Financial Expert James L. Paris Says He Has The Answer To Resolving The U.S. Financial Crisis

September 17, 2008 (PRLEAP.COM) Business News
Daytona Beach, FL James L. Paris, a Daytona Beach financial news personality and author of over 20 books on personal finance, believes he has come up with the key to turning around the U.S. economy. The concept is actually quite simple: Paris is proposing that the Federal Government allow people unfettered access to their retirement plans if they use the money to purchase residential real estate. According to Paris, this could unleash trillions of dollars into the real estate market. He is proposing that the program be put in place for 12 months. "I am thinking of this as a plan akin to tapping the strategic oil reserves in an energy crisis. We have 17 trillion dollars tied up in these plans, so let's just go ahead and free up this money on behalf of what Alan Greenspan himself has called a once-in-a-century financial crisis," said Paris.

Under Paris' plan, anyone could tap their IRA, 401k, or other retirement plans without any penalties or taxes if the money is used to purchase residential real estate. "In my mind this makes complete sense. It is not a government bailout, but rather involves the use of private money. We are simply asking the government to let people access money that is now tied up due to the tax code", said Paris. Under the plan, people could use their retirement account money to buy a home to live in or even additional homes as investments.

Paris concedes that under the current tax code there are some very limited provisions that already allow people to use retirement plan money to buy real estate. However, he believes that the current system is far too complex and burdened with too many restrictions, which is why this money is not flowing freely into the real estate markets.

James L. Paris is the author of more than 20 books, the Editor-In-Chief of and host of the Jim Paris Show.