Paterson On Federal Bailout: Get It Done
Gov. Paterson, who is on vacation for a few days in Florida, had this to say in a statement on Congress debating the federal bailout.
“While I congratulate the Administration and Congressional leaders for their tireless efforts on reaching an agreement on legislation to stabilize financial markets and ensure continued access to credit for all Americans, I am urging immediate action to pass this unprecedented legislation.”
“But even with passage of this historic legislation, there is still much work to be done. Our financial markets are peering over a cliff, and it is largely due to the failed policies of the Bush Administration. This nation is still facing an economic crisis like nothing we have seen since the Great Depression. Congressional leaders must take the next step in repairing the damage done by the Bush Administration’s lax regulation by creating more vigilant oversight of the markets, which is essential if we are to avoid ever having to be put into this position again. I urge Congress to take the next and necessary step of prudent and effective regulatory oversight of the financial system.
“I am pleased that this legislation represents an appropriate balancing of the interests of tax payers, borrowers and the financial market.
“I have consistently said that one of the primary goals of the program must be to help keep borrowers in their homes and avoid unnecessary foreclosures. This legislation includes measures to mitigate foreclosures and encourage servicers of mortgages to modify loans through the Hope for Homeowners or other available programs, and also contains other measures to avoid foreclosures.
“The American people should not have to foot the bill when corporate executives lose billions of dollars with no effect on their compensation level, so it is also appropriate that the bill would impose a personal cost on CEOs whose firms use the liquidity facility.
“Furthermore, taxpayers are entitled to know that fiscal watchdogs are ensuring that their dollars are well spent, and this legislation will ensure that the program minimizes the cost to taxpayers and provide stability to the financial markets and banking system by establishing an oversight board.
“I am glad to see that, where there are substantial purchases by Treasury from a financial institution, the legislation contains provisions that Treasury will receive an equity interest in the financial institution. This will ensure that tax payers will be compensated for the risks being assumed by the Government.
“I again urge all members of Congress to quickly pass this legislation.”
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Hi All
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 bona fide 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?
Pay off your mortgage – housing crisis solved.
Repay college loans – what a great boost to new grads.
Put away money for college – it’ll be there.
Save in a bank – create money to loan to entrepreneurs.
Buy a new car – create jobs.
Invest in the market – capital drives growth.
Pay for your parent’s medical insurance – health care improves.
Enable Deadbeat Dads to come clean – or else
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 (“vote buy”) 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 “never work.”
But can you imagine the Coast-To-Coast Block Party!
How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the $85 Billion We Deserve It Dividend more than I do the geniuses at AIG or in Washington DC .
And remember, The Ed plan really only 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.
Kindest personal regards,
Ed
Ed your math is wrong 85 billion divided by 200 million
is 425 dollars not 425,000..your math is as good
as the house republicans apparently they think the same way