On Apr 14, 1:54 pm, Bruce Majors <majors.br...@gmail.com> wrote:
> ------
>
> **
>
> http://www.washingtonpost.com/opinions/fix-income-inequality-with-10-...
>
> Fix income inequality with $10 million loans for everyone!**
>
> Are you concerned about growing income inequality in America? Are you
> resentful of all that wealth concentrated in the 1 percent? I've got the
> perfect solution, a modest proposal that involves just a small adjustment
> in the Federal Reserve's easy monetary policy. Best of all, it will mean
> that none of us have to work for a living anymore.
>
> For several years now, the Fed has been making money available to the
> financial sector at near-zero interest rates. Big banks and hedge funds,
> among others, have taken this cheap money and invested it in securities
> with high yields. This type of profit-making, called the "carry trade," has
> been enormously profitable for them.
> **
>
> So why not let everyone participate?
>
> Under my plan, each American household could borrow $10 million from the
> Fed at zero interest. The more conservative among us can take that money
> and buy 10-year Treasury bonds. At the current 2 percent annual interest
> rate, we can pocket a nice $200,000 a year to live on. The more
> adventuresome can buy 10-year Greek debt at 21 percent, for an annual
> income of $2.1 million. Or if Greece is a little too risky for you, go with
> Portugal, at about 12 percent, or $1.2 million dollars a year. (No sense in
> getting greedy.)
>
> Think of what we can do with all that money. We can pay off our underwater
> mortgages and replenish our retirement accounts without spending one day
> schlepping into the office. With a few quick keystrokes, we'll be golden
> for the next 10 years.
>
> Of course, we will have to persuade Congress to pass a law authorizing all
> this Fed lending, but that shouldn't be hard. Congress is really good at
> spending money, so long as lawmakers don't have to come up with a way to
> pay for it. Just look at the way the Democrats agreed to extend the Bush
> tax cuts<http://www.washingtonpost.com/wp-dyn/content/article/2010/07/30/AR201...>
> if
> the Republicans agreed to cut Social Security taxes and extend unemployment
> benefits. Who says bipartisanship is dead?
>
> And while that deal<http://www.washingtonpost.com/wp-dyn/content/article/2010/12/06/AR201...>
> blew
> bigger holes in the deficit, my proposal won't cost taxpayers anything
> because the Fed is just going to print the money. All we need is about
> $1,200 trillion, or $10 million for 120 million households. We will all
> cross our hearts and promise to pay the money back in full after 10 years
> so the Fed won't lose any dough. It can hold our Portuguese debt as
> collateral just to make sure.
>
> Because we will be making money in basically the same way as hedge fund
> managers, we should have to pay only 15 percent in taxes, just like they
> do. And since we will be earning money through investments, not work, we
> won't have to pay Social Security taxes or Medicare premiums. That means no
> more money will go into these programs, but so what? No one will need them
> anymore, with all the cash we'll be raking in thanks to our cheap loans
> from the Fed.
>
> Come to think of it, by getting rid of work, we can eliminate a lot of
> government programs. For instance, who needs unemployment benefits and job
> retraining when everyone has joined the investor class? And forget the
> trade deficit. Heck, we want those foreign workers to keep providing us
> with goods and services.
>
> We can stop worrying about education, too. Who needs to understand the
> value of pi or the history of civilization when all you have to do to make
> a living is order up a few trades? Let the kids stay home with us. They can
> play video games while we pop bonbons and watch the soaps and talk shows.
> The liberals will love this plan because it reduces income inequality; the
> conservatives will love it because it promotes family time.
>
> I'm really excited! This is the best American financial innovation since
> liar loans and pick-a-payment mortgages. I can't wait to get my super PAC
> started to help candidates who support this important cause. I think I will
> call my proposal the "Get Rid of Employment and Education Directive."
>
> Some may worry about inflation and long-term stability under my proposal. I
> say they lack faith in our country. So what if it cost 50 billion marks to
> mail a letter when the German central bank tried printing money to pay idle
> workers in 1923?
>
> That couldn't happen here. This is America. Why should hedge funds and big
> financial institutions get all the goodies?
>
> Look out 1 percent, here we come.
>
> *---*
>
> *Sheila Bair *is a former chairman of the Federal Deposit Insurance Corp.
> and a regular contributor to Fortune Magazine.
>
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