Save Yourselves

Imagine it’s 2001, and our government is seriously thinking of bailing out Enron and Worldcom.

Argue all you want that it’s not an apples-to-apples comparison—I am mad as hell at the financial and automotive sectors right now.

If our leaders made bad choices and sank our business, I’d fully expect bankruptcies a-filing and heads a-rolling without any golden parachutes to soften the landing. I wouldn’t expect Congress to buy our bad debt, or give us low-interest loans to make up for our past mistakes. Perhaps that is what we need to do this time. But playing the socialism card to save capitalist structures is dangerous.

I won’t kill you, but I don’t have to save you. —Batman Begins (2005)

Comments

[Whatsername]

Congress, schmongress. I'm all for keeping anger squarely focused on the financial institutions right now. (Except for JP Morgan - I've always liked Jamie Dimon.)

And, Nick? Thinking back to some of the insane financial product pitches I've been thrown in recent years, I'm sticking to my opinion. I do, however, need to update that pet peeves list.

[Guido]

Barney Frank and Chris Dodd are here to help. Everything is going to be OK. Never mind what they did 2002 - present.

[Jesse]

Get out the calculator. It's $425.00 per person.

[PJS]

You may want to recheck your math on the creative alternative to the AIG bailout. Clever idea, but it comes to $425 per person.

[Nick Ehrman]

Violent agreement. -nick

PS: you should really re-think your view of vendor sales pitches, sometimes they actually do add-value. ;-)

[Pat Gebes]

Here's an alternative to the economic stimulus plan, sent to me by a friend. The numbers aren't exact but illustrate the possibilities.

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 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 $425,000.00.

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

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 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!!