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McCain: Flip-Flop On AIG?
September 17, 2008 10:23 AM
This was Senator McCain on the Today Show Monday:
Q: "They (AIG) need something in the neighborhood of $75 billion to become secure again. What should the government do? First of all do we even have that kind of money in the system?"
McCain: "The government -- of course, this is one of the outstanding and glaring examples of terrible problems and greed and corruption and excess that has caused all this fallout which is going to harm the average American worker. No, I do not believe that the American taxpayer should be on the hook for AIG and I'm glad that the Secretary Paulson has apparently taken the same line."
Q: "So, if we get to the point, in the middle of the week when AIG might have to file for bankruptcy, they're on their own."
McCain: "Well, they're on their own. We cannot have the taxpayers bail out AIG or anybody else, this is something that we're going to have to work through."
This was Senator McCain to Robin Roberts on GMA this morning, when asked whether he agreed with the Fed's bailout of AIG:
McCain: "Now on the bailout itself, I didn't want to do that. And I don't think anybody I know wanted to do that. But there are literally millions of people whose retirement, whose investment, whose insurance were at risk here. They were going to have their lives destroyed because of the greed and excess and corruption."
September 17, 2008 in Economy | Permalink | Share | User Comments (22)
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An idea worth considering. I'm against the $85 BILLION 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 bona fide U.S. citizens, aged 18+. Our population is about 301 million counting every man, woman and child so, 200,000,000 might be a fair stab at adults 18 and up.
Now, divide 200 million, 18+ adults into $85 billion - that equals $425,000.00 each! Yes, my plan is to give that $425,000 to every adult as a "We Deserve It" dividend. Of course, it would NOT be tax-free. So, let's assume a tax rate of 30%. Everyone would pay $127,500.00 in taxes. That sends $25.5 billion right back to Uncle Sam! It also means that every adult 18+ has $297,500.00 in their pocket.
A husband and wife would have $595,000.00! What would you do with $297,500.00 to $595,000.00?
Pay off your mortgage - housing crisis solved.
Repay college loans - what a great boost to new grads.
Put away money for college - it'll really 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 parents to come clean - or else.
Remember this is for every adult U.S. citizen, 18 and older (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 $1,000.00 "economic incentive". If we're going to do an $85 billion bailout, let's bail out every adult U.S. citizen!
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. We deserve the money and AIG doesn't.
Sure it's a crazy idea, but can you imagine the coast-to-coast block party?!
How do you spell Economic Boom? W-e D-e-s-e-r-v-e I-t D-i-v-i-d-e-n-d! I trust my fellow adult Americans to know how to use the $85 Billion "We Deserve It" dividend more than do the geniuses' at AIG or in Washington, D.C. And remember, my plan only really costs $59.5 billion because $25.5 billion is returned instantly in taxes to Uncle Sam. Good idea? I think so.
Posted by: Robert | Sep 26, 2008 4:52:23 PM
Sorry, the last post listed 85,000,000,000, that's only 85 million. The correct figure should be 85,000,000,000,000.00 divided by 200,000,000 = 425,000.00.
Posted by: Robert White | Sep 26, 2008 5:19:41 PM
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