I am not an economist, but I have run a household for a number of years, and I have a few ideas for Congress on my own personal bailout program.
1. Slash the Capital Gains tax to almost nothing. It will spur economic activity.
2. Drill, Drill. Drill. The exploration and work needed to do this will create jobs and eventually income to American companies to be passed on to Americans. Eventually, the lower gasoline prices at the pump will also help.
3. Set up an insurance-type program to help with the bad mortgage paper now infused into our financial structure. Do not put Congress or any single person in charge of the bailout. Put a group of financial types — Warren Buffet, Steve Forbes, Mitt Romney, Michael Bloomberg — people who know how money works and how to use it in charge of managing whatever needs to be managed.
4. Approve the trade agreement with Columbia. It will provide another market for American products and help stabilize that democracy while Chavez tries to topple it.
5. Send to jail anyone guilty of creative bookkeeping for Fannie Mae and Freddie Mac. Investigate the possibility of quid pro quo in the large amount of campaign donations given to Congress and send the appropriate people to jail. Put a claim on outrageous bonuses paid to Fannie Mae and Freddie Mac directors where the bonuses were based on faulty accounting.
6. Hold guilty people accountable so that we don’t have to do this again!!!!!