My brilliant idea for a bailout everybody plan

19 Nov 2008 07:20 pm
Posted by: Katie

So, I’m driving to a meeting in downtown Phoenix today, getting more and more depressed about the state of the economy and this idea just hit me. I figured out a way to bail out the banks, the auto industry, and most average Americans. Are you ready? I hope you’re sitting down.

So, the government provides stimulus checks, in the form of vouchers, to every taxpaying American who is eligible to drive. The vouchers will be used for a down payments on new cars (American cars, of course). Then the balance will be financed by the banks, on a sliding scale of course, so that everyone can afford their cars. EVERYONE wins.

The banks make money on the interest. The car industry stays afloat because everyone buys a new car, and Americans will have more affordable car payments, reliable transportation, and save money on maintenance and repair until the new car warranties expire.

I’m a genius. I’m gonna call that Obama guy and see if he’ll hire me.

7 Comments

  1. Comment by Becky on November 19, 2008 8:03 pm

    Here’s what I was thinking on that same subject, though in a different vein. It may be a little too late however, given the state of the oversight that you mentioned earlier. Anyway, remember how the original bailout was supposed to help main street by getting banks to reduce the payments of homeowners who ended up in bad loans? And that kinda irked me because here I am responsibly making payments on my affordable mortgage, but I would kinda like a break too. Because I was smart enough to live within my means and not be lured into an amazing loan for a home that I eventually wouldn’t be able to afford. But what if the banks just cut EVERYONE’s mortgage interest by one percent across the board. You don’t have to be near forclosure, you don’t have to apply for it, you just get the rate cut. Everyone would have a little extra cash each month because their payment would be lower. No one could complain of some people getting handouts. And people would be able to spend money to get the economy hopping! I’d vote for me, wouldn’t you?!

  2. Comment by Becky on November 19, 2008 8:06 pm

    Oh and I think you car bailout idea is great in theory, but the Big Three aren’t really cranking out a product that’s got me jumping up for joy. Can I accept a lesser amount in stimulus check if I want to put it down on a foreign car?

  3. Comment by Donna on November 19, 2008 10:13 pm

    Or, instead of a car, people could use it to install solar panels on their homes. Also puts people to work and puts savings in the pockets of consumers.

  4. Comment by Donna on November 19, 2008 10:15 pm

    Becky, my understanding of bailing out homeowners is that it’s not really possible to do it because the mortgages have been broken up into securities and you can’t renegotiate the terms of the underlying assets without the permission of the note-holder.

  5. Comment by Krista on November 19, 2008 10:42 pm

    Lots of great ideas here. Love the interest rate reduction of yours, Becky, even if it isn’t doable. And Donna’s expansion of the idea for solar panels. Loved it. We should all run for office. Oh wait…

    Well, hopefully I can vote for my matey, Katie, in 2010. And maybe Becky (are you applying for the EmergeAZ class of 2009?).

  6. Comment by Katie on November 19, 2008 10:51 pm

    Um, so you guys do get that I was joking, right?

  7. Comment by Krista on November 19, 2008 11:58 pm

    I enjoy sarcasm when I see it. Really, I didn’t think we were in danger of you using that as a platform. Absurdity begets absurdity. Why is one bailout better than another? (That was rhetorical.)

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