Here is an economic plan that will not require a bailout. Why don't the government take the balance of the TARP's rescue funds and any future stimulus funds, place it into a CD with each bank that has received a portion of the original 700 billion dollars bailout, negotiate a return of 5-10 percent return on the money. Take the earned interest amount paid each quarter have the disbursed portion of earned interest put directly into a separate payroll account managed by a payroll service provider (i.e. ADP) that will pay the payroll obligations to any company seeking to stabilize its business during this or any recessionary period. This will secure jobs, allow the companies to concentrate on its growth, create an infusion of cash to the banks so that it could free up the credit crunch and begin to lend money, stimulate consumers' spending and most importantly, the principle amount of the tax payers' money placed in the CD will not be put at risk. This type of action will create transparency and accountability which can be implemented on January 21, 2009. The problem is that President-Elect Obama and the transitional team does not know it exist because I am not in the inner circle with contacts or have the President-Elect's ear. However, you as the reader(s) can be the judge. If you determine that the attached plan can jump start our economy, preserve our investments for the future and protect the tax payers' money in the process, let me know, tell your neighbors, your friends, family members, the media and especially your congressman or congresswoman that this is a plan of action that should be given immediate consideration. The solutions for the Housing & Job Crisis by using small businesses to jump start the economy, which can take effect on January 21, 2009.
Stop & Prevent Foreclosure: Establish eligibility of loan modification within 72 hours and establish a safeguard procedure that will prevent the homeowner from re-defaulting on their loan modification agreement.
Stabilize Property Values: Retention of home ownership in order to prevent declining sale value and reduce inventory of foreclosed properties where homeowners are in possession or retain title of ownership.
Stimulate New Investments: Develop Partnership Investments. New tax structure to create incentives for high income earners above $250,000 per year which will create capital, job creation and business growth, without a tax increase.
Create Job Growth: The program will match employers with employees who are enrolled. The job placement program projects a minimum employment growth of 100,000 new jobs per month, 30 days after the implementation of this program.This will create the business model the government can use for the 21stcentury economy that will ride on the innovation of the Internet. For questions regarding this outline, please contact Allen B. Shay: Shayandassociates@hotmail.com (Email) COPYRIGHT © 2008
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We can also generate new revenue by promoting new industries. For instance, we should design our environmental agenda to be a stimulus plan for the clean-energy industry. A carbon tax or a cap-and-auction system, along with eliminating tax cuts for oil companies, could raise revenue for investments in green power or to retrain workers in older industries. To pay for long-term infrastructure, options will have to include tolls, taxes, fees or privatization. Raising revenue, as with reducing spending, will take real political courage. But remember: the public is smarter than most elected officials give them credit for being. They know that the days of something-for-nothing are over. Be honest with them about the costs and benefits, and you will be pleasantly surprised at how they respond.
A word of warning: no matter what the ideologues in your party say, history shows that you will not be able to ram your domestic agenda through Congress, even if your own party wins control of both houses. Ask Jimmy Carter. Or Bill Clinton. Or George W. Bush. Getting big things done will require building close relationships with both parties.
As someone with a strong independent streak, you have an unusual opportunity to pull the two parties together. This work must begin immediately, because once one party retreats into partisan warfare, it is very difficult for the other not to follow suit. And then your entire agenda—and the country's future—will be caught in the crossfire.
Based on my experience, bridging the partisan divide begins with three steps:
First, show respect. When you are asked by the media whether you have earned a mandate, do not take the bait. Be gracious in victory. Nothing energizes the opposition party more than the opportunity to defeat a president who claims a personal mandate.
Second, build trust. Demonstrate that your talk of bipartisanship is not just talk. Appoint a bipartisan cabinet. Invite the best and brightest from all parties to apply for agency positions. Will professional partisans scream? Yes. Let them. Voters are tired of the constant partisan warfare, and they rightly blame it for blocking progress. If they see you holding out your hand, it will be all the more difficult for the opposing party to walk away.
Finally, in legislative negotiations, let everyone taste victory. Don't aim for compromises in which two sides battle over the narrowest sliver of the pie—and then cut it in half. That leaves each side with a few crumbs and a public still hungry for change. Instead, think more creatively about how to enlarge the pie.
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