Bailout Bombshells

[ravan]

The more I read about the details of this fucking bailout plan, the less I like it.

Yeah, if there's no bailout, the markets will crash, and the world will be very unhappy. BUT, any bailout will just reward the very people who've fucked us all over for years, with fantasy investment products and phony paper.

The people who perpetrated this fraud must pay the price, not have their pockets re-lined with taxpayer money after they've squandered investor capital.

This Jane Q Taxpayer wants all of those fancy pants brokers and shills and their CEOs to be out of work. These investment and credit bankers have beggared a generation of Americans, made us into a nation of debtors, sold us a bill of goods and then made it harder to start over with bankruptcy.

Actions have consequences, damnit, and the Paulson plan plain SUCKS!!!

No bailout without these items:

1. Strong congressional oversight - no closed door deals.
2. Equity for taxpayer cash - no equity stake in the company, no bailout money.
3. Salary caps for executives of any company receiving federal funds - they get federal assistance, they get GS pay.
4. Firms under bailout/restructuring can't dispense golden parachutes - standard severance of 1 week's pay for year of service.
5. All non-real securities are deprecated and not sold - futures, derivatives, anything that requires an MBA to see the actual, hard value in.

Pass these 5 around.

Comments

[herbmcsidhe.livejournal.com]

Good piece on this at http://therandirhodesshow.com/index.php?/archives/88-Monday,-September-22,-2008.html

[brigidsblest.livejournal.com]

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

So this deal nullifies all Congressional or judicial oversight and hands all power into the hands of this administration.

If that's not a recipe for disaster, one doesn't exist.

[siliconshaman.livejournal.com]

Damned if you, damned if you don't ... if they don't bail out the markets then the economy melts down and that's it, game over for civilisation.

If they do bail out the markets then they're flushing $2.5k per person down the toilet .. and the global economy will still crash, just not right now... but when it does it'll be longer and harder and the recovery will be that much more difficult.

So, it figures that Bush would choose option 1, and hopefully pass the blame to the Democrats when the shit hits the fan. Of course, it might well crash even before he can scurry off to Paraguay in Jan/Feb 2009.

[heethen-crone.livejournal.com]

Nice if they would attatch several strings to their bail out but it ain't gonna happen. Who would bankroll their re election campaigns. Oh, yeah, Us. Again. I think they should attach personal properties and accounts to help pay off their debt. Have more than one house? You can only live in one at a time. We'll take the rest and sell them at tax payer's auction. How many cars can anyone drive at once? One. Pick your fav, we're taking the rest.