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A different approach to a failing economy

Dear Editor:

Being one of the many who has been effected by our country’s economic woes has motivated me to formulate a different approach to this dire situation. It appears to me that funneling taxpayer money to the lending institutions and banks may be a little premature and does not effectively address the root cause. Therefore, I would like to suggest a different approach as follows:

– The bailout funds (taxpayer money) should be made available to the lending institutions via the taxpayer in the form of payments made directly to the taxpayer’s debtors.

– Allow up to $35,000 or some predetermined amount be made available to each taxpayer. Any amount that is not utilized by the taxpayer would be taken as a tax credit over time.

– These funds will be paid directly to the lending institutions involved upon a taxpayer application to the appointed governmental agency.

– The debt burden on the taxpayer will be reduced, and in some cases eliminated.

– Consumer confidence will strengthen as their debt burden is relieved.

– The debt on the lending institutions books would be reduced through the elimination of consumer loans.

– The lending institutions would now be more motivated to lend as the number of outstanding loans are decreased, causing their revenue flow to diminish.

– The rate of foreclosures would slow as money flows to the mortgage companies and as a result would energize the housing market.

It is important to note that this approach that I have suggested above is just the beginning dialogue, and any input that you can provide, both positive and negative, would be greatly appreciated.

Charles Bontempo

Basalt


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