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Author
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Topic: $85billion bailout
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BlowN67
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Member # 4229
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posted
 
 
heres an email i got from my dad, he always get intresting emails makes u think.
forward:
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
> bonafide 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 billon 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 c utting 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 AI G
> or in
> Washington DC .
>
> And remember, this plan only really 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.
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AIM gonein67 JOHN
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Posts: 9809 | From: Home of LARD | Registered: Mar 2004
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Jdub07
( O Y O )
Member # 2728
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posted
Yeah FUCK AIG! ![[patriot]](graemlins/patriot.gif)
Posts: 7282 | Registered: Apr 2003
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75 chevy
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Member # 6717
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posted
Damn, I wish this could happen.
Posts: 1917 | From: california | Registered: Apr 2006
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68dustin
CAFords OG
Member # 5388
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posted
we would all be ballers (for about a week) with 10 second cars.....lol... hey first thing i would do is buy blown67 ski boat.... ![[Wink]](wink.gif)
Posts: 3986 | From: neverland | Registered: Feb 2005
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Insurance Guy
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Member # 8241
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posted
i personally being in the insurance industry also agree that we should not bail out AIG. i can tell you that them having problems was forseen by many of the other big insurance companies. The big problem is that AIG spead themselfs way too thin and as a result had way too many claims and need to get bailed out.
its really unfair. i mean if the mid size brokerage i worked for made unwise investments and went under the government and no one else would care at all to help us. why should we help AIG.
you idea of giving money to indivduals is very interesting. the enconomy would go crazy with money being spent every were. it would be the like reperations episode on the Chappel show.
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01 GT Drop Top (R.I.P.)
02 GT Drop Top (Sold)
17 5.0 GT Coupe
Posts: 597 | From: San Leandro | Registered: Feb 2008
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Jdub07
( O Y O )
Member # 2728
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posted
I was wearing of Washington Mutual and stayed away from their banks and AIG never seemed grounded enough to invest our money into either so we stayed away from them too. My wife tried to convince me to go to AIG for to sock money away for retirement and I just keep upping my 401k...now ever our 401k's are looking to be subject to squander ![[Frown]](frown.gif)
Posts: 7282 | Registered: Apr 2003
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GOT 50
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Member # 1960
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posted
Isnt that 425 dollars per person?
Posts: 2139 | From: SF/DALY CITY/MILLBRAE | Registered: Oct 2002
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sharkattack
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Member # 645
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posted
The cost of everything would sky rocket. A 20K car would cost you 100K.
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1965 Fastback
03 Cobra with some stuff
Posts: 935 | From: Oakley Ca | Registered: Dec 2001
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FORDNUT
CAFords OG
Member # 2348
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posted
85,000,0000,000 divided by 200,000,000 is $425 dollers a person right?
Posts: 650 | From: Elk Grove,CA | Registered: Jan 2003
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BlowN67
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Member # 4229
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posted
its starting to look that way someone in the original email messed up with their numbers. looked good though. but it is better than nothing. it can pay one month of my boat note
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AIM gonein67 JOHN
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Posts: 9809 | From: Home of LARD | Registered: Mar 2004
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FORDNUT
CAFords OG
Member # 2348
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posted
great quote lol
To make the math simple, let's assume there are
> 200,000,000
Posts: 650 | From: Elk Grove,CA | Registered: Jan 2003
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SFvert
Drama kids have no place here
Member # 3965
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posted
$127 billion surplus to $9.5 trillion debt under bush...Michael Moore's 10 pt. fix-it Wall St. plan...
From Michael Moore:
Friends,
The richest 400 Americans -- that's right, just four hundred people -- own MORE thanthe bottom 150 million Americans combined.
400 rich Americans (http://www. forbes. com/2008/09/16/forbes-400-billionaires-lists-400list08_cx_mn_0917richamericans_land. html) have got more stashed away than half the entire country! Their combined net worthis $1.6 trillion.
During the eight years of the Bush Administration, their wealthhas increased by nearly $700 billion (http://www. sanders. senate. gov/news/record. cfm?id=303313 ) -- the same amount thatthey are now demanding we give to them for the "bailout.
" Why don't they just spendthe money they made under Bush to bail themselves out? They'd still have nearly atrillion dollars left over to spread amongst themselves!
Of course, they are not going to do that -- at least not voluntarily. George W. Bushwas handed a $127 billion surplus when Bill Clinton left office. Because that moneywas OUR money and not his, he did what the rich prefer to do -- spend it and neverlook back. Now we have a $9.5 trillion debt.
