Thursday, October 09, 2008

My Proposal for How to Fix This Financial Crisis

Instead of giving $700 billion dollars to Wall Street, why not divide that amount by the total number of taxpayers in the US so they can pay off mortgages, car loans, credit card debt, etc.?

If my debts were paid down by $13,000 - $20,000 (the two numbers I've heard as how $700 billion divides into the number of US taxpayers), I'd be WAY more willing to pump my (now much more discretionary) money into the economy!

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vailian said...

I have a better idea, they should just give the whole lot to you and you can apportion it fairly.

G in Berlin said...

I don't want to debate the merits of the bailout per se, or the intense anger many of us feel at those who profited and will not be punished for predatory lending and other ills that have resulted in the destruction of our financial system (including those lawmakers who continued to deregulate even while we survived the RTC), but I will say that $20,000 in anyone's pockets will not make up in any way for the loss of the 100,000's (and that is plural)of jobs that are relying on unfrozen credit markets. Jobs not only in the financial markets (banks,etc) but in all fields which actually need banks to finance payroll. There is a reason that panics and runs create depressions and a reason that other countries are moving on this, very fast.

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