The Big Buy-in
“I’m an eternal optimist,” Davis said. He acknowledged that the U.S. economy has been struck by “the perfect storm” but insists that the clouds are starting to break up. Housing prices are getting close to bottoming out, he said, and consumer confidence is poised for a rebound, if only the Grumpy Gus media would report some good news for a change.
Oh, and the “bailout”? That’s a misnomer, he said. It’s really a “buy-in.” Here’s how it’ll work: The Treasury gives healthy banks cash money (whether they want it or not) in exchange for preferred stocks, making every taxpaying citizen a shareholder. Those banks, in turn, issue more loans — thus greasing the wheels of our economy — and agree to pay the government a five percent dividend over the next five years.
Eventually, as the economy recovers, the government will sell the stocks at a profit. If they haven’t done so in five years, banks will start paying the government a nine percent dividend. Either way, Davis said, “We’re all gonna make money.” In fact, he said, once We the People see how well it works, we’ll turn to the government and say, “Hey, can we do that again?”
After his talk, Davis stood around glad-handing, answering questions and generally exuding his personal philosophy: “Nothing beats positive passion.” The man’s charm is undeniable. But eternal optimists — like eternal pessimists — must be wrong some of the time, right?
“The stocks are so depressed right now, they’ve got to go up,” Davis responded. “And I don’t care if they go up three dollars, four dollars or 20 dollars; taxpayers are gonna make money on it.” Then he turned the tables. “Ask yourself this question,” he said. “Could this be a buy-in? Y’know, it could be, couldn’t it? Think of it that way.”
May as well. By today, Davis likely will have his $214 million, regardless of how anyone thinks of it. “Everybody in this room,” Davis said, “including you — you own some of me next week when I get this money.” He said it like Santa Claus, smiling broadly and exuding what can only be described as positive passion.
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on the cover
Railroad!
Proposed lines ‘set rich blood a-tingling’ in early 1900s
Some Other Proposed North Coast Railroads
Choo-choo Fantasies
Exposing this east-west rail nonsense
seven-o-heaven
Undeterred Will
Will chides Andrew for lack of attention to detail and makes plans for his inevitable victory.
Recent short stories
June 11, 2009
Eye of the Beholder
June 11, 2009
Double Down
May 21, 2009
Pearls and Swine
Hank Sims
Today
44th Annual Kinetic Grand Championship Race
STAFF PICK / events, art, outdoors, sports, for kids, free / 9 a.m.-6 p.m. A 3-day, 42-mile kinetic sculpture race over land, sand, mud and water! LeMans start at the Noon Whistle on the Arcata Plaza. Follow the race through Manila, Eureka and into Ferndale on Memorial Day for the Glorious Finish. kineticgrandchampionship.com. 889-3024.
Flow 2012 Fashion Show
STAFF PICK / events / 8 p.m. Arcata Theatre Lounge, 1036 G St. Student designed and produced clothing. Fundraiser for Arcata Arts Institute. $35/$25 students. artsinstitute.net. 822-1220.
Woodside Preschool's Rummage/Bake Sale
events / 8 a.m.-noon. Woodside Preschool, 900 Hodgson St, Eureka. www.woodsidepreschool.com. 445-9132.
Lanphere Dunes Restoration
STAFF PICK / outdoors / 9:30 a.m.-12:30 p.m. Meet at Pacific Union School. Help remove non-native invasives at the Lanphere Dunes Unit of the Humboldt Bay National Wildlife Refuge. Tools and gloves provided, wear work clothes and bring water. Carpool to the protected site. 444-1397.
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