Dear Mr. Bernanke,
I have come up with a simple plan to solve the current sub-prime mortgage lender fiasco. I noticed that you pumped 76 billion into the short term market last week and I think I have a solution. Instead of pumping all that money into a market that doesn't really know what to do with it all why don't you just give it to the people who need it. Here's a plan that won't get you into trouble.
According to recent numbers there are 2.1 million people that are at least one month behind on their mortgage payments. These are the people that need the money. Why don't you create a sweepstakes company that sends checks out to the people that need the money. The company name can be a bit surreptitious so as not to reveal the source of the cash. How about Bernanke's Billions, or FedCash Cow, something like that.
Okay, you're going to need to send them a check for approximately six months mortgage payments in order to turn this thing around. Let's say the average mortgage payment is about $1300 a month. That would cover mine at least. That means you will need to make out a lot of checks for $7800. I did the math and this amounts to a mere 2 billion 730 million dollars. Now you and I know that everyone is not going to plunk all this money down on their mortgage so this will amount to an instant shot in the arm for the economy. Necessary items like beer, used cars, WalMart, etc. will experience an immediate boost. Wall street pundits will breathe a sigh of relief and business will go on as usual. Don't worry about the stock market. We are the work dogs that power the national economy and the stock market.
Oh yeah, you're going to have to get started on this right away! I have another mortgage payment due this week.
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1 comment:
You are a very insightful man. Too bad there aren't any like you in Washington.
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