Someone shared this with me and as the Wall Street Waltz warmed up in the last days and the dancing grew more intense and the exchange of partners more frenzied I kept coming back to it. Every time I looked at whom in Congress was fashioning 'a rescue plan' with the same White House who told me Saddam Hussein and Osama bin Laden went shoe-shopping together, all I could think of was how much money all these D. C. bastards and bastardettes had taken in campaign contributions and donations of in-kind services from the very industry they were supposed to be overseeing. Talk about the hunter gets captured by the game. Smokey Bill sure knew what he was writing about even when he didn't.
I have a MasterCard payment that I don't want to have to make. Is it okay if I send it to the Secretary of the Treasury or the Speaker of the House and ask them to add it on to the rescue bill for the billionaire bankers and CEOs? Maybe you have a mortgage payment looming and the cash flow is not conducive? Send it along. A student loan for college--a car payment? Let's stick the grand-kids with the debt (or is it already up to the great grandchildren, at least). By the time they catch on, we'll be dead.
Anyway, someone sent me this last week when all we were looking at was the bailout of AIG who once were a smaller, well-managed company, who became a behemoth built on sand. It is, technically, an original idea, though NOT mine. If you know who came up with it and want to tell me, I'd be grateful-but I'd be more grateful if someone could tell me why this wouldn't work because I don't see the problem with the proposal and I'm becoming more angry by the minute that the gals and guys I elected to keep your eyes on the road, your hands upon the wheel, didn't.
"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?
1. Pay off your mortgage - housing crisis solved.
2. Repay college loans - what a great boost to new grads.
3. Put away money for college - it'll be there.
4. Save in a bank - create money to loan to entrepreneurs.
5. Buy a new car - create jobs.
6. Invest in the market - capital drives growth.
7. Pay for your parent's medical insurance - health care improves.
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 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 work.
But can you imagine the Coast-To-Coast Block Party!
How do you spell E-c-o-n-o-m-i-c B-o-o-m?
I trust my fellow adult Americans to know how to use the $85 Billion We Deserve It Dividend more than the geniuses at AIG or in Washington DC . And remember, The Family 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."
This week, from where I sit, we'd need to multiply the dollars ten-fold to stave off ruin or worse, as explained by people who three months ago saw nothing but blue skies and green lights on the financial horizons. And still after we do that and I look at the above proposal again, I cannot see why the idea wouldn't work. As you are, by definition, much smarter than I (except for the part that I write this stuff and you read it), tell me where it's flawed and fated to fail. And if you don't think so, then tell me to whom we should send our letters and email and phone calls in Washington DC to get it enacted. And hurry, that starving CEO covered in his own golden parachute with his begging bowl on the corner has a family too, you know. How much longer can you look away?
-bill kenny
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