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View Diary: Krugman On Geithner: Saved the Economy But Left It Crippled (148 comments)

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  •  I don't know....a tax credit doesn't pay (1+ / 0-)
    Recommended by:
    jrooth

    the Citi credit card bill, or the BoA home equity loan.  And Joe Public didn't have any money because the Citi credit card carried an interest rate of 32% that, in turn, trickled over to ALL of his cards if he was a day late with a payment.  The credit card law kind of helped in that regard, but the fuckers are inching back to their shitty ways.

    We all know the fundamental mistake was not getting money to the little guy.  I wrote letters to all of my reps letting them know I wanted the following to happen:

    1.  TARP payments directly to taxpayers a la GWB's $300 tax credit, but times 10, with no repayment.  Call it a "sorry we fucked up really bad" settlement.

    2.  tax and penalty moratorium on ALL 401(k) and IRA accounts for 1 year.  Take the play money away from the assholes on Wall Street who have not managed it well at all.

    3.  all student loans re-financed at 3% interest, through the government, removing the blood-sucking middlemen completely.

    4.  ANYONE who wanted to refinance their house at 4% interest rate could do so and any company that didn't oblige would be sanctioned the value of the house, plus 25%.

    6.  Tax increases on capital gains income over $10,000 per year.  That would leave the small investor alone and hit the fuckers who don't work where they care - their wallet.

    Just a couple of ideas off the top of my head :-)

    "Do the best you can until you know better. Then when you know better, do better.: Maya Angelou

    by PsychoSavannah on Fri Jun 20, 2014 at 09:07:46 AM PDT

    [ Parent ]

    •  There were (1+ / 0-)
      Recommended by:
      shrike

      direct tax rebates in the form of lowered tax taken out of paychecks immediately...that is cash in pocket.

      Now, the tax credits to small businesses do fall in your characterization of no immediate cash boost.

      Changing the capital gains tax rate was not going to be possible in a stimulus bill.
      Thankfully, now that rate has been increased by 59% to 23% on the wealthy.

      The rest of your suggestions have merit. Wish they could have been smarter.

    •  What would TARP be if given to each person? (0+ / 0-)

      Bush's $300 per person cost about $150 billion iirc.

      $1200 per person?

      That would not save many debtors.

      "The way to see by faith is to shut the eye of reason." - Thomas Paine

      by shrike on Fri Jun 20, 2014 at 10:10:33 AM PDT

      [ Parent ]

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