Well, it has been a troubling week for business, the markets, and politicians in Washington, DC. We now know more details about the stimulus plan and I must say that I am disappointed with some of the details in the Homeowners Affordability and Stability Plan. I still believe housing is at the center of the economic crisis, and until the housing market is stabilized consumer and business lending will continue to be tight, and lack of confidence in the financial system will persist. In addition, the proposal discriminates against responsible homeowners who are current in their mortgage payments and rewards those who overused leverage. If the rules need to be changed due to unprecedented economic events, let’s change the rules for every American, not just the ones facing foreclosure or those who hold mortgages owned or guaranteed by Fannie Mae or Freddie Mac. Let’s allow every American to refinance their mortgage at the lower rate if they choose to do so. Let’s remember that it will be these responsible homeowners in the middle class who will be paying for this plan and should at the very least be able to somehow benefit from it. Let’s be fare! This is America!
Regarding a gas tax increase in Massachusetts, I hope it will not be approved. I don’t have confidence in the financial management of the state revenues and would rather see more tolls than taxes! The technology exist to electronically collect toll fees using an electronic device, so why not use it and have the individuals who drive the roads pay for their maintenance, I included. Having said that, however, the federal government just passed an economic stimulus package that is nearly $800 billion and improving our infrastructure including roads and bridges is one of the main goals of the plan. So, why do we need to increase the gas tax or add more tolls right now? We will all be paying higher taxes in the years to come to pay for the stimulus package anyway.
