I have to tell you, the latest version of the bail out bill should NOT be passed as well. They loaded it up with “sweeteners”. The bill does nothing of substance to help the credit market going forward. All it does is transfer cash from the taxpayers of the United States to banks and Wall Street.
Here is what needs to happen. First, the government can take the bad assets-but in return it needs preferred shares in entities-just like Warren Buffett received from Goldman. Preferred shares will act as a counterbalance against management-dividends and profits will go to the preferred shares first. Second, executive pay should be limited for any company that takes tax dollars. Third, the FDIC limit should be raised to reflect inflation and to encourage greater saving. Fourth, going forward, all of the OTC derivatives that can be, should be cleared through a privately held clearing house.
This bail out is a bust. No Republicans should vote for it. McCain should not support it.
