GloriousNationalPartyEconomicPlan 5:12PM CST

1.Nationalize the Banks. NO NEED TO DO THIS.
2.Bad Bank, print Trillions to buy toxic assets at the prices set my Chase, etc. Ignite inflation
3.Four Banks today: Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo, and some others as well.
4.Create separate bad banks for each of these four institutions, and finance them by having the government assume an amount of each good banks corporate debt equal to the value of the troubled assets put into the bad banks.
5.Each CEO will be given one chance to sell any assets to a new bad bank owned entirely by the government. Assets will be conveyed at year-end, audited book values, not at some inflated price.
6.Right now, those assets are illiquid and depressed, but the government can hold onto these assets until they regain value, with complete transparency.
7.Government pays for these assets by not printing new cash, but by taking an equal dollar amount of each banks liabilities, notes, bonds and other obligations. Government, not the banks, chooses which liabilities it would take responsibility for, notes and bonds with maturities of 3 to 10 years. Government pays down these liabilities thorough the cash flow that will be generated from the troubled assets themselves
8.Government hires professional money managers to oversee the liquidation. (Note of Disclosure, this is what my firm does best, getting the most money I can from the folks I work for, in this case, You, and the American People, Mr. President.)
9.The Banks retain strong assets bases, no longer have toxic securities, and will start to extend credit again.
10.Insurance companies benefit exchange weak debt to securities guaranteed by the Treasury.
11.The program must be mandatory. Government should also get stock warrants, the ability to purchase stock in the future at a guaranteed price.
12.These banks become the four best capitalized and cleanest banks in the world. Government could sell the warrants to private parties, another bonus for taxpayers. Private investors exercise the warrants, infusing even more common equity capital into the banks.
13.The Four Banks will have a clean balance sheet and the best capital ratios in the world, and start making new loans.
14.ALL NEW MORTAGE LOANS WILL BE MADE AT NO HIGHER THAN 8% INTEREST, AND WILL BE MADE 15 OR 30 YEAR FIXED, WITH THE FIRST PAYMENT DIVIDED EQUALLY BETWEEN PRINCIPAL AND INTEREST.
15.After the Recovery, Mr. President, you will have the political capital to convert Federal Reserve Notes to a New United States Currency, backed 33% in silver and gold, in exactly the following manner The U.S. Treasury WILL ARRANGE FOR
1.Loans in freshly created U.S. Paper Currency to Banks to bring their cash reserves up to 100%. All currency labeled United States Notes will be recalled and burned.
2.Banks would pay 3% interest to the Treasury on these loans.
3.Fed borrows from the Treasury the new currency to bring their cash reserves up to 100% to cover their demand deposits plus all government funds against which checks are being drawn by the government. The amount of U.S. Securities held by the Federal Reserve would be credited against these borrowings, canceling an equal amount.
4.15% flat tax ACROSS THE BOARD, CORPORATE AND INDIVIDUAL.

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[infinityasi]

Hey Wells Fargo Injustice. You have a loud, arrogant, snide approach to life. You need to clean your mouth out before you speak to me son. You have no plan of your own. Just a loud, arrogant mouth attached to a brain that can offer no solutions. Richard Peter

[infinityasi]

I gave full disclosure of course. I am very good at what I do. You are good at being a snide, arrogant little shit. Do you have a better plan? I think not. Just a loud, crappy mouth.

[infinityasi]

Mad or a Genious? Why don't offer a plan nitwork, instead of your stupid comment

[footstepsinshow81]

Sounds like you are truly speaking words from God

[gck82s]

If the G7 cant forgive the debt to a few piss poor African countries there not going to forgive the debt for the planet and China and Japan are not going to forgive the US its debt. The G20 are meeting in london in 6 weeks to try and find an answer but they wont. After that its full systemic collapse while i appreciate what your trying to do you would do better advising people to buy gold and silver and sell their prized possessions on ebay to buy even more gold or sliver as these assists will

[gck82s]

Truly sky rocket. The inflated property prices of the last 30 years will evaporate. The collapse will not only be in the dollar but in all paper weather it be government guilt corporate bond or legal tender they have burned the entire system down from the inside out. The economy of the planet is gutted but the walls are still standing and in 6 weeks the walls will fall...

[gck82s]

I'm sorry if you thought I was disparaging your plan. I was more referring to what you said after you had outlined your plan. More power to you at least your trying to be positive but. the financial situation within the us and European banks is far more grave than you grasp the toxic or depressed assists you mention are derivative based not sub primed mortgage based its mostly corporate bond and synthetic CDOs. CMOs are not the problem but CDOs are the end of America and Europe.

[infinityasi]

Where is your Plan, Jerk!!!!