What else could we do with $700 billion?

So let me get this straight...

The banks gave out irresponsible mortgages. They knew these loans were too risky. Why did they allow them? They did because then they could sell the mortgages to companies that turned them into securities and traded them. The banks and trading companies knew these mortgages were way too risky. But because the banks were profiting from everyone buying and selling them as securities, they ignored the reality of the situation.

Now big investors realize that the loans are bunk, the securities created from them were bunk, and as a result the investment bankers that specialized in them are taking a huge loss. High level financial analysts are calling it the greatest financial crisis since the Great Depression. Because the losses from these banks could mess up the whole credit industry, the government is going to spend an enormous fortune of taxpayer money to pay off these bad loans. They are talking about $700 billion.

That's about $2,000 from every person in America, roughly equal to a whole year's worth of taxpayer revenue.

Why are we doing this? I'm sure that there is an appropriate time for the government to spend money to stimulate the economy, everyone can agree about that. But why are we rewarding the exact same people who got us into this mess through their irresponsible gambling? That just doesn't make sense.

Imagine what else we could do with all that money. Think about the alternatives. There are other ways for the government to invest that would actually benefit America.

We have bridges that we know are going to fail all over this country. Remember Minneapolis? There are hundreds more out there, just waiting to happen. The federal government is going to have to spend money on this in the near future.

Or how about retooling Detroit to make hybrids, biodiesel, and electric cars and trucks? Make it so attractive to invest in hybrid and electric cars and trucks that every automaker in the country pumps them out. Make it so they could produce them quickly and cheaply enough to replace the entire fleet of cars and trucks in America within five years. We'd all save so much money that the $2,000 per person would be an excellent household investment. Hey Detroit, here's $200 billion to retool. If you think that wouldn't change the automotive industry, think again.

There is so much potential for alternative energy in this country, but it will take a huge amount of capital to start producing on a large scale. Now would be a great time for the government to make that investment. Think about how much we could save not having to go to war. Ideology and rationalizations aside, Iraq and Afghanistan are at the most basic level oil wars. Forget oil. Forget the ongoing financial and moral expense of having to attack people to control the oil supply. Let's kick that habit. No more war, no more worrying that the price of oil fluctuates. It will be so expensive to get off our oil addiction that only the US government can make it happen. Maybe it would cost $300 billion. But if we need to spend money somewhere right now, what better cause is there?

Everyone knows that we are facing a health care crisis. Bankruptcy due to medical expenses is a big drain on our economy. Our health insurance policy is an embarrassment. We spend more per person on health care than any other nation per capita, but have far worse access to medical care. That needs to change, or we'll have a whole new economic crisis on our hands. Sooner or later, the US government is going to need to intervene. Do it now. The price tag is $200 billion? We're spending it anyhow.

There are so many investments the US government will have to make in the next few years. You want an economic stimulus? Spend that money now. Forget the gamblers who screwed up our economy. Spend that money on something that matters. We will have to pay up in a few years anyhow, and we might now have enough money then.

$770 billion of taxpayer money going into the national economy will create jobs, attract bond investors, strengthen the US dollar, and make America a good long term investment. Bailing out the investment banks will just encourage more gamblers, more dependency upon credit, and more irresponsible speculation.

Forget those gamblers. They are parasites on our national economy. Stand up for America, as a nation, and as a good long-term investment. Spend that $700 billion on us, not the speculators who are messing up our economy. Seriously, we're better off without short-term investors. Let them flake off our otherwise robust economy.

America is the wealthiest nation in the world. That's true by almost any measure, in terms of natural resources, capital, talent, or creativity. Let's keep it that way. Show the world that we also have the strength of will and economic discipline to spend our government’s money responsibly.