Today the whole family's been out accompanying my mother to work. Went there, read newspaper, answered some forum questions and reading online news. BTW ive been very interested in the recent economy turmoil in America. Haha.
Went to Ikea at tampines to look for my chair but to no avail. Ate at tian tian huo guo at macpherson and head on home.
Nth much to be described today. Its been a boring day.
Anyway, regarding the 700 billion bailout plan, the plan to use the tax payer's money will not work at all! Geesh... How would americans react if they have to fill a hole which was not even created by them in the first place. Blame it on the policies introduced to for housing loans to pple who could not repay back in the first place. Of course pple with the intention to buy the house and make a profit through resale are at fault. So one of the way is probably for government separate the debt. Get loan from international banks for part of the debt and for the rest, absorbed it on the part of government, at least to regain the confidence of shareholders and distribute it as profits if there is any back to the people.
As for housing loans, reduce interest rates, try to develop a scheme whereby they can repay their loan without eating in too much of their daily expenses. If it works, it will reduce further the number of foreclosures and default.
This problem is created by Americans and they should be united to tie them through this crisis. But i see that candidates are using it as a tool for the upcoming presidential election.
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