If some form of the bill doesn't pass, the economy is going to get significantly worse than it is now. Initially it may only affect the banks, but ultimately when businesses go for short-term financing or when consumers go for loans, they won't be there. Next, unemployment in the country will go to double digits.
This isn't just a Wall Street problem. Well, perhaps at this particular moment it is, but it will definitely spread to "Main Street."
I hope I'm wrong, but don't think so.
The Economy NEEDS to get WORSE. We MUST LEARN OUR LESSON. WE NEED TO GET RID OF THE FED RESERVE, IT IS A PURE FORM OF SATAN. NO BAILOUT, BANKS NEED TO FAIL. Bailout is un American. They gambled and lost. DONT believe these LIES that cnn shoves down our throat. A LITTLE PAIN will be good for us.
lesson that we cant print money, lesson that fed isnt our freind, the lesson that the fed is satanic in origin. lesson that all things belong to God. lesson that the money you think is yours because you can print it or because you think you have equity in your home with false sense of entitlement, its is NOT yours, all things belong to God.
Now this idea I like!
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I'm against the $85 BILLION 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, aged 18+.
Our population is about 301 million counting every man, woman and child. So, 200,000,000 might be a fair stab at adults 18 and up. Now, divide 200 million, 18+ adults into $85 billion - that equals $425,000.00 each!  Yes, my plan is to give that $425,000 to every adult as a "We Deserve It" dividend.
Of course, it would NOT be tax free. So, let's assume a tax rate of 30%. Everyone would pay $127,500.00 in taxes. That sends $25.5 billion right back to Uncle Sam! It also means that every adult 18+ has $297,500.00 in their pocket. A husband and wife would have $595,000.00!
What would you do with $297,500.00 to $595,000.00?
• Pay off your mortgage – housing crisis solved.
• Repay college loans – what a great boost to new grads.
• Put away money for college – it'll really be there.
• Save in a bank – create money to loan to entrepreneurs.
• Buy a new car – create jobs .
• Invest in the market – capital drives growth.
• Pay for your parent's medical insurance – health care improves.
• Enable deadbeat parents to come clean – or else.
Remember this is for every adult U.S. citizen, 18 and older (including the folks who lost their jobs at Lehmann 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 $1,000.00 "economic incentive".
If we're going to do an $85 billion bailout, let's bail out every adult U.S. citizen!
As for AIG – liquidate it.
• Sell off its parts.
• Let American General go back to being American General.
• Sell off the real estate.
• Let the private sector bargain hunters cut it up and clean it up.
We deserve the money and AIG doesn't. Sure it's a crazy idea, but can you imagine the coast-to-coast block party?!
How do you spell Economic Boom? W-e D-e-s-e-r-v-e I-t d-i-v-i-d-e-n-d! I trust my fellow adult Americans to know how to use the $85 Billion "We Deserve It" dividend more than do the 'geniuses' at AIG or in Washington, D.C..
And remember, my plan only really costs $59.5 billion because $25.5 billion is returned instantly in taxes to Uncle Sam. Good idea? I think so.Â
I'm against the $85 BILLION 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, aged 18+.
Our population is about 301 million counting every man, woman and child. So, 200,000,000 might be a fair stab at adults 18 and up. Now, divide 200 million, 18+ adults into $85 billion - that equals $425,000.00 each!  Yes, my plan is to give that $425,000 to every adult as a "We Deserve It" dividend.
Of course, it would NOT be tax free. So, let's assume a tax rate of 30%. Everyone would pay $127,500.00 in taxes. That sends $25.5 billion right back to Uncle Sam! It also means that every adult 18+ has $297,500.00 in their pocket. A husband and wife would have $595,000.00!
What would you do with $297,500.00 to $595,000.00?
• Pay off your mortgage – housing crisis solved.
• Repay college loans – what a great boost to new grads.
• Put away money for college – it'll really be there.
• Save in a bank – create money to loan to entrepreneurs.
• Buy a new car – create jobs .
• Invest in the market – capital drives growth.
• Pay for your parent's medical insurance – health care improves.
• Enable deadbeat parents to come clean – or else.
Remember this is for every adult U.S. citizen, 18 and older (including the folks who lost their jobs at Lehmann 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 $1,000.00 "economic incentive".
If we're going to do an $85 billion bailout, let's bail out every adult U.S. citizen!
As for AIG – liquidate it.
• Sell off its parts.
• Let American General go back to being American General.
• Sell off the real estate.
• Let the private sector bargain hunters cut it up and clean it up.
We deserve the money and AIG doesn't. Sure it's a crazy idea, but can you imagine the coast-to-coast block party?!