Why on earth would we even think ofgiving these robber barons any more of our money?
I would like to propose my own bailout plan. My suggestions, listed below, arepredicated on the singular and simple belief that the rich must pull themselves upby their own platinum bootstraps. Sorry, fellows, but you drilled it into our headsone too many times: There... is... no... free... lunch. And thank you forencouraging us to hate people on welfare! So, there will be no handouts from us toyou. The Senate, tonight, is going to try to rush their version of a "bailout" billto a vote. They must be stopped. We did it on Monday with the House, and we can doit again today with the Senate.
It is clear, though, that we cannot simply keep protesting without proposing exactlywhat it is we think Congress should do. So, after consulting with a number of peoplesmarter than Phil Gramm, here is my proposal, now known as "Mike's Rescue Plan." Ithas 10 simple, straightforward points.
They are:
1. APPOINT A SPECIAL PROSECUTOR TO CRIMINALLY INDICT ANYONE ON WALL STREET WHOKNOWINGLY CONTRIBUTED TO THIS COLLAPSE. Before any new money is expended, Congressmust commit, by resolution, to criminally prosecute anyone who had anything to dowith the attempted sacking of our economy. This means that anyone who committedinsider trading, securities fraud or any action that helped bring about thiscollapse must go to jail. This Congress must call for a Special Prosecutor who willvigorously go after everyone who created the mess, and anyone else who attempts toscam the public in the future.
2. THE RICH MUST PAY FOR THEIR OWN BAILOUT. They may have to live in 5 housesinstead of 7. They may have to drive 9 cars instead of 13. The chef for theirmini-terriers may have to be reassigned. But there is no way in hell, after forcingfamily incomes to go down more than $2,000 dollars during the Bush years, thatworking people and the middle class are going to fork over one dime to underwritethe next yacht purchase.
If they truly need the $700 billion they say they need, well, here is an easy waythey can raise it:
a) Every couple who makes over a million dollars a year and every single taxpayerwho makes over $500,000 a year will pay a 10% surcharge tax for five years. (It'sthe Senator Sanders plan. He's like Colonel Sanders, only he's out to fry the rightchickens.) That means the rich will still be paying less income tax than when Carterwas president. This will raise a total of $300 billion.
b) Like nearly every other democracy, charge a 0.25% tax on every stock transaction.This will raise more than $200 billion in a year.
c) Because every stockholder is a patriotic American, stockholders will forgoreceiving a dividend check for one quarter and instead this money will go thetreasury to help pay for the bailout.
d) 25% of major U.S. corporations currently pay NO federal income tax. Federalcorporate tax revenues currently amount to 1.7% of the GDP compared to 5% in the1950s. If we raise the corporate income tax back to the level of the 1950s, thatgives us an extra $500 billion.
All of this combined should be enough to end the calamity. The rich will get to keeptheir mansions and their servants, and our United States government ("COUNTRYFIRST!") will have a little leftover to repair some roads, bridges and schools.
3. BAIL OUT THE PEOPLE LOSING THEIR HOMES, NOT THE PEOPLE WHO WILL BUILD AN EIGHTHHOME. There are 1.3 million homes in foreclosure right now. That is what is at theheart of this problem. So instead of giving the money to the banks as a gift, paydown each of these mortgages by $100,000. Force the banks to renegotiate themortgage so the homeowner can pay on its current value. To insure that this helpdoes no go to speculators and those who have tried to make money by flipping houses,this bailout is only for people's primary residence. And in return for the $100Kpaydown on the existing mortgage, the government gets to share in the holding of themortgage so that it can get some of its money back. Thus, the total initial cost offixing the mortgage crisis at its roots (instead of with the greedy lenders) is $150billion, not $700 billion.
And let's set the record straight. People who have defaulted on their mortgages arenot "bad risks." They are our fellow Americans, and all they wanted was what we allwant and most of us still get: a home to call their own. But during the Bush years,millions of them lost the decent paying jobs they had. Six million fell intopoverty. Seven million lost their health insurance. And every one of them saw theirreal wages go down by $2,000. Those who dare to look down on these Americans who gothit with one bad break after another should be ashamed. We are a better, stronger,safer and happier society when all of our citizens can afford to live in a home thatthey own.
