MATT TAIBBI: Free $10 Million Loans For All! and Other Wall Street Notes

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MATT TAIBBI: Free $10 Million Loans For All! and Other Wall Street Notes

MATT TAIBBI: Free $10 Million Loans For All! and Other Wall Street Notes

Rolling Stone-

Have been on deadline this week, but wanted to post a few interesting links:

• I hope everyone saw ex-Federal Deposit Insurance Corporation chief Sheila Bair’s editorial in the Washington Post, entitled, “Fix Income Inequality with $10 million Loans for Everyone!” The piece might have set a world record for public bitter sarcasm by a former top regulatory official.

In it, Bair points out that since we’ve been giving zero-interest loans to all of the big banks, why don’t we do the same thing for actual people, to solve the income inequality program? If the Fed handed out $10 million to every person, and then got each of those people to invest, say, in foreign debt, we could all be back on our feet in no time:

Under my plan, each American household could borrow $10 million from the Fed at zero interest. The more conservative among us can take that money and buy 10-year Treasury bonds. At the current 2 percent annual interest rate, we can pocket a nice $200,000 a year to live on. The more adventuresome can buy 10-year Greek debt at 21 percent, for an annual income of $2.1 million. Or if Greece is a little too risky for you, go with Portugal, at about 12 percent, or $1.2 million dollars a year. (No sense in getting greedy.)

Every time…

Read more: [ROLLING STONE]

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One Response to “MATT TAIBBI: Free $10 Million Loans For All! and Other Wall Street Notes”

  1. keepon says:

    WH Petition Status 25,000 signatures required before 4/22 ! SUNDAY !
    3957 more needed by 4/22 ! SUNDAY ! 21,043 signed (4/20 @ 3:30 pm) ( 25,000 required )

    Ed DeMarco, head of the Federal Housing Finance Agency — which oversees Fannie and Freddie — has stood in the way of (principal) reductions and he’s claimed the support of Fannie and Freddie. But that’s no longer the case. Even Fannie and Freddie now support principal reductions. It’s time for Ed DeMarco to step aside by signing this Whte House petition:

    https://wwws.whitehouse.gov/petitions/!/petition/push-fannie-mae-and-freddie-mac-issue-principal-reductions-underwater-homeowners/qtS3crg7

    Pros & Cons

    “Senator Demands Answers from Freddie Mac’s Regulator” ( Acting Director Edward DeMarco)
    http://www.propublica.org/article/senator-demands-answers-from-freddie-macs-regulator

    ProPublica and NPR reported on Monday [1] that Freddie Mac, the taxpayer-owned mortgage-insurance company, placed multibillion-dollar bets that pay off if homeowners stay trapped in expensive mortgages with interest rates well above current rates.

    Ed DeMarco’s Refusal on Principal Reductions Grounds for Firing
    Peter S. Goodman Huffington Post Posted: 03/12/2012 8:10 am
    http://www.huffingtonpost.com/peter-s-goodman/ed-demarco-fannie-freddie-principal-reduction_b_1336190.html

    Elijah Cummings gets help in Edward DeMarco fight
    Read more: http://www.politico.com/news/stories/0312/73523.html#ixzz1s6eOdl5S
    by Joseph Williams

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