Rescue the Taxpayer

Much ado about the financial bailout. It's just as well it got voted down. It was the wrong move. The market tanked big time but the world did not come to an end. Only a higher power can do that. It's critical that another alternative is pursued immediately.

A 700 billion bailout of Wall Street does not serve the interests of the taxpayer. Middle class America is already heavily burdened unable to pay for gas, groceries and meet mortgage payments and other credit accounts. No surplus income to spend on anything else. It is no wonder that the state of the economy has been at an all time low and the powers that be have been looking the other way serving their own interests.

The financial crisis we are faced with has been a catastrophe waiting to happen. When it did, it was an eye-opener that got these powers that be scrambling to find a way to stop it. What do they do? They say that the taxpayers come first but we can't buy that. They indulge in partisan politics, and go about their jobs making sure they get re-elected. Outcome? Nothing gets done.

I offer a solution. The bipartisan members (if at all possible) should focus their efforts on existing regulations that get in the way to allow private investors to help revive these failed institutions. FDIC, SEC and Treasury should assist and facilitate in rewarding and compensating the private investors and at the same time hold the CEOs accountable for irresponsible management and lack of oversight by requiring them to turn in their golden parachutes. We should not allow the members of both houses to legislate on matters they have very little knowledge of. Economists, banking and financial experts should be at the table to provide their expert opinions. Only after then, should the legislators write the bill.

While this is going on, the taxpayers should be insulated from all of it. The rescue plan should focus on the taxpayer. Take half of the 700B and distribute it in some fashion to all Americans to help pay for gas, groceries, mortgage and credit accounts. They can buy whatever else they need and want. With the spending capability, the demand for consumer goods will be high that there will be decreased supply which will require increased production resulting in job creation.

Wall Street will do just fine and the media's appetite for sensational and partisan reporting will be on diet mode. It's fairly simple but we have a system that complicates it. For a purpose?