On Saturday, January 31st, President Barack Obama promised America that he would lower mortgage costs as part of the financial rescue package. The exact terms and methods of how he is going to do this has not been disclosed, but in the near future, the entire rescue plan will be released to the public. Many analysts feel that President Obama will ask for even more than the $700 billion to bail out America. Some predict a number as large as $4 trillion. What exactly does this mean to you?
Well, this is great news to the average American citizen who is struggling to pay their mortgage in this economy. President Obama recently condemned the executive bonuses that were being distributed to the major players on Wall Street. Like many of us, he feels that individuals should be compensated based on their performance. With many of these financial institutes losing over 75% of their value, these CEO's cannot be performing well as leaders.
Mr. Obama stated that the proposal will assist the housing crisis which will support credit markets so banks will start lending again. This will greatly benefit small business, car buyers, college students, and real estate markets. Thank you President Obama; hopefully this will work sooner rather than later.
John is a DJ and radio producer by trade who has performed in the U.S., Russia, Turkey, Macedonia, Serbia & Kosovo. Through a strange twist of fate he found himself working in the personal finance field in Chicago. John has a great interest in charity work as well.
His other interests include fitness, science & technology, modern medicine, poltics, world events and pop culture.
