It’s going to the battle of the bailouts in tonight’s presidential debate. With the withering economy and mortgage meltdown front and center on everyone’s mind, the two candidates are competing to see who can offer voters the biggest carrot.
Obama started the ball rolling on Monday by calling for a 90 day moratorium on home foreclosures. He also wants to eliminate taxes on unemployment benefits and create tax incentives for small businesses to hire people.
Not to be out done, McCain called for a $52 billion economic stimulus package on Tuesday that would elminate taxes on unemployment benefits, as well as cut capital gains taxes in half, slash taxes on withdrawals from retirement plans and guarantee 100% of Americans’ bank savings accounts for six months.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.