mik1of3's Blog

$300 Mill vs $700 Bill...could this work?Oct 2, 2008 | 9:05 AM
Category: Political
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Okay, I'm no economist, heck, I have trouble balancing my checkbook, but my mom emailed me telling me about Russell Crowe's personal plan to help each American citizen, instead of the idiots who didn't manage their money, wrote bad paper, etc.   He said flat out he was no economist, but since his opinion was based in logic, he didn't see how it couldn't work.

I googled it...Russell Crowe on Leno, and came up with this story from the Syndey Morning Herald....  www.smh.com.au

Russell Crowe's dollar dazeMarika Dobbin
October 1, 2008 - 8:38AM

Russell Crowe was lauded for playing a maths genius in A Beautiful Mind but he may have to go back to primary school after a $US300 trillion miscalculation.

Crowe announced his solution to America's financial crisis during a TV interview with talkshow host Jay Leno on Monday night, based on some dodgy arithmetic.

The would-be financial whiz-kid suggested the US government give America's entire population of 300 million people a gift of $US1 million ($1.26 million) each.

He reasoned the $US300 million outlay would only be a fraction of the $US700 billion financial bailout package politicians in Washington DC rejected yesterday.

"I have been intently watching the political process,'' Crowe told Leno.
"Um, so, here's the thing: They're looking for $700 billion, right? Which is a good chunk of change, but have you noticed whenever you go to a bank, or whenever you talk to a government department about what you need, they'll never actually give you all of what you need? So, I don't think we should do that for a start.

"But I was thinking if they wanna stimulate the economy, get people spending, let people look after their ... mortgage.

"I think you take the first 300 million Americans, if that's the population at this point in time, give everyone a million bucks.''

Crowe's idea to make every American a millionaire drew excited applause from the audience and agreement from Leno.

"Oh yeah, that'll work,'' Leno said. "What are the taxes on that? But OK, that would work, yeah.''

However, the New Zealand-born actor failed to do the maths, severely underestimating the cost of his bailout plan.

The actual expense would be $300 trillion - a figure greater than the US's entire annual gross domestic product.

In a policy proposal not likely to provoke the interest of White House hopefuls Barack Obama and John McCain, the $US300 million 'Crowe Plan' would provide Americans with a paltry $1 each.

Crowe's $US300 trillion bailout is not likely to gain traction with the US Treasury, especially given criticism over the estimated $US3 trillion cost of the Iraq War.

Crowe is in the US to promote his new spy thriller with Leonardo DiCaprio and director Ridley Scott, Body of Lies, which opens in Australia on October 9.

The actor is preparing for another film with Scott, Nottingham, based on Robin Hood, and has grown his hair past shoulder length.

with AAP

Ok...now like I said, I'm no math whiz, but would someone...torchbearer,  prop dog, maybe...tell me how they figure 300 million would translate into 300 trillion?    It's probably obvious...but since I'm more of a words person than a numbers person, I really would like to know.

Could it work?  Sounds like it could, but like my mom says, since it doesn't benefit any politician and/or special interest group, just us lowly citizens, it will never happen.  Unless.....