August 3, 2009/3

Reading about how successful the "cash for clunkers" program appears to have been brings to mind a column I wrote some months back for NYO in which I argued that the best way to stimulate the economy would be to send every taxpayer (roughly 100,000,000 of us) a check for $25,000. That would add up to $2.5 trillion, cheap compared to the money the Great Geithner Giveaway has shoveled at Wall Street. Most of that money would get spent, I believe, and would move through the economy much more usefully - and rapidly - than via Wall Street computer trading. I stand by my argument.