While the media and our elected officials obsess about how to make sure the rich stay rich, the ordinary American family is being heaped with the debts they are generating to do this.  Problem is, throwing money at the perptrators of the economic catastrophe is doing no good at all.  What to do?  What to do?

I propose two things.  One that Obama has voiced support for and another he hasn't breathed a word about.

First, the one Obama hasn't said anything about: the fastest and most supercharged stimulus that Congress and the new President could enact would be to offer refinancing of every existing mortgage at either 3% or 4% at a fixed 30 year rate.  Every homeowner in America would be eligible for the refi on their primary residence so it is inherently fair and equitable.  Few (if any) people have rates that low so nearly every homeowner would benefit right away and not just a little bit. 

The US Government would make these mortgages directly, bypassing the banks and finance industry who are now hoist on their own petard of greed and irresponsibility, thus eliminating all the superfluous fees they charge.  With current interest rates, the government would actually realize a profit on the mortgages in the long term even though they would offer mortgages at historically low rates.  Furthermore, since this would lower every mortgage payment in the country for every family, literally hundreds of billions would be instantly freed for other purposes without balooning the deficit even further or rewarding the crooks who wrecked the financial industry and caused this economic catastrophe.  All the bad mortgages out there would be paid so we eliminate the whole "distress" asset problem with respect to mortgages.  This is a damn sight better, in terms of addressing the real problem at the heart of the credit crunch than it is to simply dole out money that will never be repaid to banks who will not lend it out.  Nearly every family in America directly benefits and the nation as a whole benefits tremendously.

Second, the solution Obama has said he supports and that Democrats have always been for anyway: a massive, sustained infrastructure rebuilding program nationwide.  Bridges and roads that need repair could be rebuilt but a higher priority should be put on building a national rail system for passengers, mass transit light rail systems in every city of over 100,000 people, and rebuilding and expanding where need be the frieight rail system.  We can build schools and public facilities and require that they all have a minimum percentage of the energy required to operate them come from renewable resources---specifically solar, wind, and water.

It is far better to spend public funds on the public and the public good than it is to try and prop up failed businesses run by greedy crooks, scheisters, con-men and thieves.  It is also far better to use the people's money to make the lives of the people better than it is to take their money to make the lives of a few better.  There is no reason for the new Democratic President not to support such measures, particularly in solving the mortgage crisis which is at the heart of the panic and meltdown in our economic system.  It's time to start addressing the needs of the nation first instead of the needs of the richest and most powerful interests.  Besides, if it doesn't work, the people will at least gotten something for their money.  Under the current schemes passed and proposed, the people get screwed coming and going.  It's time people raised their voices loudly in demanding these sorts of solutions and let the financiers and other thieves from Wall Street regain their position the old fashioned way: earn it.  It is bound to improve the moral character of the rich if we take this approach as they will, for the first time, have had to work for the money they get instead of looking to Uncle Sugar for a handout.