Thursday, September 25, 2008

Better idea than i had

I was talking to a student in one of my courses and he proposed a novel idea. Instead of giving these corporations all this bailout money ($700 Billion), which would leave the average American still in debt, the government should give each taxpayer making less than $75,000 per year a check for $40,000. Now, the condition is that these taxpayers could only apply this to their debts (so no shopping at Home Depot)!

So, if this is done, instead of only the risky and swindling banks getting bailed out, we'll have millions of Americans in a better financial position with reduced and/or no debt. This would increase our basic net worth and how much money we have available to buy other stuff, hence keep the economy going! And the vulturous credit companies (mortgages and cards) would still sort-of be rescued because they'd get all this money on their balance sheet!

So, instead of bailing out just the companies, we'd be bailing out John Q. Public!

He also mentioned that in a bargain for this, the Americans trade this for higher taxes for the next 5 years. I think that's a bargain, don't you?

Send this to five people if you agree.
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