Lawmakers spent Monday scrambling to come up with new ways to shock some vitality into an economy that’s all but on life support.
Democrats want to extend jobless benefits, provide food aid for the poor, and possibly enact another round of tax rebates to follow the $600-$1,200 checks most wage earners received through the stimulus package enacted in February.
Republicans are instead calling for corporate and investment tax cuts, more energy exploration, and federally insuring 100 percent of bank transaction accounts, among other measures.
He might not be in Congress but Jon Najarian has a plan just the same. He thinks lawmakers should redirect government financing in an entirely different direction.
“Take a giant company like General Motors or Procter & Gamble," Najarian says as he uses these giants to illustrate a hypothetical example.
"They have a bunch of corporate debt out there that’s trading for pennies on the dollar. I’d like to see them get a 2 to 1 match from the government if they went out and bought back their own debt. Then they could finance it back to the US government for say 2% when it's currently costing them as much as 10%. If companies could do that it would free up the system significantly."
But Najarian isn't without critics. Among them is Jeff Macke. “The plan gives money to the same guys who got themselves into the pickle in the first place,” bristles the Wolf.
You can't please all the people all the time.