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Musicmystery -> RE: Why I cannot attain elected office (8/23/2009 9:17:41 AM)
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quote:
sounds almost like a radio talk show
I'm definitely open to the idea. As long as we have good screeners, I'll be able to get our message out on a few issues.
Like my Turkey Nut Loan Bill. Enough with the financial hoaxes passing as "business" in this country. You take out a car loan or a mortgage with a local company--and next month they sell the loan to some company several states away. Turkey Nut will prevent this--unless the company is acquired, a financial institution writing a loan to a consumer will be required to carry that loan for the entire term. Lenders will be forced to lend in good faith, to actually accurately assess their risk, and to allow consumers to do business with the financial institution(s) of their choice. Fair competition.
Turkey Nut would also have prevented the securitized bundling of mortgages that contributed so greatly to damaging the credit markets. Bad loans would not be mixed with good ones. Investors would know what they were buying. Banks would be able to accurately assess their risk positions--as would regulators.
Turkey Nut will require credit card issuers to list right on the consumer's monthly statement, clearly and right next to the minimum payment, how long it will take to pay off the current balance at that monthly payment. With better information about the reality of their financial situation, consumers will at least have the opportunity to make better decisions.
Turkey Nut will also make illegal any car loan projected to put the borrower in an upside-down position. No more seven year car loans requiring payments exceeding the value of the car. Using what we know about depreciation of like models at the time, the consumer's payments must at least cover the depreciation. Dealers may get creative about financing if they wish--e.g., loans with large payments at first that diminish over time. But no more selling cars to people who can ill afford them. This will also be an incentive for automakers to provide affordable cars.
Financial markets will always entail some risk. But the Turkey Nut will stop the sleight of hand and return markets to the state of good information on all sides, as good markets require. It will also help prevent some loss of homes to foreclosure, failing of overextended banks, untraceable financial derivatives, and large losses to drivers losing an automobile on which they owe substantially more than its value.
We're ready for your calls--Toll free at 88-Turkey-Nut.
I wish you good ice cream, all.
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