Forum Post: About $3,000 for every man, woman and child, that's what TARP cost. About $250,000 for every man, woman and child is what the next Wall St, scheme is going to potentially cost. Thanks to BofA
Posted 12 years ago on Nov. 15, 2011, 3:04 p.m. EST by unarmed
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Time to stop protesting the protesters and start protesting.
Bloomberg reports that Bank of America (BAC) has shifted about $22 trillion worth of derivative obligations from Merrill Lynch and the BAC holding company to the FDIC insured retail deposit division. Along with this information came the revelation that the FDIC insured unit was already stuffed with $53 trillion worth of these potentially toxic obligations, making a total of $75 trillion.
Sweet... that'll help the country out! OK so here's my suggestion. Instead of giving the money to the 1% like TARP...
Give every tax payer a voucher for $100K that can only be applied under the following restrictions:
It must be used to pay down mortgage debt first.
If the person has no mortgage it can be applied to other forms of debt.
If the person is debt free it must be placed in a retirement account or used to buy Chinese Renminbi.
If the person is debt free and retired they can spend it on whatever they want.
This action would destroy the value of the U.S. dollar with massive inflation, but at least the responsible savers would get something out of it. The inflation would help folks in debt beyond the $100K by reducing the value of that debt. Targeting the Renminbi is just to get under China's skin for manipulating their currency the way we do :-)