I cannot believe I just saw Loretta Sanchez spilling her mouth about why she did not vote for it and proud of herself. How much is she making to sit there and cost this country trillions of dollars? Then she flew home and has the nerve she will fly back tomorrow? Who is paying for that? Sure it isnt out of her pocket. Must be those $32,000.00 a yr people she was talking about. I cannot believe KTLA5 had a democrat on the show without a republicans point of view. If I do not see that this morning I will never watch this news show again.

A friend sent this to me and even though I know that there's a lot of details that would keep this from working but, I do like the concept!

****************************

The Economic Recovery Plan

I'm against the $85,000,000,000.00 bailout of AIG.
Instead, I'm in favor of giving $85,000,000,000 to America in a 'We Deserve It Dividend'.

To make the math simple, let's assume there are 200,000,000 bon-a-fide U.S. Citizens 18+.
Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up.

So divide 200 million adults 18+ into $85 billion that equals $425,000.00.
My plan is to give $425,000 to every person 18+ as a 'We Deserve It Dividend'.
Of course, it would NOT be tax free. So let's assume a tax rate of 30%.
Every individual 18+ has to pay $127,500.00 in taxes. That, sends $25,500,000,000 right back to Uncle Sam.
But it means that every adult 18+ has $297,500.00 in their pocket. A husband and wife has $595,000.00.

What would you do with $297,500.00 to $595,000.00 in your family?
Pay off your mortgage - housing crisis solved.
Repay college loans - what a great boost to new grads
Put away money for college - it'll be there
Save in a bank - create money to lend to entrepreneurs.
Buy a new car - create jobs
Invest in the market - capital drives growth
Pay for your parent's medical insurance - health care improves
Enable Deadbeat Dads to come clean - or else

Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces.

If we're going to re-distribute wealth, let's really do it... instead of trickling out a puny $1000.00 ( "vote buy" ) economic incentive that is being proposed by one of our candidates for President.

If we're going to do an $85 billion bailout, let's bail out every adult U S Citizen 18+!

As for AIG - liquidate it.
Sell off its parts.
Let American General go back to being American General.
Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it up.
Here's my rationale. We deserve it and AIG doesn't.
Sure it's a crazy idea that can "never work."
But can you imagine the Coast-To-Coast Block Party!
How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the $85 Billion 'We Deserve It Dividend' more than I do the geniuses at AIG or in Washington DC.
And remember, The plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.

This is a ridiculous situation. People gambled with the home purchases and hoped to be able to pay, when you go to Vegas and lose you don't tell the casino never mind I didn't meant it and as for the banks well let's just say that they didn't mind when they were making crazy money on loans, points, etc. This happened before, remember the savings and loan fiasco in the 80's? It was the same mess but in a smaller scale. (overstated assets on institutions balance sheets) Didn't people realize that the home prizes were unreal? Over $500,000 for a house in the worse neighborhoods in the city?People don't learn and let greed get the best of them

Last night on Jay Leno, Russell Crowe presented an amazing revelation. With 300,000,000 people in the United States, instead of "bailing out" the stock market, give each one of us a million. That amount is far fetched, but $100,000 to each person; say over the age of 21, would surely stimulate the economy. After all, it is our money.
Jacob

Frank,
The following is just for your enjoyment. I received it as an email about the AIG bailout so the figures are based on that but it is kind of interesting to just think about it in a larger scale. Please do not post this on the air. Again it is just for you enjoyment.
The Birk Economic Recovery PLan

I’m against the $85,000,000,000.00 bailout of AIG.

Instead, I’m in favor of giving $85,000,000,000 to America in
a We Deserve It Dividend.

To make the math simple, let’s assume there are 200,000,000
bonafide U.S. Citizens 18+.

Our population is about 301,000,000 +/- counting every man, woman
and child. So 200,000,000 might be a fair stab at adults 18 and up.

So divide 200 million adults 18+ into $85 billon that equals $425,000.00.

My plan is to give $425,000 to every person 18+ as a
We Deserve It Dividend.

Of course, it would NOT be tax free.
So let’s assume a tax rate of 30%.

Every individual 18+ has to pay $127,500.00 in taxes.
That sends $25,500,000,000 right back to Uncle Sam.

But it means that every adult 18+ has $297,500.00 in their pocket.
A husband and wife has $595,000.00.

