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Powell Gammill

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Letters to the Editor • Economy - Economics USA

Leadership

Explain to me where the money to buy bad loans came from. Explain who is going to pay the principal on this money. Explain who is going to pay the interest on the principal. Explain why the banks could not fail? Explain why we are told to spend and not save? Suggestions; every American that receives a paycheck has to buy US Savings bongs equal to 5% of the gross. This amount is tax free until the bond is cashed it. The bond will mature in seven years. (The more you put into Bonds the less taxes you have to pay plus the bond doubles in seven years) Every bank in the United States has to offer to cut the principal by 25% and for six months the refi interest is 2%. This would free up billions per month.

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