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February 12, 2009

The Best Sub-Prime Fixing Stimulus Idea I've Seen

From the NYTimes by Thomas Friedman - "The Open-Door Bailout"

“All you need to do is grant visas to two million Indians, Chinese and Koreans,” said Shekhar Gupta, editor of The Indian Express newspaper. “We will buy up all the subprime homes. We will work 18 hours a day to pay for them. We will immediately improve your savings rate — no Indian bank today has more than 2 percent nonperforming loans because not paying your mortgage is considered shameful here. And we will start new companies to create our own jobs and jobs for more Americans.”

Cost to the United States - Maybe $1-3 billion to go through all the paperwork, which sure beats wasting $800 billion on a stimulus package and $2.5 trillion to shore-up our financial system.  

Friedman continues by elaborating on how we became the wealthiest country in the world, which I think many Americans sometimes forget:

“Dear America, please remember how you got to be the wealthiest country in history. It wasn’t through protectionism, or state-owned banks or fearing free trade. No, the formula was very simple: build this really flexible, really open economy, tolerate creative destruction so dead capital is quickly redeployed to better ideas and companies, pour into it the most diverse, smart and energetic immigrants from every corner of the world and then stir and repeat, stir and repeat, stir and repeat, stir and repeat.”


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