The Enemies of Economic Stimulus | Philip A. Farruggio

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Philip A. Farruggio -- World News Trust

Call me a socialist, a communist, a radical, whatever. What matters are the ideas one presents to make this a better place to live and grow. Period!

Private Mortgage banks: Imagine if we had local community-owned and -operated mortgage banking; Nonprofit, charging only what overhead mandated. Thus, in real terms, a mortgage that a for profit bank would charge at today’s 30-year fixed rate of let us say 4 percent would now be only perhaps 1.5 percent. Think of how many out there could afford to own their own home or apartment instead of having to rent. Think of how much more new construction and refurbishing would occur. True economic stimulus, as the lower rates would translate into more money for the home-owner.

The Land Lord: The term comes to us from Feudalism, when we had lords and barons and manors and estates owned by the few and worked by the many. We had serfswho labored for the manor owners and paid rents to these land lords for a roof over their heads. Why not have societies whereupon the community (town or city) owns the property and rents it out without profit? One would suspect that the charges for an apartment should be at least 25 to 50 percent less than under this current private landlord system. Thus, as with the above idea, more money in the hands of the renter.

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