Speaker Pelosi revealed the latest revision of the proposed Wall Street bail-out plan earlier today, ahead of the start of foreign stock markets. Read the emergency-economic-stabilization-act-of-2008 here.
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Updated text of $700bn bail-out plan
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4 Responses to “Updated text of $700bn bail-out plan”
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I’ve been thinking and have decided I’m against the $85,000,000,000.00 bailout of AIG.
Instead, I suggest giving $85,000,000,000 to Americans in a “We Deserve It” dividend.
To make the math simple, let’s assume there are 200 million bonafide U.S. citizens 18+.
Our population is about 301,000,000 +/- counting every man, woman and child and 200,000,000 is probably a pretty close ballpark number of 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 and over 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 over 18 would pay $127,500.00 in taxes.
That sends $25,500,000,000 right back to Uncle Sam.
But it also means that every adult over 18 now has $297,500.00 in their pocket.
A husband and wife has $595,000.00.
So here’s the question:
What would you do with $297,500.00 to $595,000.00 in your family?
Would you pay off your mortgage? >> Housing crisis solved.
Repay college loans? >> What a great boost to new grads
Put away money for your children’s college? >> Now it’ll be there when you need it.
Would you save it in a bank? >> That will create money to loan to entrepreneurs.
Would you buy a new car? >> That will create jobs.
Invest in the stock market? >> That means capital driven growth.
Pay for your parent’s medical insurance? >> Health care improves.
Enable deadbeat dads to come clean -(or else)- >> problem solved.
Remember this is for every adult U S Citizen 18 and over 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 economic incentive.
If we’re going to actually 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 all 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, period.
Sure it’s a crazy idea that can “never work.”
But can you imagine the coast-to-coast block party??!
That my friend is how do you jump start an Economic Boom.
I trust my fellow adult Americans enough to know how to use the $85 billion.
“We Deserve It” more than the geniuses at AIG or the do nothing politicians in Washington DC .
And remember, my bailout plan really costs $59.5 billion because
$25.5 Billion is returned instantly in taxes to Uncle Sam.
I feel better getting that off my chest.
Posted by Filipino | October 1, 2008, 2:55 am…I got an idea, too — why don’t you send this by fax, email and letter to your representatives???
Posted by rbvergara | October 1, 2008, 3:56 amumm, I think you got your math wrong… it’d be about $425 per person… There’s 200,000,000 people not 200,000…. that divides into 85,000,000,000 425 times… I’m not a huge fan of the bailout but let’s not start saying it’s taking that much money away from every person…
Posted by bryan | October 31, 2008, 3:34 am(scratching head) can’t believe I missed that.
Posted by rbvergara | October 31, 2008, 5:31 am