Poll: If you designed an economic rescue bill, what would it look like ?

[steve2470]

Poll question: Poll: If you designed an economic rescue bill, what would it look like ?

I've put some options in this poll, but by all means, provide your own. I realized last night that the first bill was fatally flawed.

[Spritz57]

1. All of the above depending on the wording of the amendments. Make it

a democratic bill and pass it on for signature.

[GetTheRightVote]

2. FDR in the last depression put Americans to work, I thing it work today

as well. Instead of Nafta and Cafta, the outsourcing and insourcing, Corp tax breaks to leave nation, etc. are eliminated today or ASAP. All this would cover the cost of this Bailout. The system is working as expected but it has so many holes in it, plug them up and put the American citizen back to work and it will fix itself once again, stablized itself, just as it did in the days of Franklen D. Roosevelt, FDR.

Give us our jobs back, our respect back and limit the globization that brought us to this situation, this economic crisis.

[maui9002]

4. Different issue

I agree that an economic growth plan should be adopted around one principle; get people into good paying jobs. And I'd spend hundreds of billions (even if we have to borrow even more) to rebuild infrastructure (roads, highways, bridges, and other public works); to pursue energy independence (subsidize alternative fuel vehicles, build more power plants, including nuclear and coal fired plants, and build wind and solar projects); and fund innovation bigtime. That being said, that's more long term strategy that can be handled by a new Democratic President and a Congress controlled by the Democrats. Right now, we need an economic stabilization plan to ease a looming liquidity crisis, which could devastate our economy. What we need is a huge injection of confidence, and voting against the bailout plan send exactly the wrong message.

[Common Sense Party]

3. Equity stake in the bailed out banks is a must. Otherwise, they

have no skin in the game. None. They can just walk away from the bad debts they dumped on us.

It worked very well for the Swedes. It must be a part of what we do, as well.

[maui9002]

5. See Section 113(b) of bailout bill

which provides for exactly what you're asking. Admittedly, the devil is in the details, and there's a ton of authority given to the Secretary of the Treasury in this regard, but it's in there. The US government is to receive either preferred stock warrants or debt securities in the financial institutions it supports with taxpayers dollars.

[Common Sense Party]

6. I don't want debt securities in the banks. I'll take the warrants.

But I want someone other than 1 guy (Paulson) pulling the trigger.

[maui9002]

10. Obviously, one man won't make all the decisions

but the Secretary of the Treasury will ultimately be responsible. And it will be interesting to see if Barack Obama would retain Paulsen as Secretary. If not the Secretary of the Treasury, then who would you suggest be responsible?

[maui9002]

7. Other than bankrupty changes (and of course "other")

I believe the bill covers everything you've included in the poll. Some are not detailed yet; for instance, the bill calls for a report by the Secretary re current regulation of the financial markets to be given to Congress by April 2009 (see Section 105(a) of bailout bill); assuming we'll have a Democratic President and a Democratic Congress at that time, that's a better time to be overhauling the financial regulatory than now anyway. And bill does provide authority for mortgage relief as to mortgages that are purchased and managed by the Treasury (see Sections 109 and 110).

[americanstranger]

8. Give every US citizen over 18 an equal share of the $700 billion.

Details here: http://www.blah3.com/article.php?story=20080926125356341

- as

[maui9002]

12. That would be a handout that would be foolish

Heck, why stop at $700B? Why not give everyone a million dollars? The misunderstanding of the current crisis is remarkable; it's a shame our leaders have been unable to do a better job of explaining what is at stake and what needs to done and why.

[flvegan]

9. Ready for some lunacy?

First, my bailout would occur in stages. I'd buy all the debt on homestead property first. Then, any borrower in homestead property that's at prime plus 4% or more would get an immediate 2-4% rate cut on their monthly mortgage payment. That's called breathing room. I'm still making money and at the same time putting cash in the pockets of the people I was hired to take care of.

I'd then take any defaulted loans and freeze any pending litigation on them. I'd issue a tender offer to them to reinstate their loan, forgive the arrears and move forward if they Stipulate to Final Judgment. I might lose, what, $10k at that instant, but if the loan performs, I'll easily make that back in a year or so.

Etc, etc.

In time, I'd look at my loans that default anyway. I'd have a team pull the HUDs on them in each area. If I found a trend amongst mortgage brokers, lenders, title agents or anyone else involved, I'd prosecute them and file claims against any insurance coverage they have.

My bailout plan would not include any car nor credit card debt.

I'd also put into place legislation for the future that involved salary and options regulations for the heads of financial orgs. I'd create an incentive program for lenders that keep their loans performing, thereby instituting a much stronger default resolution ideology.

Lastly, bye bye MERS. Hated you from the start.

[snake in the grass]

11. I voted other.

Reverse all deregulation policies of the past 30 years, reclaim the stolen goods and return them to the rightful owners (the money didn't disappear into thin air, somebody has it), eat those responsible.

[sandnsea]

13. It's a fiduciary rescue bill

To rescue the banks, the circulation of money. We aren't considering a bill to address the "fundamentals" of our economy right now.

[cottonseed]

14. The Bernie Sanders Plan plus this:

1. Replace Treasury Secretary Paulson with a an alternative executor confirmed by a 50% + 1 in both houses.

2. Provide some sort of business or action plan outlining where and reasons money will be allocated and such actions expected outcome. Give the American people a stake in understanding the purpose of the funds.

3. Investigate all instance of white collar crime as far back as a decade leading up to this and exact appropriate criminal charges.


Bernie Sanders outline:

http://sanders.senate.gov/petitions/?petition=Financial_Crisis_1