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My FedRes ATM card: I know it will come…

September 26, 2008

It’s my Italian exuberance. My husband tells me not to hold my breath. I just know my FedRes ATM card is coming, soon, in the mail. Yours is, too.

It only makes sense. What is the Fed going to do with all its nationalized loot–create the 917th National Bank? Of course not. And we’re not handing over any seven-tenths of a trillion dollars, either. It’s not about what Paulson and Bernanke want anymore. We’re taking over.

I propose that the Fed set up a public account and fund it with all the Wall Street loot it has nationalized. Keep the vapor paper out of it–just put in the good stuff. Then, Friend Fed should issue FedRes ATM cards to every taxpayer, coded with a line of cash equal to what each has paid in surplus taxes to cover bank failures, Freddie and Fannie, and hedge fund managers’ platinum parachutes so far.

This plan will enable us to recover what has been taken from us and redistributed to others who took no authentic risk to inflate their capital. There was never any risk when there was fair expectation of a bailout.

But hark! The people are Just Saying NO. Just say NO bailout, and I will gladly cut up my new FedRes ATM card. With regrets.

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2 Comments
  1. September 26, 2008 8:47 am

    One of the more sensible ideas. I’d tweak it just a little bit by demanding collateral to back up the accounts. The courtyard at the WAMU building has some nice marble benches that would look good in our backyard. . . . We could store them safely for a fee.

  2. September 26, 2008 8:50 am

    Yes, my full proposal would definitely include a provision for collateral. We are certainly not going to put up with newsprint notes coming forth from our cash machines.

    The benches do sound nice….

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