Sunday, October 24, 2010

Dear Mr. Bernanke

Dear Mr. Bernanke,

I realize you must be very busy these days managing the nation’s money supply, so I will make this short.  There are so many people in America that really appreciate everything you are doing to put our economy back on track.  Although I don’t have the resources that you do, I’d like to do my part for the country. 

I’ve been hearing lately about a new program you’re working on that sounds very promising.  I’m referring to the Quantitative Easing II program.  I understand that you plan to buy up poorly performing assets from banks and other businesses.  This will give them more cash so they will be in a better position to invest and make loans.  Obviously lending people more money is what we need to do now to create jobs.

I know I could do a lot for the economy if I didn’t have this albatross of a mortgage around my neck right now.  I’d be more than happy to go out and borrow some more money if I could get this toxic mortgage off my balance sheet.  My daughter will be needing braces soon, and my son needs two more years of college to graduate.  At this point, I don’t have any way to pay for these.  My wife and I have not had a vacation in several years.  Given the high unemployment in America and the declining value of the dollar, we would certainly take a vacation here rather than overseas like we did when we cashed out that equity a few years ago.  I’m sure all of this would be a big boon to the economy if only I could afford it.  Clearly a little extra money from the Federal Reserve will put me in a good position to help out.

As for the banks you’ve been dealing with up to now, clearly they haven't been getting the job done.  All they are doing is sitting on the funds you’ve already given them waiting for a good time to buy each other up.  If you give them more money, they will probably do something foolish and counterproductive with it like buy gold.  We can’t have people hoarding money these days – it’s just not patriotic.  Now is the time to borrow and spend and get people working again. 

And from what I see, the federal government hasn’t been much help either.  I think it just has too many things on its plate these days to be very helpful with the economy.  They have so many programs, I think they just have a hard time deciding what to do first.

Maybe part of the problem is that the banks and the government aren’t used to dealing with such large sums of money.  Perhaps if you break it up into smaller pieces, you might be more effective.  You know the old saying – “many hands make light work.” 

I know that a lot of my neighbors have the same problems I do.  I think you should go directly to the American people, and ask them to help out.  You may not be able to help everyone, but with the resources at your disposal I’m sure you could make a pretty good dent in the problem.  If you can put a large enough number of Americans back in the black, that should be enough to get the ball rolling again and restore peoples’ confidence.  I feel certain that if you asked the people to help you with this problem, they will be more than happy to pitch in.  They've shown time and time again that there’s no problem they can’t solve once they put their hearts and minds to it.

I looked on your web site, but did not see an application for your QE II program.  Will you send me a blank application form?  I’m more than happy to send you regular updates on my efforts to stimulate the economy. 

I know if we all pitch in, we can get this country back on track and make our children proud of us.  God bless you, and thanks for all your hard work.

Sincerely, Jeffery Thomason