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Old 01-03-2009, 06:19 PM
 
146 posts, read 477,786 times
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Hey just wondering do any of you think that when they did the first bailout of 350 billion that a better idea would be to split it even between everyone 18 and over. It would maybe come out to about 30.000 that would have been enough for people to pay off there stuff and fix the economy. I think it would have been better that what they did which didnt fix anything. the amount may not be just right but what do yall think
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Old 01-03-2009, 06:26 PM
 
19,089 posts, read 20,632,263 times
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I am not so sure about your math... we have 305 M Americans... approximately 230 M of them are over the age of 18... 350 B split between 230 M Americans means its only $1522 per person.... not $30k... I believe the proposed bailout for this year is around 800 M... which will be at most double that to $3k but I HIGHLY doubt it will go straight to Americans, meaning a LARGE part of it will be used to fund social services... don't forget that the bailout is "borrowed" money... its one thing to borrow 1.5k but to pay it back plus interests? How many people are going to pay it back? If we don't, then our grandchildren will.. oh well, at least I don't have to (which is the typical American mindset)...
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Old 01-03-2009, 06:31 PM
 
3,853 posts, read 11,846,987 times
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You don't understand the basic reason why they gave the 700 billion. It wasn't to, "help" boost the economy. It was to move the loses of the banks onto the tax payer. Once you start looking at it in that light you'll realize why they rushed it through congress etc. It took weeks for the automakers to get a bailout and it was a fraction of the size, yet the banks got literally less than 1 week to get 700 billion most of it being no strings attached.

The only real way to revive the economy is to let the failing companies go bust and start lowering taxes. Also start lowering government spending and regulation (except for the banks - they need more regulation). Start by making the first 10,000 of earned income tax free. As we get rid of the wasteful government we can start increasing that 10,000 tax free to higher amounts.

That'll never happen though.
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Old 01-04-2009, 01:31 AM
 
Location: Los Angeles Area
3,306 posts, read 3,552,147 times
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My idea for a stimulus has always be this:

Give it all to me.

I promise to stimulate the economy.
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Old 01-04-2009, 01:07 PM
 
Location: Orlando, Florida
43,857 posts, read 45,493,767 times
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Quote:
Originally Posted by evilnewbie View Post
I am not so sure about your math... we have 305 M Americans... approximately 230 M of them are over the age of 18... 350 B split between 230 M Americans means its only $1522 per person.... not $30k... I believe the proposed bailout for this year is around 800 M... which will be at most double that to $3k but I HIGHLY doubt it will go straight to Americans, meaning a LARGE part of it will be used to fund social services... don't forget that the bailout is "borrowed" money... its one thing to borrow 1.5k but to pay it back plus interests? How many people are going to pay it back? If we don't, then our grandchildren will.. oh well, at least I don't have to (which is the typical American mindset)...
I'll take $1522 !!!!

If they would also give everyone's credit a clean bill of health and a few bucks, we would probably be able to bail out the real estate and car industry all by ourselves with real purchases.
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Old 01-04-2009, 02:39 PM
 
Location: Loving life in Gaylord!
4,121 posts, read 7,950,222 times
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Every bit should have went to fixing the housing mess. Most people owe more now than their house is worth. Also, if you know your house is worth less than you owe, why spend money to fix it up, thus other parts of the economy suffer. If you cant sell your house, you cant move, especially if you need to move to get a job. I am not sure what can be done about this, but maybe one idea would be to forgive the debt on half what you owe on your home and adjust the rate on the rest to about 3% Most everyone would than have tons of equity, a much lower payment with extra money each month, a bit more secure mindset, and able to sell and buy easily.
Most may think this is a dumb idea, but since the 700 billion is ours, it should go back to us somehow.
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Old 01-04-2009, 02:45 PM
 
Location: Yes
2,660 posts, read 6,147,167 times
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Quote:
Originally Posted by GloryB View Post
I'll take $1522 !!!!

If they would also give everyone's credit a clean bill of health and a few bucks, we would probably be able to bail out the real estate and car industry all by ourselves with real purchases.
1) Would $1522 really be that much to you in the long term to justify not trying to fix the economy elsewhere with that 350 mil?

2) As socialist as I am , I even would horribly cringe at the thought of my hard earned years of building a great credit score to be wiped out by giving irresponsible people a fresh start and a good credit score.
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Old 01-04-2009, 03:37 PM
 
Location: Los Angeles Area
3,306 posts, read 3,552,147 times
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Quote:
Originally Posted by michmoldman View Post
Every bit should have went to fixing the housing mess. Most people owe more now than their house is worth.
And why do people owe more on their house than it is worth? There is two reasons, 1.) They purchased in the last few years, 2.) They have taken out home equity loans.

By no means have most home owners purchased in the last few years and why should tax payers bail out people in category 2? It would be completely outrageous.

There is no way to fix the "housing mess". Supporting current home values would benefit one group by tossing another larger group under the bus.
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Old 01-04-2009, 04:02 PM
 
Location: NJ/NY
13,011 posts, read 10,978,967 times
Reputation: 9080
Quote:
Originally Posted by Humanoid View Post
And why do people owe more on their house than it is worth? There is two reasons, 1.) They purchased in the last few years, 2.) They have taken out home equity loans.

By no means have most home owners purchased in the last few years and why should tax payers bail out people in category 2? It would be completely outrageous.

There is no way to fix the "housing mess". Supporting current home values would benefit one group by tossing another larger group under the bus.
We shouldn't really be bailing out anybody. We cant afford it. Is it any more outrageous than bailing out the banks that got us in this mess in the first place? The same banks that cry out for a "free market" when times are good now want to stop the free market from letting them go bankrupt. They privatize their profits and socialize their losses. It's a pretty good gig, if you can get it.
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Old 01-05-2009, 03:12 PM
 
18,324 posts, read 16,262,227 times
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With this system, yes, I agree everyone should be "bailed out" since it was the fire economy that has already robbed us with inflation over the years. The most equitable way is to suspend the income tax.
This system requires about 3-4% of increase debt per year or the economy stalls and spirals into oblivion. If it doesn't expand 3-4% interest payments suck money out of the system and everything locks up tight.
Sure people did buy houses that were too big since tax policy did everything but jail people who didn't. Most people bought into housing assuming an inflation rate of 3-4%. Now they are paying more than the assumptions in real terms.
The big bail outs for the few and government spending is simply closet socialism which I believe may be the point. To repeat, the equitable way would be to suspend the income tax. That might chew into some of the commercial debt and replace it with interest free commercial debt. It will never happen of course since people have been brain washed it is better to pass around bank notes at interest rather than free treasury notes.
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