Rescue Plan 101 - Trickle up

October 19, 2008 | High Point, North Carolina | Vetting explained

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I say we bail out the American people before we bail out Wallstreet or Banks. I have a very easy plan that will benifit all parties concerned.

We take the government bail out or "rescue" money and we start by paying off everyones credit card debt. That leaves consumers with more money to spend to get things moving again and it gives the banks much needed cash flow. This would jump start the economy and let the people breath a sigh of relief.

Next, we make all the banks refinance the balloon morgages at 6 to 7 % fixed for either 30 or 40 years. Hopefully this will cut significally the amount of foreclosures.

This doesn't do any good for people like me that have almost no credit card debt and a fixed rate payment that I can afford but it beats any plan I've heard so far.

Posted in Assignment:
Wall Street crisis and you

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