4. IF YOUR BANK OR COMPANY GETS ANY OF OUR MONEY IN A "BAILOUT," THEN WE OWN YOU.Sorry, that's how it's done. If the bank gives me money so I can buy a house, thebank "owns" that house until I pay it all back -- with interest. Same deal for WallStreet. Whatever money you need to stay afloat, if our government considers you asafe risk -- and necessary for the good of the country -- then you can get a loan,but we will own you. If you default, we will sell you.
This is how the Swedishgovernment did it (http://www. nytimes. com/2008/09/23/business/worldbusiness/23krona. html ) and itworked.
5. ALL REGULATIONS MUST BE RESTORED. THE REAGAN REVOLUTION IS DEAD. This catastrophehappened because we let the fox have the keys to the henhouse. In 1999, Phil Grammauthored a bill to remove all the regulations that governed Wall Street and ourbanking system. The bill passed and Clinton signed it. Here's what Sen.
Phil Gramm,McCain's chief economic advisor, said at the bill signing:
"In the 1930s ... it was believed that government was the answer. It was believedthat stability and growth came from government overriding the functioning of freemarkets.
"We are here today to repeal [that] because we have learned that government is notthe answer. We have learned that freedom and competition are the answers. We havelearned that we promote economic growth and we promote stability by havingcompetition and freedom.
"I am proud to be here because this is an important bill; it is a deregulatory bill.I believe that that is the wave of the future, and I am awfully proud to have been apart of making it a reality.
"
This bill must be repealed. Bill Clinton can help by leading the effort for therepeal of the Gramm bill and the reinstating of even tougher regulations regardingour financial institutions. And when they're done with that, they can restore theregulations for the airlines, the inspection of our food, the oil industry, OSHA,and every other entity that affects our daily lives. All oversight provisions forany "bailout" must have enforcement monies attached to them and criminal penaltiesfor all offenders.
6. IF IT'S TOO BIG TO FAIL, THEN THAT MEANS IT'S TOO BIG TO EXIST. Allowing thecreation of these mega-mergers and not enforcing the monopoly and anti-trust lawshas allowed a number of financial institutions and corporations to become so large,the very thought of their collapse means an even bigger collapse across the entireeconomy. No one or two companies should have this kind of power. The so-called"economic Pearl Harbor" can't happen when you have hundreds -- thousands -- ofinstitutions where people have their money. When you have a dozen auto companies, ifone goes belly-up, we don't face a national disaster. If you have threeseparately-owned daily newspapers in your town, then one media company can't callall the shots (I know... What am I thinking?! Who reads a paper anymore? Sure gladall those mergers and buyouts left us with a strong and free press!). Laws must beenacted to prevent companies from being so large and dominant that with oneslingshot to the eye, the giant falls and dies. And no institution should be allowedto set up money schemes that no one can understand. If you can't explain it in twosentences, you shouldn't be taking anyone's money.
7. NO EXECUTIVE SHOULD BE PAID MORE THAN 40 TIMES THEIR AVERAGE EMPLOYEE, AND NOEXECUTIVE SHOULD RECEIVE ANY KIND OF "PARACHUTE" OTHER THAN THE VERY GENEROUS SALARYHE OR SHE MADE WHILE WORKING FOR THE COMPANY. In 1980, the average American CEO made45 times what their employees made. By 2003, they were making 254 times what theirworkers made. After 8 years of Bush, they now make over 400 times what their averageemployee makes. How this can happen at publicly held companies is beyond reason. InBritain, the average CEO makes 28 times what their average employee makes. In Japan,it's only 17 times! The last I heard, the CEO of Toyota was living the high life inTokyo. How does he do it on so little money? Seriously, this is an outrage. We havecreated the mess we're in by letting the people at the top become bloated beyondbelief with millions of dollars. This has to stop. Not only should no executive whoreceives help out of this mess profit from it, but any executive who was in chargeof running his company into the ground should be fired before the company receivesany help.
8. STRENGTHEN THE FDIC AND MAKE IT A MODEL FOR PROTECTING NOT ONLY PEOPLE'S SAVINGS,BUT ALSO THEIR PENSIONS AND THEIR HOMES. Obama was correct yesterday to proposeexpanding FDIC protection of people's savings in their banks to $250,000. But thissame sort of government insurance must be given to our nation's pension funds.People should never have to worry about whether or not the money they've put awayfor their old age will be there. This will mean strict government oversight ofcompanies who manage their employees' funds -- or perhaps it means that thecompanies will have to turn over those funds and their management to the government.People's private retirement funds must also be protected, but perhaps it's time toconsider not having one's retirement invested in the casino known as the stockmarket. Our government should have a solemn duty to guarantee that no one who growsold in this country has to worry about ending up destitute.
