We (the TAX payers) should......

We (the TAX payers) should......

I find myself agreeing (somewhat uncharacteristically) with today's NY Times article

"Experts See a Need for Punitive Action in Bailout"

Even though we have to (try to) prevent a collapse, it doesn't mean we have to give free gifts to guys with 8-figure salaries.

Mike Hosea said:

I find myself agreeing (somewhat uncharacteristically) with today's NY Times article

"Experts See a Need for Punitive Action in Bailout"

Even though we have to (try to) prevent a collapse, it doesn't mean we have to give free gifts to guys with 8-figure salaries.

I regretfully agree--this should never have been allowed to happen; as one Congressman said, it's a combination of greed and lax oversight. A bitter pill, but the economic damage will be far worse if we do nothing. Bernanke and Paulson are serious guys, and I'm taking their word for it.
BTW, the government has a recent history of bailouts that have worked--e.g., the airlines and Chrysler.

Bob Schmall

I found this article (opinion piece) somewhat illuminating.

http://www.bloomberg.com/apps/news?pid=20601039&sid=aSKSoiNbnQY0&refer=columnist_hassett

Here's an equally biased item, only coming from the opposite direction:

http://www.huffingtonpost.com/arianna-huffington/the-bailout-plan-welcome_b_128450.html

I found this illuminating:
http://www.youtube.com/watch?v=txhabgZF_gE
or
http://www.youtube.com/watch?v=KX9r-L1gKQc

Today Paulson and the banks iced the cake as far as corporate greed goes. When the question was brought up to the banks that the government (ie the taxpayer) would like equity positions or stock options in the institutions being bailed out, Paulson said the question was put to the banks and it was a deal killer.
Absolutely friggin amazing. Private equity firms would get stock, options and non dilution guarantees.
I guess that the crises just isn't that bad. To hell with them all.

Good old Ron Paul. The only one of this last batch of Republican candidates able to say anything worth hearing on the economy.

In the interest of fairness I thought I'd include some of the reference material from the "Hassett Opinion piece".
this next link comes from the old grey lady herself, I suggest special attention be made to the last four paragraphs on page 2.

http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&sec=&spon=&pagewanted=1

If for some reason the link doesn't work, look for the article in the Business section by Stephen Labaton September 11, 2003

Complete a bailout for the common good, but

golden parachutes for none,

iron handcuffs for some.