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
The Right Way Back
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I believe these steps, coupled with a bold, independent agenda, can lead to the kind of legislative breakthroughs that have been missing in Washington for too long—and that we can no longer do without.
As you prepare to assume the awesome responsibility of leading our country during a difficult period in our history, I want to leave you with one story. On September 11, 2001, I was a first-time candidate running for mayor of New York. After the attacks on the World Trade Center, one of my advisers said to me: "You sure you want this job?" Without blinking, I replied: "More than ever." At the time, I had no experience in politics, so I hadn't learned what I couldn't do. Looking back now, I realize that was my greatest asset.
Over the next four years, there is nothing that you cannot achieve—if, from the start, you refuse to be bound by Washington's rules and conventions, if you pursue a bold and independent agenda that brings the two parties together and if you are honest with the American people about costs and benefits.
Good luck. And if I can be of any help, just call.
© 2008
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