Big Three CEOs Flew Private Jets to Plead for Public Funds

On a related note, the Speculist had an excellent article about how instead of bailing out the morons and idiots who got us and them into this mess. We should be rewarding those who made wise financial choices.

What is everyone missing?

What about supporting and even growing the economy, personal consumption, AND put a floor under housing prices? How? Reward the 93% of the US population who have been prudent and still have (rapidly disappearing) equity in their houses, have good jobs, have low debts and savings. Why reward them? Because it is in everyone's interest to do so because they are the smart and prudent workhorses of our society and they will stay smart and do the right things if we encourage it. How? Use the full faith and credit of the United States to allow such persons *before the end of this year* to refinance their mortgage rate to the same rate as the 30 year treasury - ie 4.17%. On a 500,000 mortgage, this would save each household $7,200 annually in house payments compared to current mortgage rates. No tax credit needed, no hocus pocus, no bailouts, no rebates. This kind of thing has been done before, notably during the return of soldiers from WWII. In that time, you could get a below market loan from the govt and it generated a sustainable housing boom, brought the US out of a major post war recession, and started perhaps the longest boom in the history of the world and made the middle class the most solid group of taxpayers and producers the world has ever seen...and it was seen as a justifiable REWARD to the greatest generation. Now, let's save ourselves by rewarding THIS generations best and brightest families and breadwinners.

I saw this billboard truck outside after lunch today and I couldn't not take a photo.