Sesit suggests the following:

Early last year, Congress passed, and President George W. Bush signed, a $168 billion stimulus bill whose centerpiece was about $100 billion in personal-tax rebates. Only about a third of the rebate checks, which ranged from $300 to more than $1,200 for some families, were spent, Mishel says. Others put the unspent portion as high as 80 percent.

“It was not an effective way to get the economy back on track,” Mishel says,

A survey of people eligible to receive tax rebates of $300 or $600 in 2001 found that only 22 percent of households receiving the money spent it, according to a study by Matthew Shapiro and Joel Slemrod at the University of Michigan.

You can learn a few things from this, some of which we might have already assumed. First, is it a surprise to anyone that nearly 80% of the people who received a check last year put it in the bank and didn’t spend it? Americans are hurting for money. Any middle or lower income family will tell you that they probably used the money they received last spring to either buoy their savings accounts or pay down some of their debts.

By the way, I have to bring up an odd coincidence here. How interesting is it that Americans used the checks to strengthen their savings accounts much like banks used their bailout money to strengthen their balance sheets? The purpose of the checks last spring were to get Americans spending money – it didn’t happen. The purpose of the bailout dollars to the banks was to get them making loans again – it didn’t happen. Just thought I’d point that out.

If you get a chance, I suggest reading Sesit’s op-ed – it’s interesting and presents a more “what do we need now” point of view. For what it’s worth, I think the economy needs many things, but most of all we need a readjustment of costs. Take housing, for example. There are homes on the market that are selling for 20% – 40% below their listing price and they are still too expensive.

The rewards came even at banks where poor results last year foretold the economic crisis that sent them to Washington for a government rescue. Some trimmed their executive compensation due to lagging bank performance, but still forked over multimillion-dollar executive pay packages.

Benefits included cash bonuses, stock options, personal use of company jets and chauffeurs, home security, country club memberships and professional money management, the AP review of federal securities documents found.

The total amount given to nearly 600 executives would cover bailout costs for many of the 116 banks that have so far accepted tax dollars to boost their bottom lines.

Seriously, is anyone surprised by this information? A few months ago I suggested that the bailout would be doomed. Anyone could have seen this coming. Who in their right mind would trust the government with such a gigantic dollar amount? It’s insane. Did everyone forget that this is the government?!

The better way to have used that bailout money would have been to give each American a stipend a la the Bush stimulus check from last spring. Why would this have been a better use of the money? Because regular citizens know where they need financial assistance and how best to spend their tax dollars. When you leave the doling out of $350 billion (only half of the $700 billion bailout has been deployed) to the government, you’re essentially asking for the whole thing to go to shit.

And it has. Great!

However, one location where you absolutely cannot lay any blame is on the administration at the university. And, in case you haven’t seen this in the news, both the university Greek Advisor and the Dean of Students were charged with hazing in this case. Now folks, unless these two individuals either were present for this drink-fest or had prior knowledge of the booze night taking place, they are absolutely not liable at all by any stretch of the imagination.

This is akin to your boss getting a reckless driving ticket because you were swerving in and out of lanes the night before. It’s like comparing apples to t-shirts. It’s crazy.

As a fraternity man, I know that many undergraduates hide their less glamorous, local traditions. Incidentally, this is also why I’m glad to be a brother of Sigma Pi Fraternity – we’re systematically eliminating our bad traditions regionally and throughout the nation and replacing them with good ones. It’s a great thing to be a part of, really. That said, there is absolutely no way that these young men would have put this disgusting tradition out there for the school to see AND there is no way that, once knowing about this, the university would have let the students carry on like nothing bad was happening.

It just doesn’t work like that. That would be like Lee Harvey Oswald telling the FBI, “Hey, I’m going to pop Kennedy in the head,” and the FBI letting it happen. The system just doesn’t work that way.

Should the students who facilitated the young man’s death be charged? Of course. Should the administrators? Good Lord no! The people who are to blame here are the young man himself and the students who facilitated the act. That’s it. I fully believe that the administration’s charges will be dropped. And, if the university had any cajones, they’d go after the Mercer County prosecutor just like those young men down at Duke went after Mike Nifong.

Talk about prosecutorial aggrandizement…