Yes it goes without saying. Thank you for your "Yes" vote to give the administration that authority. Good job reading over the legislation and for not listening to your constituency and the American people who overwhelmingly said "NO". Golly gee, they snuck that one by you.
But you won't let them sneak that kind of thing by again, will you? Isn't this HR 384 being pushed through the same way the original TARP was?

Whatever happened to committee hearings???

Congressman Ryan,

I'm writing this to ask you unconditionally to vote for this legislation. The economy is, of course, fragile and needs help. One of the most important forms of that help is confidence. The markets and the American people need to have confidence that Barack Obama will fix this economy. The first and vital step to that is giving him a mandate vote on this legislation. Should a bill like this fail, confidence in Obama will fall with it. It is of vital importance that the American people, Wall Street, and foreign investors believe that he can help turn our situation around. Should a no vote be passed, investors will question whether or not he has the legislative power to make it happen. That is a terrible scenario. Please listen to the slice of your constituency that is behind President-elect Obama and his abilities to make things happen. Please vote for this legislation.

Sincerely and with ardor,
Jimmy Hagan

It most certainly and clearly goes without saying that Congressional leaders like yourself must manage the remaining TARP funds. You must, in effect, become the Board of Directors for Bank of America, Citi, and PNC (yeah, thanks for that one by the way), and personally dictate how the funds are spent and put those daggone executives in their place.
When it comes the financial management of our nation's money and overall control of our economy, it goes without saying that nobody can do it better than yellow dog, pay-go Democrats like you guys.

During Pres. Obama's campaign, one option that he mentioned to help get the economy moving and to get people spending again was to allow them to withdraw $10,000 out of their 401K,s without penalties. What happened to that idea? In many families that would allow for purchases not possible with the $600 rebate of the Bush administration. It would also allow many families to pay down their debt and begin to spend without costing the govenment. Good idea but I haven't heard it mentioned lately.

This is a stimulus proposal that is very simple and very fast acting. Sometimes the government seems to overlook the simplest ideas and tend to make things much more difficult than they need to be. This plan would achieve the following almost instantly:

Reduce consumer debt (giving them more confidence to spend)
Send huge amounts of money to banks
Drastically increase new car and home sales
Reduce insurers costs from ‘bad debts’
Create incentives for business and create jobs
Increase trust in government by allowing tax payers control of tax $
Revive the stock market

The government could create jobs, help the banks and auto makers, help the consumer, and revive the stock market all at once.
Allow me to state that I am not in favor of the government being seen as our “parents” and being responsible for bailing everyone out of their problems. I moved out of my parents house 20 years ago and don’t think they should have to fix any problems I bring upon myself. However, since the president is committed to spending this money anyway, this is my idea.


OUTLINE:

This is based on the figures of the current stimulus costing between 2 and 4 trillion dollars.

1. $1.5 trillion in tax rebates
This would translate to $5000 per person ($10,000 for married couples) rebate for individual wage earners under a $125,000 wage cap. This rebate would have stipulations as follows:

This money can be spent only on the following:
Purchase of new home or new American-made automobile
Payments toward mortgages, auto loans, student loans
Credit card bills
Monies used on anything else would be taxed at a penalty rate of 50%.
This would flood banks with monies that are delinquent, allowing the consumers to get caught up on their mortgages, car payments, and credit card bills thus improving their credit, creating the sense of financial stability, and therefore getting them to spend again. This would reduce the number of bankruptcies. Tax payers could also prepay mortgages and car loans thus reducing debt. This would alleviate some of the negative equity associated with the housing bust, again helping the consumer and helping banks.

[ banks
Rebates---à[ auto makers
[ home builders

The rebates would end up directly in the hands of the same people that we need to bail out AND we would actually help the consumer in the process.

2. Cut Corporate Tax Rate to 18% / Tax Incentives

Our corporate tax rate is one of the highest in the world. Using the balance of the stimulus budget to free up tax dollars at a corporate level, along with tax-credit hiring incentives, would jolt companies into hiring thus creating jobs.

3. Suspend Capital Gains Tax Temporarily

This would send the stock market into a frenzy helping to recapture losses that everyone is effected by. A strong stock market gives everyone a feeling of wealth. This too lifts consumer confidence.

This is obviously a very short summary of this plan. The idea is simple: Allow the taxpayers to distribute their tax dollars to the sectors of our economy that need government assistance. This gives the feeling of control and helps them as well. Less consumer debt, influx of cash to banks, a spark to the auto industry, a spike in new home sales, new jobs and recalled workers, and positive growth in the stock market… instantly.
I would gladly elaborate on this idea if it sparks your interest.

Sincerely,

Michael Young
330-507-4766

I like Michael Young's idea ; why not bail out the everyday family after all wall street had there turn and they take in billions a year and can give themselves raises if they want more money while the average person has to deal with what the company they work for will give them . If wall street can get tax free money from the government why not us .