I've been having several heated discussions at work during lunch about politics and the bailout and such. It seems everytime we all get together we all have a ridiculously obvious and workable solution yet our politicians couldn't find their way out of a paper bag much less use common sense.
Here is something that someone proposed that I think would have worked.
Take the 840 Billion dollars and distribute it amongst the people. After all it is our money. 840 Billion divided amongst 300 million americans equals out to about $2800. What I would have proposed would have been to start with the people and work your way up. If everyone received this amount instead of the banks, I would be $3000 less in credit card debt. Thus freeing up money that Citi, Wachovia, and WaMu don't have right now. This would also keep my credit card rates the same as I've just freed up a bunch of used cash. Homeowners would be able to use that money to help them limp 2 or 3 more months till the credit industry unfroze and then they were able to re-finance to a 30 year fixed rate. This would also stop banks from collapsing since they wouldn't have a bunch of home foreclosures and instead more people would be able to stay in their homes and now be able to make payments. We wouldn't hear about the bonuses executives would take or the retreats because the government never gave them a bailout so immediately those would be cut from the budget to save people's jobs. Some banks would still be bought out but you wouldn't have as many.
The Auto-industry would still be in bad shape because, well it's the fucking auto-industry and all three of those fucks are idiots who ran their companies into the ground and wanted to avoid competition from the world market. When you think about it, these guys have no global market experience whatsoever. When the Japanese invaded the market in the 80's, rather than innovate, they laughed at the cars. Now the Honda Civic is the most purchased car in the US and not the F-150.
Again, this goes on the theory that people will use the bailout money much the same way they used the stimulus package, pay off high-interest credit card debt, or save it for a rainy day. This also goes with the fact that the government is horrible at managing our money and where it goes. The Fed, The Treasury and everyone in congress should have let the people decide who stays and who goes.
Here is something that someone proposed that I think would have worked.
Take the 840 Billion dollars and distribute it amongst the people. After all it is our money. 840 Billion divided amongst 300 million americans equals out to about $2800. What I would have proposed would have been to start with the people and work your way up. If everyone received this amount instead of the banks, I would be $3000 less in credit card debt. Thus freeing up money that Citi, Wachovia, and WaMu don't have right now. This would also keep my credit card rates the same as I've just freed up a bunch of used cash. Homeowners would be able to use that money to help them limp 2 or 3 more months till the credit industry unfroze and then they were able to re-finance to a 30 year fixed rate. This would also stop banks from collapsing since they wouldn't have a bunch of home foreclosures and instead more people would be able to stay in their homes and now be able to make payments. We wouldn't hear about the bonuses executives would take or the retreats because the government never gave them a bailout so immediately those would be cut from the budget to save people's jobs. Some banks would still be bought out but you wouldn't have as many.
The Auto-industry would still be in bad shape because, well it's the fucking auto-industry and all three of those fucks are idiots who ran their companies into the ground and wanted to avoid competition from the world market. When you think about it, these guys have no global market experience whatsoever. When the Japanese invaded the market in the 80's, rather than innovate, they laughed at the cars. Now the Honda Civic is the most purchased car in the US and not the F-150.
Again, this goes on the theory that people will use the bailout money much the same way they used the stimulus package, pay off high-interest credit card debt, or save it for a rainy day. This also goes with the fact that the government is horrible at managing our money and where it goes. The Fed, The Treasury and everyone in congress should have let the people decide who stays and who goes.
"An old man dies, a young girl lives, fair trade." - Bruce Willis from Sin City.
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