How to fix the economy...

[ukerduker]

Yeah EasilyObsessed is good at those Zeroes! It's easy to forget one.

But, it made me realize the magnitude of this whole mess.

What's a few ZEROs between friends? The government is our friend, right?

[NuTcAsE]

What's a few ZEROs between friends? The government is our friend, right?

I got plenty of them, you can have all you want.

[BryanP]

If you give $1mil to each taxpayer, you're going to end up with a national shortage of big screen plasma televisions and other such nonsense and a bunch of people still in debt.

It's a cute and funny idea, but all you'd really do is create massive inflation.

(this has been your designated moment of wet-blanketism)

[Guest nraforlife]

Great more bling, crack, risers and grill work

[Guest unreconstructed1]

How about repealing the '86 machine gun ban and increase the NFA transfer tax on machine guns to $500?

That would increase the workforce.

Increase the tax base.

A no-brainer.

close....

how about we repeal the personal income tax first.

THEN we repeal the '86 machine gun ban, but instead of jacking up the NFA tax, we eliminate that as well....

then we eliminate the ATF, as it's no longer necessary.

we go back to a GOLD STANDARD currency.

next, we go through the federal alphabet soup and eliminate the unconstitutional ones ( you know, the ones not authorized by the constitution...)

eliminate the federal reserve...

Finally, we quit wasteful government spending

NOW we have a sound economy that won't require socialistic bailouts and Federal intervention.

.

[Guest hrminer92]

Maybe I am missing something here, or I just didnt get enough sleep last night or coffee this morning, but...

138,893,908 people x $1,000,000 = $138,893,908,000,000.

$138,893,908,000,000 - $700,000,000,000 = 138,193,908,000,000.

Where is that extra 138 Trillion dollars going to come from?

To put 138 trillion in perspective, that's 10 times the US GDP or 2 times the GDP of the entire planet. We could certainly do that, but I don't think we'd like to follow Zimbabwe's economic plan.

I like the various chain emails that are floating around. I'm guessing the authors were the same brainiacs that were telling people with little or no income that they could afford huge loans.

[Warbird]

Yes the influx of that much money into the system would make our money like the German Mark after WWI.

[Steelharp]

I think Dave Ramsey's got it; feel free to send it to your legislators:

----------------------------------------------

Years of bad decisions and stupid mistakes have created an economic nightmare in this country, but $700 billion in new debt is not the answer. As a tax-paying American citizen, I will not support any congressperson who votes to implement such a policy. Instead, I submit the following three steps:

Common Sense Plan.

I. INSURANCE

A. Insure the subprime bonds/mortgages with an underlying FHA-type insurance. Government-insured and backed loans would have an instant market all over the world, creating immediate and needed liquidity.

B. In order for a company to accept the government-backed insurance, they must do two things:

1. Rewrite any mortgage that is more than three months delinquent to a 6% fixed-rate mortgage.

a. Roll all back payments with no late fees or legal costs into the balance. This brings homeowners current and allows them a chance to keep their homes.

b. Cancel all prepayment penalties to encourage refinancing or the sale of the property to pay off the bad loan. In the event of foreclosure or short sale, the borrower will not be held liable for any deficit balance. FHA does this now, and that encourages mortgage companies to go the extra mile while

working with the borrower—again limiting foreclosures and ruined lives.

2. Cancel ALL golden parachutes of EXISTING and FUTURE CEOs and executive team members as long as the company holds these government-insured bonds/mortgages. This keeps underperforming executives from being paid when they don’t do their jobs.

C. This backstop will cost less than $50 billion—a small fraction of the current proposal.

II. MARK TO MARKET

A. Remove mark to market accounting rules for two years on only subprime Tier III bonds/mortgages. This keeps companies from being forced to artificially mark down bonds/mortgages below the value of the underlying mortgages and real estate.

B. This move creates patience in the market and has an immediate stabilizing effect on failing and ailing banks—and it costs the taxpayer nothing.

III. CAPITAL GAINS TAX

A. Remove the capital gains tax completely. Investors will flood the real estate and stock market in search of tax-free profits, creating tremendous—and immediate—liquidity in the markets. Again, this costs the taxpayer nothing.

B. This move will be seen as a lightning rod politically because many will say it is helping the rich. The truth is the rich will benefit, but it will be their money that stimulates the economy. This will enable all Americans to have more stable jobs and retirement investments that go up instead of down. This is not a time for envy, and it’s not a time for politics. It’s time for all of us, as Americans, to

stand up, speak out, and fix this mess.

[ukerduker]

APPROVED!!! Too bad rational thinking doesn't exist within Congress, unless it advances your political standing.

Fire all of them!!!

[fury2neon]

close....

how about we repeal the personal income tax first.

THEN we repeal the '86 machine gun ban, but instead of jacking up the NFA tax, we eliminate that as well....

then we eliminate the ATF, as it's no longer necessary.

we go back to a GOLD STANDARD currency.

next, we go through the federal alphabet soup and eliminate the unconstitutional ones ( you know, the ones not authorized by the constitution...)

eliminate the federal reserve...

Finally, we quit wasteful government spending

NOW we have a sound economy that won't require socialistic bailouts and Federal intervention.

Amen Brother Preach On!!!

