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For the MonitorFor the Monitor
September 27, 2008 - 12:00 am
The billions of American taxpayer dollars going to bail out private lending institutions, investment firms and insurance companies can be put to much better use.
Instead of socialism for corporations that made bad decisions driven by greed, how about an act of socialism that would benefit not only American citizens but the economy as well. I propose the federal government pay off, one time only, the primary mortgage of every resident American citizen. Imagine the stimulus to the economy!
Banks would get a needed influx of cash, which would stem the rising tide of foreclosures and institutional failures. Americans would have dollars to pay off their credit-card debt, which would give banks more money and ease the current credit crunch. People whose retirement accounts have been savaged by bad investments could begin saving in earnest for retirement, putting more cash flow into banks.
Homeowners could renovate their homes and perhaps install some solar, wind or geothermal measures to help move us toward independence from fossil fuels.
Since homeowners would no longer have a mortgage interest deduction, there would be more tax dollars paid, although the feds might provide serious alternative energy credits to provide incentive to move to alternative energy for homes to offset the loss of that deduction. People could then also save their own money as well as spend it on electronics, furniture, clothing and cars.
It's high time to find a way to help the American taxpayer thrive, instead of continuing to struggle and fail.
Originally posted by toasted
I think that anything that makes good sense, hasn't got a snowballs chance in hell of fixing anything.