They are planning to vote on a revised Bailout bill in the Senate tomorrow (Wednesday.) CALL YOUR U.S. SENATORS!!!!

Contact info: http://www.senate.gov/

Read more: http://news.yahoo.com/s/ap/financial_meltdown

Here is a recommended alternative plan from Dave Ramsey, a better way to handle this economic crisis, instead of rewarding the irresponsible and greedy.

Years of bad decisions and stupid mistakes have created 
an economic nightmare in this country, but $700 billion in new 
debt is not the answer. As a tax-paying American citizen, 
I will not support any congressperson who votes to implement 
such a policy. Instead, I submit the following three steps:

Common Sense Plan.

I. INSURANCE

A. Insure the subprime bonds/mortgages with an underlying 
FHA-type insurance. Government-insured and backed loans 
would have an instant market all over the world, creating 
immediate and needed liquidity.

B. In order for a company to accept the government-backed 
insurance, they must do two things:

   1. Rewrite any mortgage that is more than three months 
delinquent to a 6% fixed-rate mortgage.
      a. Roll all back payments with no late fees or legal costs 
into the balance. This brings homeowners current and 
allows them a chance to keep their homes.
      b. Cancel all prepayment penalties to encourage 
refinancing or the sale of the property to pay off the bad loan. 
In the event of foreclosure or short sale, the borrower will not 
be held liable for any deficit balance. FHA does this now, and
that encourages mortgage companies to go the extra mile while
working with the borrower�again limiting foreclosures and 
ruined lives.

   2. Cancel ALL golden parachutes of EXISTING and FUTURE 
CEOs and executive team members as long as the company 
holds these government-insured bonds/mortgages. This keeps 
underperforming executives from being paid when they don�t 
do their jobs.

C. This backstop will cost less than $50 billion�a small fraction 
of the current proposal.




II. MARK TO MARKET

A. Remove mark to market accounting rules for two years on 
only subprime Tier III bonds/mortgages. This keeps 
companies from being forced to artificially mark down 
bonds/mortgages below the value of the underlying mortgages 
and real estate.

B. This move creates patience in the market and has an 
immediate stabilizing effect on failing and ailing banks�and 
it costs the taxpayer nothing.




III. CAPITAL GAINS TAX

A. Remove the capital gains tax completely. Investors will flood 
the real estate and stock market in search of tax-free profits, 
creating tremendous�and immediate�liquidity in the markets. 
Again, this costs the taxpayer nothing.

B. This move will be seen as a lightning rod politically because 
many will say it is helping the rich. The truth is the rich will benefit, 
but it will be their money that stimulates the economy. 
This will enable all Americans to have more stable jobs and 
retirement investments that go up instead of down. This is 
not a time for envy, and it�s not a time for politics. It�s time 
for all of us, as Americans, to
stand up, speak out, and fix this mess.

Call your congressman or woman right now and tell him or her to vote NO on the Bailout! The market must be allowed to correct itself or things will be even worse.

Find out how to contact your Representative here:

http://www.house.gov/

Don't wait. Do it NOW! They are rushing another vote!

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