What w ould you do with $297,500.00 to $595,000.00 in your family?
Pay off your mortgage – housing crisis solved.
Repay college loans – what a great boost to new grads
Put away money for college – it’ll be there
Save in a bank – create money to loan to entrepreneurs.
Buy a new car – create jobs
Invest in the market – capital drives growth
Pay for your parent’s medical insurance – health care improves
Enable Deadbeat Dads to come clean – or else

Remember this is for every adult U S Citizen 18+ including the folks
who lost their jobs at Lehman Brothers and every other company
that is cutting back. And of course, for those serving in our Armed Forces.

If we’re going to re-distribute wealth let’s really do it...instead of trickling out
a puny $1000.00 ( “vote buy” ) economic incentive that is being proposed by one of our candidates for President.

If we’re going to do an $85 billion bailout, let’s bail20out every adult U S Citizen 18+!

As for AIG – liquidate it.
Sell off its parts.
Let American General go back to being American General.
Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it up.

Here’s my rationale. We deserve it and AIG doesn’t.

Sure it’s a crazy idea that can “never work.”

But can you imagine the Coast-To-Coast Block Party!

How do you spell Economic Boom?

I trust my fellow adult Americans to know how to use the $85 Billion
We Deserve I t Dividend more than I do the geniuses at AIG or in Washington DC.

And remember, The Birk plan only really costs $59.5 Billion because $25.5 Billion is returned
instantly in taxes to Uncle Sam.

Ahhh...I feel so much better getting that off my chest.

Kindest personal regards,

Birk

T. J. Birkenmeier, A Creative Guy & Citizen of the Republic

The comments by the congresswoman epitomizes what is wrong with Washington. Did she really say retirees shouldn't be in the stock market? How many retirement plans in this country are tied to the market? I don't know about how the congresswoman feels about the strenghth of our country, but some of us still believe that we are strong, but are going through a tough time. We have been through tough times before. What got us through them was working together for a common goal. I hope the congresswoman, along with those who voted against the bailout, will do their homework and learn what the bailout is really about. Not only is our country's economy in jeopardy, but the entire world's economy. The country and the world are waiting for you to put politics aside and do what is needed. PASS THE BAILOUT!

Frank:
good questions. First, this should probably not be called a "bail out" it seems to really be designed to re-establish credit that has been disapated through many bad decisions. A real cause is the greed of the "main street" people that purchased houses that they could not afford with the intention of making a profit as the real estate values were increasing. Now that they are facing foreclodure, driving the market down and forcing mortgage holders to take losses which used up cash that would have gone to future credit the politicians are just using this to create political blame instead of looking forward to a solution.

How can the majority of homeowners, who are paying mortgages on homes worth less than they owe, want to pay for the people who bought homes they would not be able to pay for?

The majority of citizens do NOT want this bailout our any other bailout because this could have been avoided very easily.

The problem in our country is that we stopped being citizens and neglected our civic duties. It's amazing that in a capitalist society, most people don't know what our economy or the stock market is based upon because we're intimidated by its seeming complexity. However, it's very simple. Our economy and stock market is based on debt and buying debt over and over again. Though the Credit Default Swaps are at the center of why the markets are melting down, our problems started back at the beginning of the 20th century.

When Woodrow Wilson signed the Federal Reserve Act into effect, he took away the very thing the American Revolution fought for: our country's ability to issue its own credit. Now that power lies with the Federal Reserve Board. Then President Nixon dealt us another fatal blow when he abolished the gold standard. The final blow was de-regulation of the markets and accounting practices.

This crisis didn't just HAPPEN. EVERYONE is at fault for being addicted to credit. You cannot get out of debt by borrowing more money, plain and simple. Our economy is not sustainable and our country is not competitive on the global market because the bulk of manufacturing jobs have gone overseas. Pushing for this bill to be passed is, in effect, forging the American citizens' signatures on a loan that we will NEVER be able to pay for even in generations to come.

Is it scary? Yes. But this economy will collapse no matter what. Better we take that time to come up with a common sense foundation to our economy when this make-believe one falls apart than to begin this foolishness all over again.

