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Tuesday, February 24, 2009 6:14:10 AM
I think I have a dumb suggestion as to what needs to be done to turn things around in the economy. Instead of the government throwing money away at the banks, do away with mark to market first. Then instead of giving them money give that money to the public in order to kick start the economy. My dumb suggestion is that for a 10 year period every family can get a one time $25,000 credit to buy a first time home, or refinance your existing home, or if you are a home owner and will not need to buy or refinance then give the son of a gun a $25,000 check to spend tax free, and they can request the money at their convenience be it now or 10 years from now. If they take the check they no longer qualify for another help if later they want to buy a house. If one doesn't own a home they are not eligible to get the $25,000, this is designed strictly to boost housing. I think over the years the government has a better chance of getting a return on the investment back than propping up a bank. In my opinion housing would be rejuvinated, which is the heart of industry. If housing is booming then all aspects of the economy is booming. You would see house values go back up. You would see plumbing, lights, lumber, bricks, appliances, trucking, tires, furniture, you name it all of it depends on housing. Then you take those who don't need a house and get the $25,000 they can buy a car, improve their house, go on a vacation, just circulate that money. The government would probably be able to do this and spend less than what they are going to blow right now and have blown.
They could after doing away with the mark to market make allowances for the big banks to continue to operate, as the houses they have on their books will start being absorbed. Make all banks that don't meet the require liquidity requirements have a pay freeze for all till they meet and become solvent, no bonuses and no raises, just be thankfull you still have a job, if you are not happy with that arrangement go find another job.
By having the $25,000 available up to the end of 2020 which is a little over 10 years but people would not dare let that money not be used, so the money will be circulate which has a heck of a turnover rate. It might take 1 to 2 years to see the full growth in employment but it would happen for sure. Would it cause inflation, that I am not sure of, but is inflation better than no one having anything? I am sure house prices would start to go back up in a reasonably short period of time. The one thing for sure till housing comes back the economy will never ever grow.
JMO
Mickey
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