An open letter to Sen. Jim DeMint:
I own a small real estate business in Murrells Inlet and am a political science major. As I see larger government interaction in private business and finance, I can not help but wonder why (with almost a trillion dollars spent on a failed stimulus) the government has not thought of the idea to make every bank in America refinance every homeowner, not only at the lowest rate available (regardless of credit), but also refinance the homeowner at the home's current value. If the government is going to buy bad debt and relieve the banks of their greed that has caused our financial and real estate crisis, this would allow people to have less of a payment, stay in their homes, actually make their payments, and have extra money to pump into the economy as expendable income. This would allow foreclosures to decline, and the economy to pick up as people would be able to pay bills and buy more goods and services.
If the government is going to regulate banks, spend trillions of dollars on a recovery that is not working, why not do something that will actually help the American people, since the government is wasting their money anyway? My hope and wish is that you and your peers will really do something to help the everyday Americans who face losing their homes, have lost jobs, and need a home for their families to live in. Lip service and hollow legislation are not working. We need something that is effective and productive. I think this idea would work the best and should have been explored before a ridiculous stimulus in the amount of $1 billion was passed.
The writer lives in Murrells Inlet.