Hopefully, the majority of the Republicans in the Senate will be against it, too, and they can filibuster it to death.
Thanks for posting. Extremely interesting. Where’s Pat Paulson when you need him? /sarcasm
Someone needs to inform the dufus, Linseed Graham, who’s on FOX right now claiming we have to do something quick about the “Financial Pearl Harbor,” that we declared war on the perps that time and nuked them. It could be done again!
Can they get behind this plan I got in email?
Subject: The Birk Economic Recovery Plan
I’m against the $85,000,000,000.00 bailout of AIG.
Instead, I’m in favor of giving $85,000,000,000 to America in a We Deserve It Dividend.
To make the math simple, let’s assume there are 200,000,000 bona fide U.S. Citizens 18+.
Our population is about 301,000,000 +/- counting every man, woman and child.
So 200,000,000 might be a fair stab at adults 18 and up..
So divide 200 million adults 18+ into $85 billion that equals $425,000.00.
My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend .
Of course, it would NOT be tax free. So let’s assume a tax rate of 30%.
Every individual 18+ has to pay $127,500.00 in taxes.
That sends $25,500,000,000 right back to Uncle Sam.
But it means that every adult 18+ has $297,500.00 in their pocket.
A husband and wife has $595,000.00.
What would you do with $297,500.00 to $595,000.00 in your family?
Pay off your mortgage – housing crisis solved.
Repay college loans – what a great boost to new grads
Put away money for college – it’ll be there
Save in a bank – create money to loan to entrepreneurs.
Buy a new car – create jobs
Inves t in the market – capital drives growth
Pay for your parent’s medical insurance – health care improves
Enable Deadbeat Dads to come clean – or else
Remember this is for every adult U S Citizen 18+ including the folks
who lost their jobs at Lehman Brothers and every other company
that is cutting back. And of course, for those serving in our Armed Forces.
If we’re going to re-distribute wealth let s really do it...instead of trickling out
a puny $1000.00 ( “vote buy” ) economic incentive that is being proposed by one of our candidates for President.
If we’re going to do an $85 billion bailout, let’s bail out every adult U S Citizen 18+!
As for AIG – liquidate it.
Sell off its parts.
Let American General go back to being American Genera l.
Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it up.
Here’s my rationale. We deserve it and AIG doesn’t.
Sure it’s a crazy idea that can “never work.”
But can you imagine the Coast-To-Coast Block Pa rty!
How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the $85 Billion
We Deserve It Dividend more than I do the geniuses at AIG or in Washington DC .
And remember, The Birk plan only really costs $59.5 Billion because $25.5 Billion is returned
instantly in taxes to Uncle Sam.
Ahhh...I feel so much better getting that off my chest.
Kindest personal regards,
Birk
T. J. Birkenmeier, A Creative Guy & Citizen of the Republic
PS: Feel free to pass this along to your pals as it’s either good for a laugh
or a tear or a very sobering thought on how to best use $85 Billion!!
P.P.S. Even if the number is 250 million adults, the share is $340,000 gross each!!!
($238,000 net after that estimated 30% federal tax rate)
Your state and local governments will want “their share” too, but think of all
the pre-financed public works projects that could get done. More jobs!
Repave streets and upgrade utilities—that needs labor, and equipment and materials.
This is way better than “trickle-down” economics—it would be “tidal wave” economics!
Make sure the $25 billion that goes right back to Uncle Sam gets used for debt reduction.
PPPS—I heard on the radio that the total of all recent and potential near-term bailouts may reach $500 billion. Put another way, half-a-trillion dollars. Or 500,000 million!
That settles it then. If only 4 Republicans support this bill then it is clearly a peice of crap. Toss it and let the company accept the consequences for making so many bad loans.
BTTT
How many of these Republicans have also come out for Obama?
Boehner has the finest tan of the House.
And his nails are always impeccable.
Just sayin’
;)
I think its irresponsible to be against this and not have a PLAN B. I hope they highlight what it is. I would be vitally important also for McCain to be on board a solution that the majority of Republicans can support, or we have the crosswise message of McCain in one corner, Bush in another, House GOP in a third. If we cant come together then the ‘putting country first’ is bunk. That means we need the PRESIDENT TO LEAD TOO.
Here is my alternative plan, and it is high past time we got more Republicans on board its elements:
http://travismonitor.blogspot.com/2008/09/some-ideas-to-fix-credit-crisis.html
1) Suspend mark-to-market accounting for illiquid CDOs
2) A scaled-back ‘workout’ facility for liquidity of CDO instruments. Give Paulson a tight leash and much less to buy CDOs ‘on consignment’ from these institutions for resale. Find ways to quickly assess the actual quality and performance of the assets. Strict limits on participating institutions.
3) Make Bush tax cuts permanent
4) Commit to a strong dollar
5) Get on a path to get Fannie MAe off govt books and eliminate it as a GSE. Repeal CRA rules.
6) Repeal Sarbanes-Oxley
Last but most importantly is a commitment to keeping USA as debt-free as possible by putting taxpayers first.
etc.
I don’t know who the four are, but I’m certain that if Boehner were one of the four there would be more than four.
NO BAILOUT!
How about also applying the tax break to the principle of already foreclosed homes purchased for the next year or two. That should get the market moving again!
Better yet, make it $600 billion, and campaign on having saved the rest.
I hope you all know that if this is not done within a few days that the entire world’s economy will stop.
You won’t be able to get any money out of the bank. Your credit cards will not work. Your ATM will not work. The paycheck that you expected will not be cut.
You think I am kidding? You better go stock up on some food while the system is still up.
Having said that, I say let it crash. While it will mean starting all over and probably 10 years of hell it is the only way we will get rid of government and the only way we will get to where we only spend what we take in.
Kids born 25 years from now will be much better off if we deal with this now. I just don’t think people understand what this is going to be like and what the sacrifices will be.
John
This is just like the last amnesty scam. We weren’t told until it was “a done deal”, but that changed when Congressmen started getting their butts handed to them by the public.
I see the calls for Palin to campaign while the other 3 are in session, and that’s the LAST thing she should do. It will make this whole thing to be a cheap stunt. What she NEEDS to do is get in and lend here presence to the house and senate, and SHOW the American people that she is ready to get in the trenches with the big boys and get things done.
NO BAIL OUT!