QOD
Would we be better off if the government just gave $50k to each and every tax paying citizen and let everything fail?
Of all the fines levied against him, how much will Donald Trump actually pay?
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LOL… our homes would be full of big screen TVs and receipts from our trip to Disney World, and then the crash would come a year later.
it’s coming whether we like it or not anon. At least it would be closer to real money.
when other country’s start crashing (China) then we are really fucked when we have no one to loan us money
Anon,
Then the Gub’mint would pull another $50k for everyone out of its ass.
Don’t you get it yet?
I think it’s going to have to come to something like that. Isn’t the problem massive debt? If people got out of debt wouldn’t that help the problem?
I think the problem is bigger, though. The problem is the system and I think we basically have to let the system “blow up” so that we can get a better one. If the debts just go away, how do we know we won’t get into the same trouble again?
So, I think
1) housing prices have to fall to more reasonable levels
2) we need to make sure the “unwinding” is as orderly as possible to spare us the most pain
3) we need to encourage people to save money and to learn how to live within our means
4) we need to make sure that our economy is based on more than selling stuff to each other. We need to revive our manufacturing base and find new opportunities (green energy!).
5) we need to make sure that we learn from our mistakes – like putting in sensible regulations and figuring out how to deal with “too big too fail.” We need to have the guilty be punished.
In my opinion, instead of giving everyone $50K I think we need a “national debt forgiveness” initiative. Like lopping off 20% of our total debt, up to a certain amount. The wealth based on that debt never really existed, so let’s just write it off. I’m sick of giving taxpayer money to these jerks that have caused most of the problems. Let’s do something more direct.
I’m sorry if this is incoherent. It’s a bit of stream-of-conciousness typing.
If you had $50K in the bank, a Delaware credit card bank could leverage that into a $250K line of credit, which they could then bundle and securitize and use multiple times as collateral, leveraged to about $5 million.
The problem then would be managing risk. But risk too could be securitized and sold off to hedge funds.
Payments on the original debt would be made by magic ponies.
We need a Star Trek economy. Without debt, banks are unable to pay interest to depositers.
It is the fatal flaw of capitalism. Capitalism only allows for a small percentage of people to make a large percentage of money.
You mean, of course, the government borrowing $50K per person that will eventually cost our kids $100K per in tax payments.
you make it sound like the $5 trillion the banks are getting isn’t going to cost our kids 100k already
“Capitalism only allows for a small percentage of people to make a large percentage of money.”
Yes, those who are stronger, smarter and work harder are sure to benefit under such a system. Now, if the government would just stand back and let it happen, stop making it easier for people to go in debt, and stop bailing out lending institutions…
Yes, those who are stronger, smarter and work harder are sure to benefit under such a system.
Sure… look how well that worked out for the guys who worked extra hard building the pyramids for Pharoah.
They weren’t working ‘smart’.
I am toying with the idea that all mortgages that are in danger (however that is defined) become eligible for a special ARM. It would be mandatory that all of those loans drop 7% (some would even go into the negative).
They stay at that level for 3 years and then steadily rise to the original rate over the next 7 years.
This would minimize the people that get foreclosed on, increase the money in their pockets and punishes the banks for their crappy risk management. The loans still have value and it encourages people to stay in their homes. Any homes that do sell are not subject to as many foreclosures in the comps.
Yes but everyone would have to buy a new American car to save the Big Three. Anyone caught in a BMW showroom or other foreign car maker’s show room would be shot on the spot
How about buying foreign cars built in the US?
COMMIE!
How about buying foreign cars built in the US?
I see no problem with this at all. The employees are here…payroll taxes are paid here…and those cars either get sold here or are EXPORTED back there. Nothing wrong with that at all.
As far as the special ARM, that is along the lines of the suggestion I made about credit card debt. Allow programs to make interest-only payments for a given period (3-, 6-, 12-months), but the banks, in turn, can not alter anything on the accounts. The only exception, of course, is if the consumer doesn’t pay. Aside from that, there is no penalty to the consumer at all, but, of course, the consumer gives up the option to access that credit line until regular payments are resumed.
In my opinion, instead of giving everyone $50K I think we need a “national debt forgiveness” initiative. Like lopping off 20% of our total debt, up to a certain amount. The wealth based on that debt never really existed, so let’s just write it off. I’m sick of giving taxpayer money to these jerks that have caused most of the problems.
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now there’s a smart woman
anon // Nov 26, 2008 at 11:23 am
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heh, I will sell you one of those ponies if you like.
in that case I need to crank up my Credit Cards post haste!
This is what happens to an economy when you sell mortgages like cars. 0% down. Now everyone(regardless of economic situation) can own a home.
Would 50k per person be enough?
It’s better to give $10 trillion to your friends in the banking and financial markets, let them prop up their bottom lines, pay bonuses and dividend checks, cut workers, make sure there is no regulation or oversight, add a pinch of tax breaks for corporate America and the top 5%, talk about free markets and free enterprise to no end but don’t practice it and support corporate welfare while bemoaning unions, minimum wage and welfare as the evils of America. BTW h: Foreclosures cut across all income levels and the highest percentage of foreclosures is in the speculation market.
Delaware’s most name-changingest blogger asked:
Well, in one way, I like the idea because those who don’t pay taxes don’t get diddly! 🙂
That means that the continually unemployed, the lazy, the welfare teat-suckers, the criminals, basically the people who will not work, get exactly what they deserve.
Hilarious as usual.
I think you left out the tax exiles living it up in the Cayman Islands and board room con-men from your list of tax scofflaws.
Mrs Isotope wrote:
That’s the kick-starter for what got us into this mess: people who contracted debts that they couldn’t pay, and the value of their unpaid debts wound up as a dead loss.
But, I have to ask: doesn’t that out-and-out reward those who bought more than they could afford, and penalize those of us who bought within our means? If I bought a house, financing about $72,000 (I did), and can afford the payments and have, in fact, always been on time with the payments, while the next guy, who makes the same as I do but financed $350,000 and is in desperate shape, will be rewarded with a %70,000 debt reduction under your proposal, while my reward would be $14,400.
Then, assuming that with this $70,000 debt reduction, he can make the payments, not only will the guy who was irresponsible have received a greater reward than someone who bought responsibly, but he will wind up with a far better house, courtesy of the government intervention, than the person who bought responsibly.
Jason, those people exist, but they are few and far between. You’d have more slackers ineligible in just Philadelphia than all of the guys you mentioned.
Dana,
You spend a lot of your time worry about a small percent of the overall population that hardly fucks you over like the small percent of the population that is fucking you over right now…
Dana,
I think you need to do it for everyone. That way, the people who were responsible gain something in relief. It will also help the people who were victimized. It will help some people who were irresponsible but not as much, only giving them a chance to catch up. The problem I see now is that people who are in trouble are getting help, but not people who aren’t in trouble (yet), but we’re all suffering from the downturn.
Mrs Isotope:
OK, would everyone include actually everyone, or would you impose limits? One of my daughters is an adult now, whilst the other is still seventeen and living at home. Do both of them get $50,000, or just the adult?
Do Mrs Pico and I get $50,000 each, or $50,000 together? (We file our taxes jointly.)
Do non-citizens qualify? If they do, would you restrict that to legal immigrants only?
Mr Viti wrote:
Mr Viti, I pay a boatload in taxes because of the people who suckle at the government teat.
Hilarious as usual.
You are paying much more for corporate welfare than you are for your mostly imaginary welfare queens in fur coats.
I think you would apply it to all adults. I don’t know if I would go with $50K per person. Perhaps $50K per family, $20K for single adult.
Yes, all taxpayers and legal immigrants.