Re: How the American economy can be saved
- From: armehta23@xxxxxxxxx
- Date: Tue, 18 Nov 2008 05:13:54 -0800 (PST)
On Nov 16, 8:19 pm, AZDuffman <srduffy1...@xxxxxxxxx> wrote:
On Nov 16, 12:44 am, armeht...@xxxxxxxxx wrote:
I wrote a knol about this and I will further reteriate this point
here. I believe the only way out for the US is to give a US
citizenship to anyone willing to invest one million dollars in buying
a residential property in the US. The person may invest more than one
million but a million dollars is the minimum. He or she may buy either
one property or multiple properties as long as the investment is one
million dollars.
<snip>
I see a big problem here. It is that say you get the residential
market back to where it was 3 years ago, which I doubt this would do.
You then have housing again priced way above what the wage-base can
afford to purchase. They will get into risky loans again and bam,
back where you started.
I don't believe you read my post properly. I have clearly stated that
the high networth individuals from outside of the US who do decide to
invest the minimum one million dollars MUST DO SO WITHOUT ANY LOAN
WHATSOEVER. I have clearly stated that allowing them loans to buy will
just create another problem down the road. So, the money invested by
them must be thier own WITHOUT HAVING TO BORROW. I have given this a
lot of thought and feel that if my suggestion is implemented, not only
will the debt burden decrease but the economy may get a boost as well.
Of course the security aspects of giving US citizenships must be
carefully done. But than the Department of Homeland security
thoroughly screens applicants for citizenship in any event. This is a
win win situation for all. As someone wisely said. Do not look a gift
horse in the mouth.
I have analysed various scenarios. The US today has almost nothing to
drive its economy. It needs time to get out of this mess. Just by
pumping in more money (which is what the government is planning to do)
may just create a bigger mess down the road. However, my suggestion
brings in a huge amount of money and reduces the debt burden and also
helps in boosting the economy. There is no downside to implementing
this. Even if there aren't many takers WHATEVER AMOUNT COMES IN CAN
ONLY HELP. :)
I moved from a low-cost area to one of the
biggest bubble markets (Phoenix) at almost the exact peak of the
bubble. Believe me, it is a good thing in the long term that $300,000
houses become $180,000 houses. Pain in the short term, and pain for
those who bought high. But when more people can buy a house and keep
their debt service reasonable as a % of income they can then buy a new
Buick to put in the driveway. Or even *gasp* INVEST AND SAVE.
The USA will come out of this, we have come out of bubbles and slumps
before. We have to hope that President media-select Obama avoids the
urge to bail everyone out and make them even. part of capitalism is
reward for risk. If you bought a home that was above your means, the
word is RENT! It is a better solution for many.
.
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