1. let’s give people fixed rate mortgages to bring them current…hmmm, if they could have afforded a fixed rate mortgage to begin with, they wouldn’t be in this mess having taken out interest only, alt-a, arm, option arm, subprime mortgages to begin with. his assumption is that people can afford a fixed rate mortgage, which completely ignores reality. In the end, instead of letting people lose their homes, he wants to delay the inevitable.

2. Dave then wants to back these reset fixed mortgages with insurance rather than upfront costs. hmm, let’s go back to THEY CAN’T AFFORD THE MORTGAGES TO BEGIN WITH, which means we are going to be paying much more in insurance once those mortgages fail.

3. Let me get this straight, someone who defaults on a mortgage not only gets a second try from scratch but then gets to walk away scott free afterwards? where’s the lesson in that? or is the lesson, do wrong and then do wrong again because it won’t hurt you again. Hello, punish is designed to prevent a behavior. we are positively reinforcing bad behavior.

4. Dave then wants to suspend capital gains tax. let me see, how the hell are we going to pay for anything as a govt without the nearly $1 trillion in capital gains revenue since 95% of the revenue comes from the taxes of 5% of the population? how stupid is that. so instead of the $700b, he wants to forego over $1trillion in tax revenue? so $700b versus over $1trillion, let me see how my math is.

5. Dave then wants to suspend mark to market. let me see, ENRON and WORLDCOM come to mind. we don’t trust wall street because they lie, so what do we want them to do, put their own evaluations leaving the door for ENRON and WORLDCOM part II. Let’s not forget the compounding reason for this mess is that values of mortgaged backed securities were ficticious to begin with. So we are going suspend a mechanism that gives a real number for one that essentially gives us a ficticious one? yeah, real smart Dave.

6. cancel golden parachutes: ok, who the hell wants to be a ceo with that kind of a clause? it’s also quite amazing that the loudest amplifiers of the no golden parachute bandwagon is congress who have themselves a golden parachute funded by the taxpayer. pension and medical coverage for life with cola adjustments after only one term in office. i would much rather see restricted common stock issued, which would force execs to perform less their locked in shares tank. we still need to reward people for reaching the pinnacle of success in this country. limiting compensation packages does not do it. are they bloated? yes, so make their packages tied to the company and restrict their ability to sell shares for at least 5 years.