Wednesday, November 19, 2008

Bailout For The Common Folk

That word "bailout" has been tossed around a lot lately, but always in regard to the "big boys"; big banks, big corporations, maybe the big automakers. The hope is that sending these folks tons of money will help us get out of this financial mess.

But will it help you or me? Maybe. Maybe not.

So here is my idea: bail out the common people instead. I don't mean a token thousand bucks or so like the government sent out earlier this year to "stimulate" the economy. Obviously that didn't work. Why not? Because instead of spending the money on new items, a lot of people, like myself, used the money to pay down debt. So what will work? Bail us out of our personal debt. Maybe not out mortgages but all other debt. I know that some people are are in debt through their own stupidity and foolishness, but many have had to borrow...use credit cards...whatever...for emergency home or auto repairs, medical expenses, etc. Having this debt erased would free up huge amounts of cash that could stimulate the economy from the bottom up which will likely work better than trying to stimulate it from the top down.

So Sayeth The Shack

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