Feature

$10 million loans for everyone

One percent, “here we come.”

Sheila BairThe Washington Post 

I’ve got a modest proposal for solving income inequality in America, said Sheila Bair. The Federal Reserve should simply lend every U.S. household $10 million at zero interest. That’s basically the deal the Fed has been offering to big banks and hedge funds, which have turned this “cheap money” into huge profits by investing it in high-yield securities. “So why not let everyone participate?” The Fed just prints more money, we promise to pay it back, and nobody ever has to work again. The “more conservative among us” can take our $10 million and invest in U.S. Treasury bonds. At 2 percent annual interest, “we can pocket a nice $200,000 a year to live on.” The “more adventuresome” can buy 10-year Greek debt at 21 percent, and make an annual $2.1 million. Just “think of what we can do with all that money.” And because we’ll be making money as investors, we’ll only have to pay 15 percent in taxes. We won’t have to contribute to Social Security or Medicare, either, but who needs those programs anyway when “everyone has joined the investor class?” We can all stay home and eat bonbons. “I’m really excited!” One percent, “here we come.”

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