Let small banks lift the economy

Enough of deer-in-the-headlights Treasury officials who haven’t a clue about what will work to pull us out of the financial crisis (“Toxic-loan plan never got rolling,” Nov.13).

Here is a simple and immediate stimulus plan that does not require any new legislation:

Just tell the thousands of Main Street banks to start lending money now to individuals and businesses under a new emergency loan program. Repayment would be guaranteed by the Federal Reserve, which would set up simple guidelines regarding interest rates, loan duration, maximum amounts and eligibility.

This from-the-bottom-up approach is a more logical way to stimulate our economy than the present top-down handout to Wall Street.

Robert M. Fox

Sherman Oaks