InsaneJournal

Current mood:

annoyed

Regarding this bailout:
Here are a few solutions that will have immediate,
positive economic impact:

(1) Banks re-work the loans of folks in trouble to the following terms:
a. Loan payments are flipped back to the original payment for 30 years.
b. A ballonn payment is added at the end of 30 years.

Benefits: Families keep their homes with less of a financial struggle. Foreclosures are stemmed.
Banks do not have to find buyers because they are receiving payment on the loans.

(2) Upon government takeover or bailout of a company, the CEO and top executives are summarily fired with a week's pay of the lowest paid employee of the company.
If you screwed things up so badly that the government has to save your business from failing, your contract is VOID. No golden parachutes for executives, they should get the same treatment that those at the bottom of their company get when they don't perform on the job.

Benefit: CEOS and execs FINALLY held accountable for their stupidity.

(3) Instead of bailing out banks for 700 billion dollars, take 12% of that amount (85 billion) and do the following:

a. Divide among All LEGAL American citizens over 18. Send with a statement on which the following is shown:
1) Withhold 30% in income tax off the top. This gives the government 25 billion in tax income right off the bat. Individuals are left with apprximately 295,000.00 and married couples 595,000.00.
2) Deduct for mortgage amounts owed, if any, student loans, if any and child support owed, if any.
3) Withhold state income tax if applicable. This provides income to the states.

Benefits:
Mortgages are paid, folks in foreclosure can pay the bank and keep the house, which they would have free and clear.
Banks get their money and don't have to lay workers off due to losses. They remain solvent.
They will be able to loan to businesses and credit-worthy individuals.
Students in college can complete their education free of debt.
Graduates struggling with lots of student loan debt will see it paid off and have a bit of a nest egg while they look for a good job with their newly earned degrees.
Retirees will have a source of income other than dwindling pensions. Their anxieties will be eased and they can enjoy their golden years.
People who have been putting off major purchases or repairs to their homes due to fnancial woes can make those repairs, fix their cars, etc. which pours money into the economy. This creates a need for more workers, unemployment will then drop and the cycle continues.
Single parents with deadbeat spouses will finally see some well-deserved support for their kids.
Married couples could put away for their children's college education and their retirement.

(4) Scrap (repeal) Sarbanes-Oxley and write a law with teeth that forces corporate accountablility.

(5) Eliminate the capital gains tax for three years for businesses.

(6) After the three years are up, tax according to the percentage of product manufactured in the U.S., i.e. companies that manufacture their entire product in the U.S. pay no tax, those that make half pay 50%, etc.

(7) Apply the same tax to other corporations: if all employees are in the U.S. no tax, 50% = 50% of the tax, etc.

Benefits of 4-7:
True accountability
Discourages job outsourcing
Encourages a revival of our manufacturing base which is our country's life blood.
Reduces unemployment
Revives economy

(8) Repeal Gramm-Leach-Biley and reinstate protections put in after the Great Depression.

(9) Imprison those who hire illegal immigrants. (this law is on the books but not enforced)

What do you think? Would you propose this to your representative? I have.