photo credit: Jeff Belmonte
It sounds like congressional Democrats and Republicans have reached an agreement today on a possible bailout plan, that it is hoped will bolster our faltering economy. From the AP:
Warned that time was running short to bolster the distressed economy, congressional Republicans and Democrats reported agreement in principle Thursday on a bailout of the financial industry, and said they would present it to the Bush administration in hopes of a vote within days.
So it sounds like the infighting and bickering has slowed long enough for them to come up with a plan to help. Now they just need to put it together and pass it:
Emerging from a two-hour negotiating session, Sen. Chris Dodd, D-Conn., said, “We are very confident that we can act expeditiously.”“I now expect that we will indeed have a plan that can pass the House, pass the Senate (and) be signed by the president,” said Sen. Bob Bennett, R-Utah.
The bipartisan consensus on the general direction of the legislation was reported just hours before President Bush was to host presidential contenders Barack Obama and John McCain and congressional leaders at the White House for discussions on how to clear obstacles to the unpopular rescue plan.
Key lawmakers said at midday that few difficulties actually remained.
“There really isn’t much of a deadlock to break,” said Rep. Barney Frank, D-Mass, chairman of the House Financial Services Committee.
The question remains as to what exact form any legislation will take, and whether or not it will actually be helpful.
What do you think of the bailout – do you think it’s a good idea? Will it help our economy?
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A “bailout” is the only thing that will save Main Street at this time, so yes I think it is a great thing. I wish they would stop using the term Bailout, Paulson is one step above a loan shark, I am glad he is working on our side. Take the AIG “Bailout” the government has made money, and will make more money.
It’s not a good thing. But it is the least worst thing that can be done at this point.
I got this email today and I really like this guys ideas better- could use the $….
Possible solution to the economic crisis at hand
Hi Everyone,
I’m against the $85,000,000,000 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
bonafide 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.
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 in their pocket.
A husband and wife has $595,000.
What would you do with $297,500 to $595,000 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
Invest 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 General.
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 Party!
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 Family 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,
A Creative Guy & Citizen of the Republic.
PS: Feel free to pass this along to your pals as it’s good for a laugh