The Wall Street Bailout masked what is really wrong with economy. We need a consumer Bill of Rights, and we need one now. Additionally, the Federal and State Income Tax Codes MUST be simplified and made fairer to those who are renters.
#1 The right to "OPT OUT" of any financial agreement whenever the loaner changes terms.
#2 Interest free pay down on all credit card debt that is 3 years or older.
#3 40% minimum floor space for products that are actually made in america for businesses such as Target and Walmart.
#4. Government Bailout to Wall Street primarily for U.S. industries that produce products and jobs in America.
#5. The creation of a true Alternative Minimum PERCENTAGE TAX that covers ALL FEDERAL TAXES.
#6 Full Income Tax Deduction for renters, full Income Tax Deduction on the Primary Home Mortgage (with a cap), full income tax deduction on all necessary medical & hospital expenses and on all insurance Premiums.
#7 No change to the current Income Tax Tables.
If the above Consumer Bill of Rights were implemented, the U.S. Economy would rebound.
Are there any downsides? A possibly weakened international military presence and ironically, a rapid and large influx of immigrants who would want to live here.
If we continue on with a strong international military while our own country's insides rot out, one must ask just who does this benefit?
If we put the military to work inside of our own borders, doing things like dredging the Mississippi river and installing underwater hydroelectric turbines, or rebuilding our country's infrastructure of bridges and railways, our own economy will improve. I prefer a consumer bailout versus a Wall Street Bailout.