How can Laura Sanchez say that retirees should not be in the market. Living in SO Cal COST more than you think. The market "long Term" is the only way to make your retirement nest egg stretch. Even with the down turns you do come out ahead. The returns are better than social security and makes paying the "required" monthly bills easier. Not eveyone can work one or two terms and get the "Retirement Package" as our elected officials get. If anyone's retirement package needs overhaul it is the elected officials, they should be put on par with those who elected them in the first place. It is frustrating to hear her speak like she did this morning while eating breakfast knowing that she could care less about the working class,she believes she is set for life

Ray H

Re: Today's Interview w Congresswoman

The Congresswoman's comments smack of pandering to her constituents. What we need is someone who understands the need and acts. She and others believe that this bill is to help homeowners. They can introduce a bill in the coming months to address that if they wish but this is to help an illiquid (clogged) economy. This debate of Main St vs. Wall St. As if the one was exclusive of the other. My analogy: a horse and rider are crossing an expansive dessert 50 miles from towns. They happen upon a gallon water. Who should get the water? In the same way, Main St is riding on the back of Wall St (financial system). Let the horse take its fill or the riders will surely die. Mark gave some accurate figures about the 87 crash but he must admit we didn't have an illiquid banking system nor a housing decline (that was 6 years earlier). What is so wrong with an RTC-like bailout? The Congresswomen then used fear to explain why privatizing Social Security is a bad idea even though she and any other responsible worker invests in a diversified mutual fund strategy for the long-term. How irresponsible of her to use fear! If Congress can minimize the duration of the pain for both Wall St and Main St, it seems like a win-win to me.

Frank:

This is different than the 1987 downturn (that Mark mentioned) as this is really effecting the banks - their ability to lend money, which in turn is now effecting prices on almost everything. With all this bad paper they and irresponsible borrowers got banks in to - they are cash poor and cannot lend. Our country runs on credit - business lines of credit, home loans, car loans, capitol improvement loans, etc.
The long and the short - yes it was totally irresponsible for your Congresswoman guest and all of Congress to vote against this. What was surprising to me was Democrats, who usually spend irresponsibly anyway, voted against this.

Remember 40% of Democrats voted against, so it was not just the Republicans fault as Barney Frank would have you believe. And Nancy Pelosi's comments before the vote were totally inappropriate - read her speech and you will see why!

And to the people who borrowed knowing that their loans were going to change, which now has them facing foreclosure - I feel for them but they knew what they were getting in to. If we can't bailout the system to save our country - why should we be bailing these people out with new loans and such. Who is to say that they will not go delinquent on the new loans.

These are tough times and if this Congress can't deal with it then maybe people should not vote these Congress-people back in to offive in November.

I feel that the CEO's of the failed companies should be on Welfare and food stamps Before any of our money goes to help them. They knew what they were doing when they sold the Below Prime loans.

Frank, What happens if we divide 700 billion by 300 million ? Lets give that amount to each American whether in need or not. Even at a high interest rate which would return 1/3 to the government would help out everyone. The Govt can just sit back and wait to collect the interest payments. Patty

The Executive pay must be cut if the plan should be passed.Or just give the money to the main street, which might help solving the problem.

The Stock Market is controled by the Traders. . Yesterday they Didn't get their Billion dollar Bail Out so they drove down everyone life saving to show the dissatisfaction. Congress & Stock Market are like the commercial of 2 men in a Baby Carriage.

Congress needs to reconvene NOW! This crises, which affects the world, is on hold because of a religious holiday? What happened to separation of church and state? 535 members of Congress, 43 of which are Jewish. Would there have been nothing done if 9/11 had happened during a holiday?

If they had named this bill a "recovery" bill rather than a bailout, it might have passed. Bailout is a dirty word.

Let's get a bail out plan that DOESN'T include huge CEO saleries. Let's make sure it's a good plan before we move forward. Doesn't anybody remember how we RUSHED into Iraq because we were told if we don't do it now life as we know it will never be the same. Turns out we could've taken some time to look at the situation. The bail out is the same thing. The tax payers would've been the big losers with the plan that failed and again the CEOs that let their companies FAIL would've continued with their millions of dollars in salery. And they would've gotten our tax dollars with NO OVERSIGHT! Are you kidding? Why on earth would we trust those people with our money????? Let's not panic, we need to be SMART!

I applaud the congresswoman for voting against this knee jerk reaction. The 9/11 fear tactics got us into a wrong war costing us trillions and thousands of lives, and now Bush is using this false sense of urgency to create another opportunity for an uber costly fiasco. Why are we taking private debt and turning it into public debt that will be with us for generations?? This financial situation has been going on for a long time, why is it all of a sudden that they need to do something "now or never?" I hope that our government takes time to work out a proper solution not a knee jerk reaction, but unfortunately I don't think they will. Thanks for reading my thoughts...