How do you spell Economic Boom? W-e D-e-s-e-r-v-e I-t d-i-v-i-d-e-n-d! I trust my fellow adult Americans to know how to use the $85 Billion "We Deserve It" dividend more than do the 'geniuses' at AIG or in Washington, D.C..
And remember, my plan only really costs $59.5 billion because $25.5 billion is returned instantly in taxes to Uncle Sam. Good idea? I think so.Â
here is a good post I found
Thanks for one of the most intelligent articles on these subjects I have read. I was as a CPA in the Northeast and my contention is that this crisis is not a subprime mortgage mess at all that it is in fact unnanounced inflation and the corrosion in wages/benefits for the working class that is leading to all these problems we are seeing.
Just in the last few days the Govt announced inflation was 2.4% and gas prices FELL last month!
In a nutshell, inflation has been running rampant. It is the additional costs layered on by inflation that have left people unable to pay their bills, not their mortgage. Between 1978-1986 the Govt indexed social security 75% to keep up with inflation. In the last 8 years that number has been 25%.
So lets find the 2-3% inflation. Here are some real numbers that people are paying in my area.
Heating oil up 350% in 10 years
Gas up 300% in 10 years
Medical insurance, family coverage up 500% in ten years
Taxes in my town up on average 86%
Electricity in much of CT up as much as 74% in the last few years alone!
Food inflation, heck we have things that went up 30% in a month but most food items are at highs except for meats because they are killing the animals as the feed is too expensive, wait til fall.
Thus with technology and outsourcing putting a lid in wages ,there is no pressure to raise wages. Real income is declining much faster than the Govt states. 2 days ago they said it declined 1 % based on 2.4% inflation. If inflation is 10% real income is declining by 9%.
People are making less, not more, have less benefits, and less pensions than in prior years. Good paying jobs have been replaced by jobs with lower pay and less benefits. Please note the recent statistics in BusinessWeek in the differences between men and women in the job crisis and how women have less job losses because they are working in those service jobs which often pay less.
In my client base I do not see any problems with subprime loans. I see a lot of people cutting their spending, trying to keep their businesses running.
The ultimate irony is the same Govt that told you the economy was doing well, the jobs market was strong and inflation tame, is now handing out money telling you to spend it.
This is way worse than people think. Student loans might not fund. Those auction rate securities have 320 billion in peoples funds frozen, some earmarked for college. Inflation/foreclosures/economic pullback is now entering round two. In NJ they have to raise tolls because people are driving LESS and paying less tolls!!!! Driving is way down yet fuel prices soar.
Only the super rich are making it this time and they will watch their saved dollars depreciate right along with eveyrone else.
Thanks for one of the most intelligent articles on these subjects I have read. I was as a CPA in the Northeast and my contention is that this crisis is not a subprime mortgage mess at all that it is in fact unnanounced inflation and the corrosion in wages/benefits for the working class that is leading to all these problems we are seeing.
Just in the last few days the Govt announced inflation was 2.4% and gas prices FELL last month!
In a nutshell, inflation has been running rampant. It is the additional costs layered on by inflation that have left people unable to pay their bills, not their mortgage. Between 1978-1986 the Govt indexed social security 75% to keep up with inflation. In the last 8 years that number has been 25%.
So lets find the 2-3% inflation. Here are some real numbers that people are paying in my area.
Heating oil up 350% in 10 years
Gas up 300% in 10 years
Medical insurance, family coverage up 500% in ten years
Taxes in my town up on average 86%
Electricity in much of CT up as much as 74% in the last few years alone!
Food inflation, heck we have things that went up 30% in a month but most food items are at highs except for meats because they are killing the animals as the feed is too expensive, wait til fall.
Thus with technology and outsourcing putting a lid in wages ,there is no pressure to raise wages. Real income is declining much faster than the Govt states. 2 days ago they said it declined 1 % based on 2.4% inflation. If inflation is 10% real income is declining by 9%.
People are making less, not more, have less benefits, and less pensions than in prior years. Good paying jobs have been replaced by jobs with lower pay and less benefits. Please note the recent statistics in BusinessWeek in the differences between men and women in the job crisis and how women have less job losses because they are working in those service jobs which often pay less.
In my client base I do not see any problems with subprime loans. I see a lot of people cutting their spending, trying to keep their businesses running.
The ultimate irony is the same Govt that told you the economy was doing well, the jobs market was strong and inflation tame, is now handing out money telling you to spend it.
This is way worse than people think. Student loans might not fund. Those auction rate securities have 320 billion in peoples funds frozen, some earmarked for college. Inflation/foreclosures/economic pullback is now entering round two. In NJ they have to raise tolls because people are driving LESS and paying less tolls!!!! Driving is way down yet fuel prices soar.
Only the super rich are making it this time and they will watch their saved dollars depreciate right along with eveyrone else.
