Admittedly, I might even know less about the economy than McCain(but probably nto Palin), but it seems to me there are some simple things we could include in any bailout. These probalby wouldn't raise a lot of money, but there are some steps we can take that will at least make it look like we're trying to be fair to the taxpayers. This may be simplistic and naive, but I can live with that.
We could eliminate all bonuses for management of the companies receiving federal money, and return that money as part of the loan payback.
Send all stock dividends to the government as payback, instead of the stockholders.
Attach the paychecks of upper level management and withdraw 10% of their salary as part of the payback. If they switch jobs, 10% of their new salaries. If they stop working, 10% of all income from stocks, etc.
Forget cars, lunch expenses. Let everyone at every firm that gets money buy their own cars, lunch, air fare -a ll those usual expenses that are tax deductable.
Hell, I'd even go so far as to force the CEOs to turn over the deeds to their houses as collateral until the loans are paid back.
Send a message that if you screw up and need to take tax money to get you out of trouble, there will be consequences.
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It's good we had a Sunday here in the middle of this crisis to give a brief period of reflection without the markets open and Congress in session.
And it looks like the Democrats are gathering courage to make some demands for oversight and regulation, as well as assistance for homeowners.
No more creating a crisis so you can push through a heads we win, tails you lose proposition.
I can't believe it. McCain is actually still defending deregulation.
http://news.yahoo.com/s/ap/20080921/ap_on_el_pr/financial_meltdown_candidates;_ylt=AnRHmDq3nF_G1GuRMcZQMlKs0NUE
You know, wwe're all operating under the assumption that a bailout is inevitable. The question is how that will be structured. A report on NPR pointed out that no other countries are contemplating bail outs. The British say they have no intention of committing to bailouts since their economy is approaching a recession.
If even a bail out, as stated by Bush, might not work, might just be money thrown into the gutter, maybe it would be better to take that trillion dollars(which we all know it will ultimately become) and pay for everyone's health care?
Why are we committed to the notion that a bailout is the only way?
Because they have scared everybody into thinking the alternative is the collapse of our whole economic system. But nobody has exactly explained what that means.
They talk about credit being frozen, nobody could borrow money to operate their businesses, everything would collapse.
I'd like to see someone who isn't spooked by that specter give another point of view.
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