted interviews with Obama, Biden and McCain previously. Check these out and let me know what you think of her questions and the responses to them.

Oct. 23 Joe Biden interview

Sept. 12 Barack Obama interview

Sept. 26 Joe Biden interview

Oct. 14 John McCain interview

VP Debate at the Bagdad Theater

I've mostly avoided politics on my blog (and avoided the blog for far too long, sorry). I've got some family and friends who disagree with me politically and I try to be sensitive to their views.

But enough is enough.

Sarah Palin is an insult as a candidate.

As I watched the VP debate at the Bagdad Theater in Portland I was awestruck at her refusal to answer the direct questions. Either she didn't have a clue as to the context of them or she out and out has no respect for the debate, the voters or the truth. At one point I had to pull out my John McEnroe voice and scream "ANSWER THE QUESTION!!!!"

Sure, she looked pretty and used her folksy language to her benefit. But all in all she was not prepared to debate and is in no way prepared to be on a national ticket. McCain made the wrong move in choosing her and it will cost him the election.

Her rambling spewing of Republican talking points was to be expected. But even I thought she would answer the questions, albeit poorly. But she didn't even do that. Was that smart?

I used this analogy last night that she looked like someone who was coming into a job interview who was not even close to being qualified for the job. Her ramblings had that effect on me.

Biden answered questions. Gave details. Talked about specific changes and differences. And he didn't attack Palin, rather he attacked McCain. That was smart. He looked presidential.

I doubt that I am going to change anyone's votes. Those in the right wing believe in their agenda even though the agenda under Bush has been skewed full of lies, illegal conduct and downright failures on every front. But I question their concern for the country when they would support someone as unprepared as Sarah Palin on their ticket. This country is in need of real leadership and she is not the answer. Most of them know it. So I challenge them to have the guts to do what is right and either force McCain to drop Palin or choose to vote in another direction. Ron Paul is still on the ballot and he's a better conservative than either of the two on the GOP ticket. So make yourselves heard and vote Ron Paul.

Or better yet, use your heads and vote Obama/Biden.