Rescue the Middle Class-Bailout the American Worker

[Rick Oltman]

Rescue the Middle Class - Bailout the American Worker
Rick Oltman

Rescue, bailout, buyout, bankruptcy. We’ve now heard a lot about the economic woes heaped on the world economies by risky lending practices and misrepresented guarantees. Most believe that the price tag for fixing whatever you want to call this mess will eventually exceed a trillion dollars, a trillion tax dollars that will come from working Americans.

The stock market gyrates wildly as investors try to predict the near term future of our economy. And, most seem to believe that the economy is: a) slowing down, b) going into recession or c) heading for depression. Grim scenarios, especially for the American worker.

The American middle class didn’t cause this economic chaos, but will be hurt by it. The American worker didn’t benefit from the all the money and executive bonuses made off the risky and sometime fraudulent subprime loan business, but will finance the fix.

With the American worker rescuing the world economies, is it not time, finally, for the federal government to rescue the middle class and bail out the American worker by guaranteeing that jobs in America be filled by American workers...exclusively?

Let’s make this simple for government bureaucrats and elected officials. Unemployment is rising. Any economic slowdown will lead to more unemployment. There are between 20 and 30 million illegal aliens living in America now. Pinheads will quibble about the numbers, but nobody can deny that millions of illegal aliens are working in all sectors of our economy. Whether it is government employment or private sector jobs now is the time to be sure that every single job is available to American workers.

E-Verify, aka EEV (Electronic Employment Verification), aka The Basic Pilot Program can ensure that every worker in America is eligible for every job. The electronic check is swift and sure and DHS claims 99.5% reliability. This is the rescue, this is the bailout, this is what should be done for the American working class, immediately. Make sure that no job is done by an illegal alien…period.

Currently E-Verify is being held hostage by politicians who intend to use it as a bargaining chip next year, regardless of who is elected president. It was set to expire in November and was being considered for a 5 year renewal, but only received a 6 month extension. What will they bargain for? More foreign workers, of course. If there was ever a time to protect American workers and preserve those jobs that remain in America, it is now.

Why isn’t E-Verify the permanent law of the land? Why must it be renewed by politicians whose corporate sponsors want more cheap illegal alien workers? The question holds the answer.

Ironically, the U.S. Congress, that is responsible for creating this economic mess in the first place, has saddled the American worker with the responsibility of financing the world economic bailout with their tax dollars. Now Congress should bail out these very same workers by protecting American jobs from illegal aliens.

It can be done, it should be done. Make E-Verify mandatory for every employer in the United States and enforce it if for no other reason than to protect the wage earners who are financing the repair of this totally avoidable economic catastrophe.

Please visit the CAPS Hompage at: http://www.capsweb.org

10-7-08

[eaglesglen]

ITEM #1. RE (junk) home loan mortgages.
To consider a universal application of flexibility in the home loan mortgage loan market,
provide the flexibility to refinance the original loan at previously unconventional periods of length of loan.
Examples.
30 year refinanced to 40 year, 38 year 42 year, 50 year, 75 year, ...;
so that no buyers need be foreclosed upon, just adjust the length of loan.

Sincerely, Eric

P.S. mentioned same on Monday to House Roherbacher, Senator Boxer, Feinstein.

P.S. #2. Also, almost every person ever involved in buying a home that I have talked to or heard from, is acutely aware mostly interest paid for in the early years of the loan,
and mostly ownership principal in the last years of the loan. Why not a flat percent for each year? Equity or market leverage by banks to punish buyers?

P.S. #3.
Junk bond bailout referred to as S&L crisis
bailing out the side effects of wall street.
Derivative market crisis
bailing out the side effects of wall street.
Now, junk home loan mortgage crisis
bailing out the side effects of wall street.
Who never learned from the past? I would be inclined to junk that part of wall street (roll over as new companies to competent competition insured (like car insurance) and by a Factor of Safety (cars have bumpers on cars to avoid car damage to the vehicle).


ITEM #2. HUD: Five Million Fraudulent Mortgages Held by Illegals PER http://kfyi.com/pages/local_news.html?f ... le=4364653
One illegal alien was arrested this year in Tucson after allegedly using a stolen social security number to buy two homes and rack up over $780,000 in bad debt.

Some five million fraudulent home mortgages are in the hands of illegal aliens, according to the U.S. Department of Housing and Urban Development.

It's not known how many of those have contributed to the subprime housing mortgage meltdown, but it has affected every state, including Arizona.

The problem began years ago when banks were forced to give mortgages without confirming social security numbers or borrower identification. As a result, illegal immigrants were able to obtain home mortgages which they could not afford.

One illegal alien was arrested this year in Tucson after allegedly using a stolen social security number to buy two homes and rack up over $780,000 in bad debt.

Sincerely, eaglesglen

P.S. Modify above ""so that no buyers need be foreclosed upon, just adjust the length of loan." to exclude illegal aliens from same.