If Scott Leonard Were President....

If you read the previous post, you understand the location of the most dangerous Bubble to Americans, yet, unaddressed.

It is the cause of the Bubble and crisis the government is reacting to.

If I, Scott Leonard were President, here are some things I would do.

Not Bail Out Banks.
Not Bail Out Automakers.
Not Bail Out Any Organization (that I have considered to this moment).

I would place $$$$ (let's start with 800 billion or what every amount will do the following) in an account.

Utilize a department in FEMA to do the following.
Every Legal, US Citizen
and
Every US Business
May submit
ONE Mortgage
or
ONE Loan
Not to exceed
$ 300k
..To be paid, IN FULL by FEMA account, NOW.
----
The result.
A family with the relief of their mortgage or other loan removed, can also reduce their insurance requirements, and preserve their credit. With a loosened cash burden, global spending on the street can increase.
A business with the relief of their mortgage or other loan removed, can also reduce their insurance requirements, and preserve their credit. With a loosened cash burden, hiring and global spending can increase. Hiring adds more cash to families, further increasing spending on the streets.

STOP GAP
There will be a clause in the payoff of debt.
A recording made at the courthouse, and placed on credit report, which states this property or loan was paid off in full by the us government with a stipulation.
The stipulation is that the same property or item can not be mortgage or sold for 6 months or perhaps a Year.
Why? The forbidance of remortgage encourages Americans to find enjoyment in reduced debt, prevents them from getting back into the same situation again in the immediate future, and spurs economic growth from the streets, safely.

TAXES
This payoff is done Tax Free.
And. Every State or Federal Tax debt, non-filing, or other situation that Americans find themselves in, will be permanently forgiven effective today.
..Many people have, due to economic turmoil and cashflow, held back paying taxes, or as business owners, found themselves unable to pay certain taxes, and or stopped filing as well
Creating a boost to American pocket books only to hold them accountable to their tax failures which were also occuring would be counter productive.
We must admit that the economic failure effected payment of loans, mortgages, debts, and taxes.

I believe this plan, while simple, would releive burden in homes, loosed spending, increase jobs and hiring, and secure them from tax failures which happened during this horrible economic time, establishing a clean slate of a flourishing economy to move America forward.