Bottom Up Bailout Is Cheaper!Submitted by no2violence on Fri, 09/26/2008 - 16:07
Im not the brightest crayon in the box and so I want to know if this would work...(In theory).
If the financial institutions are going bankrupt because they sold too many securities and deritives on this housing mess, then wouldn't just be easier and cheaper to give every american citizen $200,000. Charge him tax and have them sign an oath the spend the $$ on his personal debt? Whatever is left over, the person keeps. As long as interest is adjusted appropriately on future loans and verifyable employment credentials are dilligently utilized, then there should not be a big problem with predatory lending in the near future.
I know it is still stealing and redistribution of wealth. but it isn't a $trillion. It doesn't create a financial dictator. Chinas securities are protected. And Hank and Ben aren't given open target season to write future trillion dollar checks.
and then we end the fed reserve...