Welcome to SetonnoteS, I'm Tony Seton.
Don't panic, rich people, your folks are still in control, but if there were a god, or at least honest leaders, here's how our economic recovery would work. And it would work.
First, let's eschew Obama's notion that $250,000 is a middle class income. We'll forgive McCain who suggested it was $5 million because he was either joking because he didn't know or he's demented.
Second, we should revoke the Bush tax cuts retroactively.
Third, we should apply an obscene wealth surcharge of 10% on all individual holdings in excess of $1,000,000 until the U.S. debt is eliminated.
Fourth, repeal Gramm-Leach-Bliley and institute effective regulation of the financial industry -- after all, that's the role of government in our capitalist system, to protect the interests of the American people.
Finally, as regards the housing and credit crisis, separate the crooks from the dopes, and the greedy from the dupes. There were a bunch of bankers and realtors and brokers who lied, cheated and stole. They should be stripped of all of their assets and put in prison. Those dopes who didn't realize they were doing wrong but maybe should have should lose everything they made on the questionable deals, along with their licenses.
Those who willingly bought the hype chasing free money shouldn't enjoy any gains. The government can buy their homes, but every time the place sells taxpayers get paid back first until the investment is repaid, with interest.
Those millions who were simply dupes should probably have known better. As citizens they owe the country the responsibility of exercising due diligence. If they did and were lied to, let 'em off the hook. If they didn't and they were just suckered, well, they should be allowed to stay in their homes but not profit from their actions.
It's not complicated, but it may be a pipedream. It requires leadership and integrity.
And that's SetonnoteS. For more go to S-E-T-O-N-N-O-T-E-S-dot-com. I'm Tony Seton.