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Tuesday, September 30, 2008

Look at the Bailout this way ...

If the "toxic assets " can really be sold at a profit later, would the Street be begging the Government to take these off their hands? I think not. They'd be finding someone else's money to borrow and buy.

Contact your Representatives and Senators and tell them that the only "give-away" you will support is a zero-capital-gains-tax rate for private citizens and entities that put their own money up to buy this crap and hold it to maturity. Let the bankers, hedge funds, and "smart money*" put their money where their mouth is.


* Have you noticed that Warren Buffet is willing to put his money behind Goldman Sachs, which stands to gain huge by the bailout, while not saying one word about buying the "distressed securities" behind all this mess?

** Mark Cuban of Dallas Mavericks and Blog Maverick fame, another billionaire, had a post on this which suggests he would put $50million of his own cash behind an idea like this.

*** Dave Ramsey has something along these lines with his "Common Sense Fix" ... see his site for links to the Congressional mail-form and a form letter to e-mail via it.

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