Finally a Financial Heavyweight Understands My AMERICAN REFINANCE PROGRAM

By Bill Glynn

Everyone reading this knows I have been promoting a massive two-step program to refinance ALL Americans' debt if they choose to opt into the program I am suggesting. Note: this does not cost the government a dime. Here are the facts: the government is on the hook with a $5 trillion guarantee to Freddie and Fannie. The government is on the hook with TARP. This is a fact! Consumers, vital to our recovery, are in debt already. This is a fact - credit addicted or not! Interest rates are at an all-time low, but 46 million consumers have credit scores under 600, and 70 million with credit scores under 650. They are credit unworthy today and financial reform will make that worse. Therefore, they have little chance to get those great rates, refinance or borrow.

So we are here with massive spending and guarantees by the government and Main Street twisting in the wind. Well, there will be no sustainable recovery until we attack the root of the problem. PEOPLE CAN’T AFFORD TO PAY THEIR BILLS! The plan is so simple it makes me wonder why it has taken so long for the “big dogs” to step it up a notch, and thank God they are. I'm suggesting that we redirect up to half of the government's $5 trillion guarantee to support the program. Not a dime of money needs to be spent and they are already on the hook, as I said before, so it is just taking the same guarantee and splitting it up. [more...]