A Better Bailout Solution
I just heard Jon Stewart pose the most brilliant economic solution. I thought it was brilliant mostly because it’s the
same solution that my mom and I proposed while we were talking on the phone one day. Jon Stewart in semi-jest proposed a solution that he called a “trickle up strategy”. What my mom and I and Jon Stewart proposed was this. Instead of giving all this bailout money to the banks that have been screwing all of us over for years why not give the money to the people to pay the banks back. Sit back and let that marinate for a minute. It sounds so simple. Now I’m obviously not proposing just giving the people money all willy nilly. Somehow there has to be a means to ensure that the money only goes to pay back either consumer debt or mortgage debt, not the accumulation of more stuff. But what good does it do to give the money to the banks to whom the money is owed while still leaving the people who owe it to them beholden to pay the banks back. That means that if the people who are strapped with debt ever get it together the banks get a double pay day. It’s not like they’re out there forgiving all the bad debt for the people. I’m not an economist or anything but how does this make sense. Seriously I really want an economist to help me out with this. Jon Stewart described it as giving the people a reset button. Everyone could just start over with a clean slate. Does this really sound crazy? I mean everybody played some part in screwing up this economy, but the people who were the most vulnerable are being completely ignored while the people who always held all of the power are getting a handout. Am I the only one who sees the flaw in giving money to the banks without forgiving the debtors? So we bail out the banks for all the dumb loans and high risks they took but we don’t forgive the people who made dumb decisions and got in over their head in debt. In most cases the people were acting in good faith whereas in most cases the banks were being greedy. What in this bailout is being done to relieve the people who were victims of the banks greed? People are still losing their homes at an alarming rate and people are still beholden to pay back the outrageous interest to the same greedy banks that are crying for help.
A simple google search will show that my mom, Jon Stewart, and I are not the only people who think this is the way to go. There are tons of others who have proposed this solution yet I have heard not one word from politicians about actually putting something like this through. I really want an economic expert to tell me why this wouldn’t work. Otherwise I’m starting a letter writing campaign to let the people in power know that there’s a better solution. Maybe the senators don’t use google.