Bad times can bring out the best and the worst of us. There is a character with a huge heart and apparently stacks of cash for needy folks willing to wait in line for it in Time Square.He has been cast as "Bailout Bill" and he has created a stir because he is giving away money directly to those in need, figuring that the folks on the bottom rung of the ladder need just as much help as those at the top, that the government has been bailing out.
According to reports, In order to get the money people have to go to the 'Bailout Booth' in the heart of Manhattan's Times Square; to a small cubicle, where, depending on your story you can get a cash stipend to help out with a present financial dilemma.
Anyone is eligible if they are willing to stand in line. The handouts range from $50 to a maximum of $5,000. I imagine Bailout Bill is hearing some pretty sad stories and the occasional 'whopper'. You should not have to worry about taxes either because anyone can give up to a $13,000 gift to anyone they want without creating any tax obligation.
I think this is a great idea and I hope the word spreads fast because this is the type of behavior that would be worthy of copycats. The ideal copycat to me would be those Wall Street traders (or traitors, depending on your view) that reaped billions of dollars in fallacious bonuses.
Of course 'my pal Warren' (Warren Buffett of Berkshire Hathaway (NYSE: BRK.A) fame) should have thought of this first and I hope he is reading this or one of his associates passes this along. The board members of every company that has received federal bailout money should also take notice.
This idea can also be extended further. Some people might just need some counsel about how to deal with a short term problem when they cannot afford top tier advice. Ahh -- but free advice might not be worth much and cash is king. Bailout Bill is doing his best to make those in need feel like king for a day.
Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He writes the columns Chasing Value and Serious Money. Disclosure: I own of shares of BRK.B.
Closing Bell: When We All Love the PIIGS (NBG, SQNM, PG, ERTS, KO)
Serious Money: Cheapest Stocks List Shrinks from 26 to 21
Chasing Value: Hasbro Earnings Makes My Point
Reader Comments (Page 1 of 2)
2-04-2009 @ 3:07PM
chris said...
I can see you didn't research Bailout Bill at all. This is a promotion by a new Marketing company who has made a youtube / craigslist hybrid. I'm sure they will be out of business soon.
2-04-2009 @ 3:48PM
Sheldon said...
Chris thank you for taking a moment to comment.
I fully recognize the marketing aspect. I wish there were folks in every state conducting such marketing activities.
As long as the money is not stolen, or ill-gotten than I'm all for it!
2-04-2009 @ 4:27PM
Janette Sawyer said...
People have gone completely crazy since Obama came into the picture. He brings out the worse in them.
2-04-2009 @ 4:51PM
WGuman said...
The article states: "You should not have to worry about taxes either because anyone can give up to a $13,000 gift to anyone they want without creating any tax obligation."
Yeah, right. Tell that to the IRS when you're wanting to give your employees a cash "gift" for Christmas.
2-04-2009 @ 5:17PM
Sheldon said...
WG,
If you have been in business a while you should be well aware of this particular tax law which is not meant for employees: The gift tax exclusion for 2009 is $13,000 as stated.
http://www.clm.com/publication.cfm/ID/204
2-04-2009 @ 6:02PM
sd68stang said...
I think its great in whatever form that folks can help each other! I wish someone would show the kindness that comes from the heart to the person next to them right now...... Doesn't that feel better to know that we are all in this recession together and even though were up against the toughest times in our whole life its nice to have a little help from my friends!! We will all see a better day! The sooner the better!!!!!!!!
2-04-2009 @ 6:20PM
Cheryl said...
Janette Sawyer: ---- It isn't President Obama who brings out the worst in people ----- it's the recession/depression brought on by the attack and spend Bush administration that has bankrupted our country .... and our people are poor, bankrupt, and without the necessities of life. Put your bias and racism away and face the sad truth that your buddy Bush raped us all and ran like hell.
2-04-2009 @ 8:36PM
Mike said...
Hey Chris, you are just sad you can't had out money like that. So know your roll and shut the hell up!
2-04-2009 @ 7:00PM
Don Haskell said...
It's great to have a place to vent your frustrations, here goes. I got laid of from the best I ever had, working security for the Goverment Printing Office here in Mississippi making $17.10 an hour working 50 hours a week. Now I'm on unemployment bringing home $210 a week. That doesn't even cover my house payment. We recently got food stamps to help. I'm 61 years old an my prospects for employment suck. How about a bail out for me
2-04-2009 @ 7:14PM
harmonie555 said...
Of course it hurts... you got screwed by an elephant!
2-04-2009 @ 8:16PM
john said...
you got your bailout what do you think foodstamps are. it all comes from the taxpayers
2-04-2009 @ 9:28PM
Brian said...
I was told by a little bird that a guy named Unckle Sam was handing out Billions to Rich Greedy so called God fearing people untill January 20th 2009. It was BILLIONS but now it seems the same GOP leaders seem to no longer have that Cash COW alive any more. Dam, I guess I better start looking for a Golden Goose for a Easter Egg Hunt. ;-)
2-04-2009 @ 10:07PM
billied said...
nice
2-04-2009 @ 11:27PM
cmnr0912 said...
Could he come down this way please?!
I have been laid off, so our income has been cut, but I still have to pay child support to my ex- husband, who is making in the $80's. My husband and I are working to pay off back taxes ( we don't get the breaks that congressmen do)
that his ex-wife failed to file when they were married and to top it all off, we just found out that we have to pay taxes on the combined $60,000 that we made last year. We rent, so we miss out on all the tax benefits for homeowners. Looks like it will be a banner year for us!
2-05-2009 @ 2:25AM
Harry said...
It's too bad that many people blame the GOP for the current situation. They should read their current events and see that good Ole Bill was the one to approve low cost, no money down, etc. etc to people who could no more afford a house than the illegals.But the congress set up Acorn. You want a loan for a house go to Acorn.
2-05-2009 @ 9:33AM
Fojeba said...
I believe that's a good contribution to reboot US
economy.
www.youtube.com/fojeba
2-05-2009 @ 6:34PM
Jenx said...
"People have gone completely crazy since Obama came into the picture. He brings out the worse in them. "
Wait wait wait- a guy handing out thousands of dollars to fellow Americans who need it, even if it is involved in advertising- is the WORST in people?
2-06-2009 @ 8:10PM
jc said...
i agree the goverment is not doing any thing to bail out the little people only the big corp. if they only relized that bail out the people and this woukd all turn around quickly can not baik out business the people are what make this country and when we spend everything is good
2-06-2009 @ 8:44PM
Afghanhoundfan said...
The rich will always find a way to fill their pockets with other money they get thru "bonuses" and "incentives"...they sure deserve those bonuses for the great job that they did so far, huh.
2-06-2009 @ 8:53PM
gijoenam said...
HEY-Jannette Sawyer
Just another racist ignorant dumb jack-ass