Frank check your email. I sent the Birken bail out plan. Patty

Frank, you are a good reporter, but you missed asking the congress woman the main question.... Does she have any ideas on how to fix the problem. Speaking of bailouts. People in 401k were gambling just like the investment bankers. Let's call the bail out what it is.. a pig with lipstick: it really is a bail out for CEO s who created the problem, foreign banks who wanted to exploit Americans and people gambling to make more money, and of course people who bought homes beyond their means. To say that this is the only way to save the financial market is rediculous. I'm not a financial expert, but the fix without rewarding the above people and punishing the average American is not rocket science. We just have to shift our thinking a little. I have some solutions. If you are not to involved with 401ks, you can see simple solutions also. People who say we should do this bail out because it would destroy the financial market want to maintain the status quo. We need to shift our focus to what is best for America not the world.

I think Tina Fey does a brilliant parody of Sarah Palin. Why doesn't SNL get Ruth Buzzi to do Nancy Pelosi?

TWO DAYS OFF!!! Who gets time off before they finish a job????? And, ALL elected persons should STAY in DC until this is resolved- ye or ney!!!! SCREW the ELECTION - fix this first!!!

I wanted to throw up when I say Pulosi, at least that plastic smile was wiped clean off her face......

WHAT THE HECK, does Pulosi NOT know the DEMS HAVE A MAJORITY of 223, THEY ONLY NEEDED 213!!!!

THIS VOTE SHOULD TELL YOU, PULOSI, AN THE REST OF YOU BLEEDING LIBERALS THAT YOU HAVE CAUSED US ALL TO HEMMORAGE!!!!!

THE HOUSE HAS A MAJORITY -- IF THIS IS SUCH A GREAT DEAL THEN --- WHY CAN THE DEMOCRATS PASS IT ON THEIR OWN ---- THE DO NOT NEED THE REPUBLICANS ---- MAYBE SOME DEMS ARE FINALLY SICK SICK SICK OF ALL THE CORRUPTION THAT CAUSED THIS MESS.

THEY COULD NOT EVEN FOCUS ON THE PROBLEM, THEY HAD TO PORK UP THE PACKAGE WITH MORE FRILLS FOR THEIR CROOKED FRIENDS -- WHAAAA WHAAA WHAAA.

PULOSI IS A HACK
AND THIS WILL BE THE LAST OF HER AND A LOT MORE OF THEM.

CROOKS and CROOK-LOVERS. WATCH THIS.... SEE FOR YOURSELVES

http://www.youtube.com/watch?v=68D9XrqyrWo

This statement is as true now as it has ever been:

Cooler heads will prevail!

There is a reason why it is illegal to yell "fire" in a crowded theater, because the panic will likely cause more injury than a fire that could otherwise be avoided during a calm evacuation.

Frank, you reported that the House FAILED to pass the bailout plan. Reread that sentence. Is everything put before our elected officials automatically supposed to be approved? No! They are actually thinking about it. They are actually doing their jobs, trying to make sure that whatever they do is in our best interest. This is NOT an example of "failure of leadership in Washington"! How dare you say that. On the contrary, the unpopular opinion and being undeterred in stating it is the epitome of leadership!

Read the previous posting by R. Leon Mathews above, he (or she?) obviously has a better understanding of what is going on than anybody else here so far.

Whose fault is this financial mess?

Yours, if you bought a house you couldn't afford.

Yours, if you got greedy and took the equity out of
your home time and time again for vacations, cars
or whatever.

Yours, if you sold loans to people who you knew
couldn't afford it but you'd have already cashed
your bonus check long before they realized it.

Yours, if you didn't read the fine print because you
couldn't be bothered.
Do you realize that there is already a radio commercial
advertising that "if you feel that your loan company took
advantage of you and sold you a loan that they knew you couldn't
afford" that you could sue!!!!! AAAARRRRRRRRRGGGGGGGGGGGHHHHHHH!!!!
Here we go again. What happened to paying for your own screw ups????

Whose fault is this? Yours if you think a bailout is the ONLY way to dig out
of this hole.

Government bailout is definitely not the solution. There are 4 real permanent solutions that nobody has mentioned.

1. Congress must put and end the Federal Reserves authority to bailout failed businesses at taxpayers expense.

2. Cut taxes and cutback regulation.

3. Reduce government spending.

4. Reform the monetary system. Stop printing more and more money without any "backing." This makes the value of the dollar worth less and less.

The American people are tired of being fleeced by the federal government and they have spoken loud and clear.