9. EVERYBODY NEEDS TO TAKE A DEEP BREATH, CALM DOWN, AND NOT LET FEAR RULE THE DAY.Turn off the TV! We are not in the Second Great Depression. The sky is not falling.Pundits and politicians are lying to us so fast and furious it's hard not to beaffected by all the fear mongering. Even I, yesterday, wrote to you and repeatedwhat I heard on the news, that the Dow had the biggest one day drop in its history.Well, that's true in terms of points, but its 7% drop came nowhere close to BlackMonday in 1987 when the stock market in one day lost 23% of its value. In the '80s,3,000 banks closed, but America didn't go out of business. These institutions havealways had their ups and downs and eventually it works out. It has to, because therich do not like their wealth being disrupted! They have a vested interest incalming things down and getting back into the Jacuzzi.
As crazy as things are right now, tens of thousands of people got a car loan thisweek. Thousands went to the bank and got a mortgage to buy a home. Students justback to college found banks more than happy to put them into hock for the next 15years with a student loan. Life has gone on. Not a single person has lost any oftheir money if it's in a bank or a treasury note or a CD. And the most amazing thingis that the American public hasn't bought the scare campaign. The citizens didn'tblink, and instead told Congress to take that bailout and shove it. THAT wasimpressive. Why didn't the population succumb to the fright-filled warnings fromtheir president and his cronies? Well, you can only say 'Saddam has da bomb' so manytimes before the people realize you're a lying sack of shite. After eight longyears, the nation is worn out and simply can't take it any longer.
10. CREATE A NATIONAL BANK, A "PEOPLE'S BANK." If we really are itching to print upa trillion dollars, instead of giving it to a few rich people, why don't we give itto ourselves? Now that we own Freddie and Fannie, why not set up a people's bank?One that can provide low-interest loans for all sorts of people who want to own ahome, start a small business, go to school, come up with the cure for cancer orcreate the next great invention. And now that we own AIG, the country's largestinsurance company, let's take the next step and provide health insurance foreveryone. Medicare for all. It will save us so much money in the long run. And wewon't be 12th on the life expectancy list. We'll be able to have a longer life,enjoying our government-protected pension, and living to see the day when thecorporate criminals who caused so much misery are let out of prison so that we canhelp reacclimate them to civilian life -- a life with one nice home and a gas-freecar that was invented with help from the People's Bank.
Yours,Michael MooreMMFlint@aol.comhttp://www. michaelmoore. com/
P.S.
Call your Senators now ( http://www. visi. com/juan/congress/ ).
Here's a backuplink in case we crash that site again (http://www. congressmerge. com/onlinedb/index. htm ). They are going to attempt theirown version of the Looting of America tonight. And let your reps know if you agreewith my 10-point plan.
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R.I.P. 89 LX Sold the 90 Vert,
I bring the Amber Lamps!!!
[IMG]http://images.encyclopediadramatica.com/images/5/53/Epicbeardmanwin.jpg[/IMG]
Posts: 3706 | From: the city by the bay | Registered: Jan 2004
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Wildfire532FB
CAFords OG
Member # 1482
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posted
If Micheal Moore cares so much he should donate 3/4s of all his money to the bailout. Oh wait he won't do that hes just content in making money from his movies that are completely biased and full of BS. He picked 400 people because hes number 401.
The numbers in both posts are too incredible and there is no links to prove any of it as fact. (A link to Micheal Moore's website doesn't make it fact)
[ October 02, 2008, 03:28 AM: Message edited by: 532Fastback ]
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68 Fastback
84 CJ7
94 HMMWV
95 GT
03 F350
17 Fusion Hybrid
Posts: 17578 | From: 530 | Registered: Jun 2002
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SheerSliver03
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Member # 6589
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posted
quote:
Originally posted by GOT 50:
Isnt that 425 dollars per person?
I am glad to see that a few people in america can do math.....
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2003 Altima SE
1970 Mustang Coupe *Sold
Posts: 641 | From: elk grove | Registered: Mar 2006
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03SVTPower
CAFords OG
Member # 518
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posted
quote:
Originally posted by GOT 50:
Isnt that 425 dollars per person?
minus what uncle sam would get from that 425 bucks too....right? lol
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2003 Redfire "AED" Cobra R.I.P
Posts: 3481 | From: Nor-Cal | Registered: Oct 2001
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