[Guest unreconstructed1]

Amen Brother Preach On!!!

you know, I really hate to come off sounding "preachy", but sometimes it bumfuzzles me that the answers are staring people right in the face, and they can't even see it.

let me give you some examples...

The Federal Reserve...

the great depression. it was triggered by the stock market crash in 1929, right?

this happend just a little over a decade after the Federal reserve was founded, and switched our currency from a gold standard to a fiat currency system.

now does anyone know what happened to the price of gold at that time? IT ROSE...

not because it was suddenly more valuable, but because the value of that little green piece of paper dropped... had we still been on a fixed gold standard, what would have happened to the value of the dollar?

another thing is the IRS and wasteful government spending...

The IRS is an entire bureaucracy dedicated to the removal of mine and your hard earned fiat pieces of paper, and yet, they get nowhere...

we have a tax on everything now, and even still, we fall deeper and deeper in national debt. If we would stick to the FED that our forefathers designed, we wouldn't have either.

the IRS, DHS, BATFEces, FBI, NSA, NASA,BTS,ADF,NEA, CIA b c d e f g... how much government do we need?

according to the constitution, the powers not specifically delegated to the FED, nor prohibited to the states, belong in the hands of the people, and their representative, the State. do you realize how many pages the constitution would be if all of these agencies authority were based in the constitution?

If we eliminated the FED agencies that weren't even legal, imagine how quick the deficit would dissappear...

[Guest Honest AK]

I think Dave Ramsey's got it; feel free to send it to your legislators:

----------------------------------------------

Years of bad decisions and stupid mistakes have created an economic nightmare in this country, but $700 billion in new debt is not the answer. As a tax-paying American citizen, I will not support any congressperson who votes to implement such a policy. Instead, I submit the following three steps:

Common Sense Plan.

I. INSURANCE

A. Insure the subprime bonds/mortgages with an underlying FHA-type insurance. Government-insured and backed loans would have an instant market all over the world, creating immediate and needed liquidity.

B. In order for a company to accept the government-backed insurance, they must do two things:

1. Rewrite any mortgage that is more than three months delinquent to a 6% fixed-rate mortgage.

a. Roll all back payments with no late fees or legal costs into the balance. This brings homeowners current and allows them a chance to keep their homes.

b. Cancel all prepayment penalties to encourage refinancing or the sale of the property to pay off the bad loan. In the event of foreclosure or short sale, the borrower will not be held liable for any deficit balance. FHA does this now, and that encourages mortgage companies to go the extra mile while

working with the borrower—again limiting foreclosures and ruined lives.

2. Cancel ALL golden parachutes of EXISTING and FUTURE CEOs and executive team members as long as the company holds these government-insured bonds/mortgages. This keeps underperforming executives from being paid when they don’t do their jobs.

C. This backstop will cost less than $50 billion—a small fraction of the current proposal.

II. MARK TO MARKET

A. Remove mark to market accounting rules for two years on only subprime Tier III bonds/mortgages. This keeps companies from being forced to artificially mark down bonds/mortgages below the value of the underlying mortgages and real estate.

B. This move creates patience in the market and has an immediate stabilizing effect on failing and ailing banks—and it costs the taxpayer nothing.

III. CAPITAL GAINS TAX

A. Remove the capital gains tax completely. Investors will flood the real estate and stock market in search of tax-free profits, creating tremendous—and immediate—liquidity in the markets. Again, this costs the taxpayer nothing.

B. This move will be seen as a lightning rod politically because many will say it is helping the rich. The truth is the rich will benefit, but it will be their money that stimulates the economy. This will enable all Americans to have more stable jobs and retirement investments that go up instead of down. This is not a time for envy, and it’s not a time for politics. It’s time for all of us, as Americans, to

stand up, speak out, and fix this mess.

Dave gets just a bit sanctimonious sometimes but I believe that is the best solution I've seen anyone offer. Too bad so many of us are dead set on voting for Democrats and Republicans. They'll make sure nothing this sensible will ever get any consideration.

[Guest 44M]

The NuTcAsE Plan....

There were 138,893,908 individual tax returns filed in the U.S. in 2007

http://www.irs.gov/pub/irs-soi/07dbreturnfiled.pdf page 5

The Gov. is proposing a 700 billion dollar bailout.

1. Give every taxpayer 1 million to apply to their debt,, housing first, then all other debt and keep the balance.

2. No Tax Refunds in 2009. This would go back into what we pay out for this.

3. Pass the Fair Tax.

4. The Math:

I don't know the figures on what they would have to borrow and print, but lets say 75% of the 700 biguns' equals 525,000,000,000 that won't be added on to the national deficit. That leaves 175,000,000,000. (175 bill). Subtract the 138,893,908 leaves, 174,861,106,092.

5. The Plan:

1 mil. each to the taxpayers for debt reduction. This will somewhat bail out the Credit Industry. What of them don't survive fine.

This will give taxpaying Americans Housing relief.

The vast majority of taxpaying Americans should be debt free.

This will energize the Retail Sector with more Americans spending the balance, and bolster the state economies and add tax revenue.

Shore up social security and get it out of the gov.'s hands, repair our energy infrastructure, borders, customs, military, with the balance.

Next Year pass the Fair Tax, and REDUCE GOVERNMENT SPENDING AND IT'S SIZE!

you need to run for a president, I promisse I`ll vote for you:rock: