How much should the government spend on this new bailout plan? First there was Fanny Mae and Freddy Mac...then AIG...American Express wants to be considered a bank so they can leech off this plan. President-Elect Obama, Pelosi, Reid and other lefties want $50 billion for GM, Ford and Chrysler. When will the handouts end? Since I Know Everything, this is what should happen:
I actually would like to see...get ready for this...American Auto Makers fail. Yes, fail. Just one day. The Domino Theory applies if we stop building cars in the US (dealerships, stores near dealerships, etc), so just one day. Then reboot without any Unions. When the factories open the next day, every employee will get paid for their labor rather than the company paying outrageous wages and pensions forced by unions. Goodbye $78 an hour for turning a wrench.
I would like to see banks that give loans to unqualified people fail. If the bank was required to give these loans by the left-wing "it's only fair" government, then:
1 - The bailout should provide those banks with their money back.
2 - Recipients of those loans should only get back what they paid into the loan (this obviously is not much) and any land, home, or vehicles shall be returned to the seller.
I read this on Yahoo! Finance:
$2T Emergency Fed Loans (the ones the Fed won't discuss, as detailed here)
$700B TARP (designed to buy bad debt, the fund is rapidly transforming as we'll discuss in an upcoming segment)
$300B Hope Now (the government's year-old attempt at mortgage workouts)
$200B Fannie/Freddie
$140B Tax Breaks for Banks (WaPo has the details)
$110B: AIG (with it's new deal this week, the big insurer got $40B of TARP money, plus $110B in other relief)
Over $3 Trillion so far. Giving money is NOT the answer. However, in some cases it IS a necessary step as long as...now listen up, this is important...the next step is restructuring the fundamental purpose of that business. The only reason to operate a business is to make money. What you do with that money is at YOUR (not the government's) discretion. If you want to spread your wealth, go ahead.
America is already dead. Fortunately, this bailout (done my way) can allow many companies to do business the right way, the American way. When those who do the work get the pay they earned, the economy will start to grow again.
Unfortunately, some of our highest elected officials will squander this chance at giving America a pulse again. Instead of "Change", there will be more companies getting in line to receive their bailout money. Instead of companies making products and creating jobs, there will be more regulations and more restrictions and more holes for the money to fall through. Get in line for a chance at buying toilet paper, comrade.
Do you know these people?
Tom Donilon
Wendy Sherman
John White
Michele Flournoy
Kurt Campbell
They are part of the CHANGE.
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