Cethlenn (![[info]](http://www.insanejournal.com/img/userinfo.gif){kind=small} cethlenn) wrote,@ 2008-09-24 14:00:00 |
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my thoughts
I am very seriously behind this. I sent it to Rep. Bono-Mack (my rep), Speaker Pelosi, Sen. Feinstein, Sen. Boxer, and Sen. Obama. I urge everyone who likes this to pass it around as a SERIOUS alternative to the 700 billion dollar bailout plan.
I pointed out that the amount spent would be FAR less than 700 billion, in fact
it is 12% of that amount.
I pointed out that it would directly improve the economy, it would directly impact the mortgage crisis positively, both by allowing people to pay off OR pay down their mortgages significantly.
In fact, the U.S.government can deduct directly the amount of the mortgage owed or student loans owed and pay the banks from the dividend, sending the remainder to the citizen who owed the money. This could also be done with deadbeat parents.
Mortgages in danger of foreclosure would no longer be in foreclosure. Banks would no longer be in danger of losing their shirts and could lend money.
Struggling graduates with horrendous student loan debt would be able to pay the loans OFF and have a nest egg to live on while they found jobs.
American citizens would suddenly find themselves with the means to pay off their credit card and other discretionary debt. Most who are living from paycheck to paycheck would find themselves with funds left over. Those who could not afford houses would have the ability to buy them with very little debt.
Retirees would not have to worry as much about their pensions failing because they would have that money available to save, invest and live off of.
Think about how this would affect our economy.
Banks getting paid on their loans would enable them to extend credit to those who are qualified for it.
Businesses would see a boom in customer demand as people who were putting off major purchases and necessary repairs came in to have them done.
The businesses would need to hire more workers, reducing unemployment. People with jobs can pay their bills, buy needed things, put money back into the economy.
Instead of a vicious circle of spiraling debt you have a radiant circle of prosperity.
If Congress has to bail out *somebody* then they should bail out the people who deserve it-
American Citizens. We should not reward businesses for failure and we do not need to provide compensation to CEOs that are responsible for failure.
I am very seriously behind this. I sent it to Rep. Bono-Mack (my rep), Speaker Pelosi, Sen. Feinstein, Sen. Boxer, and Sen. Obama. I urge everyone who likes this to pass it around as a SERIOUS alternative to the 700 billion dollar bailout plan.
I pointed out that the amount spent would be FAR less than 700 billion, in fact
it is 12% of that amount.
I pointed out that it would directly improve the economy, it would directly impact the mortgage crisis positively, both by allowing people to pay off OR pay down their mortgages significantly.
In fact, the U.S.government can deduct directly the amount of the mortgage owed or student loans owed and pay the banks from the dividend, sending the remainder to the citizen who owed the money. This could also be done with deadbeat parents.
Mortgages in danger of foreclosure would no longer be in foreclosure. Banks would no longer be in danger of losing their shirts and could lend money.
Struggling graduates with horrendous student loan debt would be able to pay the loans OFF and have a nest egg to live on while they found jobs.
American citizens would suddenly find themselves with the means to pay off their credit card and other discretionary debt. Most who are living from paycheck to paycheck would find themselves with funds left over. Those who could not afford houses would have the ability to buy them with very little debt.
Retirees would not have to worry as much about their pensions failing because they would have that money available to save, invest and live off of.
Think about how this would affect our economy.
Banks getting paid on their loans would enable them to extend credit to those who are qualified for it.
Businesses would see a boom in customer demand as people who were putting off major purchases and necessary repairs came in to have them done.
The businesses would need to hire more workers, reducing unemployment. People with jobs can pay their bills, buy needed things, put money back into the economy.
Instead of a vicious circle of spiraling debt you have a radiant circle of prosperity.
If Congress has to bail out *somebody* then they should bail out the people who deserve it-
American Citizens. We should not reward businesses for failure and we do not need to provide compensation to CEOs that are responsible for failure.