New budget fix: Pawn Mount Rushmore?
Hey, the country has been talking about minting a massive platinum coin. Could selling a giant granite tourist trap be any more ludicrous?
According to a petition filed with the White House, the government should pawn the mountain to the Federal Reserve if the Treasury Department can't pay the interest on the federal debt.
"Now that #MintTheCoin is dead," reads the petition, referring to the movement to mint the trillion-dollar coin, "our best option is clearly to sell Mount Rushmore to the Fed, and buy it back later once our cash flow problem is solved."
How much is Mount Rushmore worth? The entire project, which began in 1927, took 14 years and cost just $1 million. The sculpture was a transparent play for tourism money, and it worked: About 3 million people visit each year.
All six of South Dakota's national parks, of which Rushmore is the largest, contributed $168 million in economic benefit in 2010, according to the National Park Service. In fact, Jay Leno joked last year that Mount Rushmore is the only thing to see in South Dakota. Here's the text of a fake narrated commercial that ran on the "Tonight Show," according to the Rapid City Journal:
"Spend a week in South Dakota. On Monday, see Mount Rushmore. On Tuesday, see Mount Rushmore again. On Wednesday, visit the gift shop at Mount Rushmore. And on Thursday, relive your first experience, at Mount Rushmore."Clearly, Mount Rushmore is priceless to South Dakota. And perhaps the federal government could get a pretty penny for selling it to the Federal Reserve.
The proposal is obviously going nowhere. Only seven signatures had been collected by the petition Monday night, and 25,000 are needed by Feb. 13.
But the idea has been embraced in social media, with the #PawnTheMountain hashtag gaining steam in some circles on Twitter. The idea may have come from Jordan Weissman, a business writer for The Atlantic who suggested it on Twitter as a way to avoid default. An associate editor at The Atlantic, Matthew O'Brien, wrote Monday that the Treasury could really sell anything valuable enough to the Fed with the agreement to buy it back later. O'Brien may have started the White House petition, in fact.
"This kind of repurchase (repo) agreement would give the Treasury cash flow if it's running so low that it can't pay the interest on our debt," O'Brien wrote.
More on Money Now
- Why Americans are buying more TVs
- Did GM just unveil the best sports car ever?
- More bad news for JC Penney
229 Years old and for 221 years we had a managable debt but a bunch of ill informed idiots elect the First American African American President and suddenly the nation is broke, its credit rating is downgraded first time in our history and owe's more money on intrest that it can NEVER pay down the debt!
How much longer are you selfish people going to keep spending money we don't have on social programs that this nation was never ment to create or should still be running??
Maintaining a national defense is important, paying for a womans birth control pills and buying her a cellphone or feeding her isn't, you got time to have sex you got time to find a job!
47% not paying income taxes and using 100% of our nations government backed and run programs while the rest of us pay for their free loading is beyond Wrong!
You want to sell stuff off to pay down the debt then sale some of those free loaders off to work oversea's, reduce our nations deadbeat numbers.
When you don't pay your own way your a burden and we as a nation can't afford this burden anymore!
Mount Rushmore i not in North Dakota.
How about giving it back to the people it was taken from in the first place?
Government should own nothing? Sounds like someone left the asylum door unlocked again.
Copyright © 2013 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
While caffeine unquestionably improves focus, it blocks the ability to let the mind wander and form original ideas.
- Western wildfires raise the question of who pays
- 'The Wolf of Wall Street' is set to prowl again
- What vintage aircraft fly on: Donations, enthusiasm
- Obamacare surprise: Young people want coverage
- Urban Outfitters pulls drug-themed gear
- Donald Trump rakes in millions selling name to world
- EA's Simpsons game triggers gun fans' ire
- George Zimmer vs. Men's Wearhouse over firing
- New $25,000 rifle is fully loaded -- and then some
[BRIEFING.COM] Equities ended on their lows with the S&P 500 down 1.4%.
The S&P entered today's session with a week-to-date gain of 1.5% as investors expected reassuring words from today's Federal Open Market Committee Statement.
Stocks traded with slim losses until this afternoon's FOMC Statement and subsequent comments from Chairman Bernanke sent equities and Treasuries to their lows while also providing a significant boost to the dollar.
Today's Statement was ... More
More Market News
Plus, after much ado, Softbank is oh-so-close to acquiring Sprint.