The seven hundred billion dollar bailout bill has been signed into law and the American People are now responsible for saving Wall Street from financial disaster. Many thought the bailout was a lousy idea but the reality is it was unavoidable for the good of the financial health of the world, not just the American Economy. The idea is that the seven hundred billion will trickle down from Wall Street to Main Street, preserve, and vitalize our economy.
Nothing wrong with the idea, but as in the past we as taxpaying citizens are drained in the pocketbook in the process. The Government's old idea of a trickle down process of money from the top to the bottom has not worked for anything else in the past so why should it this time. It will rescue the world economy from collapse but it will also raise inflation, decrease the value of the dollar, cause numerous economic problems for the average working American that earns middle to lower class income, and cause taxes to be raised substantially.
Both the Government and the People missed the chance to rescue Wall Street and the connected world economy by not trying a different approach to the situation. Instead of always relying on the trickledown effect from the top to the bottom in financial matters we tax payers should have demanded that the financial rescue be fixed by the funneling up of money rather than the old trickle down of the past.
What could be done, and save billions of dollars in the process, is for the Federal Government to issue each and every citizen with a social security number a check in the amount of ten million dollars. This would automatically save each financial institution from ruin, save each property on the market from foreclosure, drastically increase retail sales and ultimately put every financial institution in the black.
This plan would save billions because it would not come close to the seven hundred billion dollars the Government is willing to give the financial giants of Wall Street. This idea would be a genuine economic stimulus package that would put the people in charge of saving the economy from ruin.
It would not matter how the money was spent. If most frivolously it would still go back into the economy. The Federal and State Governments would also benefit greatly in making money from taxes.
Its time for "We the People" to demand an economic fix to this financial crisis that benefits us all and above all puts the average citizen in control of fixing the financial mess we now experience.