October 9, 2008

Bottoms up!

I like this idea.

Until I belatedly read the Friday, October 3rd edition of the Wall Street Journal, I’d never heard of Thomas Peterffy. But then, I don’t recognize most of the names of financial moguls whose names adorn the pages of the Journal.

Peterffy is a Hungarian immigrant to the United States. He came here in the 1960s with little money and little knowledge of the English language, but he has fared well.

In full page advertisements in the New York Times and the Wall Street Journal, Peterffy outlines his plan to help solve our financial crisis from the bottom up rather than the top down.

I’m not an economist, but this plan looks plausible, and it certainly has greater potential to gain the support of American workers and retirees than the nebulous $700 billion “trickle down” bailout adopted by Congress. They were trying more to ingratiate themselves to corporate muckedy-mucks who contribute to their campaigns than assisting citizens back home.

Entitled Fix the Bailout to Help Homeowners, it’s worth the read.

No comments: