Obama calls for moratorium on foreclosures

[WoodSprite]

Obama offers new proposals to help economy
By CHRISTOPHER WILLS, Associated Press Writer 44 minutes ago

TOLEDO, Ohio - Democrat Barack Obama is calling for a 90-day moratorium on foreclosures and a two-year tax break for businesses that create jobs as part of a plan to heal the nation's ailing economy.

The presidential candidate says banks that participate in the federal bailout should temporarily postpone foreclosures for families making good-faith efforts to pay their mortgage.

He also called for a $3,000 tax credit for each additional full-time job a business creates. The tax break would end after 2010.

Obama also is proposing letting people withdraw up to $10,000 from their retirement accounts without any penalty this year and next.

The Obama campaign emphasizes that these ideas can be done quickly, either through executive order or legislation.

[JRScott]

Can't legally be done by executive order.

Only the House has the right to start new tax legislation so you'd have to call the house into session.

Shame Obama and McCain spent so much of the last 2 years not doing their jobs and now want to be the saviors of the system.

Sides how'd he make up the tax revenue?

[Tom_Mi]

What exactly does a 90-day moratorium do?

You just sit there another 90 days and the bank says now you owe 3 more months on top of what you're already behind?

I don't get this.

[AngelinaCatHub]

Can't legally be done by executive order.

Only the House has the right to start new tax legislation so you'd have to call the house into session.

Shame Obama and McCain spent so much of the last 2 years not doing their jobs and now want to be the saviors of the system.

Sides how'd he make up the tax revenue?

What would you expect from a ‘kid’ who got an A+ in debate and an ‘F’ in civics? This jerk is not near a Socialist, but he is looking towards our County becoming a Commune. Need I say, Communist?


EDIT: Hey, we got 57 states now. ??????????????????

[JRScott]

What exactly does a 90-day moratorium do?

You just sit there another 90 days and the bank says now you owe 3 more months on top of what you're already behind?

I don't get this.

Exactly its not a solution.

The hard solution is that sadly folks are going to lose homes that they were sold that they could not afford .

Converting the ARMs to fixed rate mortgages will help some save their homes, but I fear that will only be a small minority of those that are headed to foreclosure.

[JRScott]

Where'd you get 57 states from .

We still have 50 states .

Though the Texas Constitution allows them to divide into 4 States at any time they desire.

Also Puerto Rico has a higher population than several other states (having a population nearly equal to SC). It is still a territory though.

If you converted all the territories to states that could qualify and also divided up Texas then you could have 57 states .

[PoorGrammyinBK7]

Its an Obama quote/gaffe, that you can probably still see on YouTube, but you will never see on the CNN, ABC, CBS or NBC . He said he had visited 57 states and I think something like he still had a few to go...

[Pinkie86]

So apparently neither Obama or Biden can count.

Biden recently said in a speech something about a three letter word, and I quote, he said "that three letter word is JOBS. J-O-B-S." For those playing at home, I'm sure you know how many letters are in "jobs." :P

[lrprn]

Folks, if you want to make political comments, please take them to the Political Discussion thread at http://www.bkforum.com/showthread.php?t=10527

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